Pantaenius America First to Offer Yacht Insurance Coverage for U.S. Yachts Traveling to Cuba
Published: Wednesday, June 29, 2016
Pantaenius America Ltd., a premiere provider of U.S. yacht insurance, is now offering coverage for American yacht owners who wish to take their boats to Cuba.
Though a mere 90 miles from the coast of Florida, Cuba has been off limits to most U.S. yacht owners for over fifty years. But last fall, as relations continued to thaw between the U.S. and Cuban governments, American citizens with a legitimate reason to travel to Cuba were granted the right to do so by boat. A major hurdle stood in their way, however. Due to American laws prohibiting American companies from paying U.S. dollars to Cuban government entities or individuals, no U.S. marine insurance companies were authorized to offer coverage.
“Several months ago, our legal team petitioned the U.S. Department of State’s Office of Foreign Assets Control (OFAC), seeking approval for our company to write insurance for U.S. citizens allowed to travel to Cuba by boat and to pay claims that occurred in Cuban waters,” reports Cary Wiener, president of Pantaenius America Ltd. “Pantaenius now has the green light and has become the first U.S. yacht insurance provider to offer coverage to American citizens traveling in Cuban waters.”
Pantaenius America can now add Cuba to its existing navigation areas for Florida and the Caribbean. “Applicants for coverage to Cuba will be required to affirm that they will abide by U.S. regulations and that they qualify for one of the 12 general licenses that allow U.S. citizens to travel legally to Cuba for up to 14 days,” Wiener says.
Although this marks the first time an American company is able to insure boats going to Cuba, the Pantaenius Group (through its European offices) has decades of experience insuring non-U.S. yachts traveling to Cuba and handling their claims. This expertise makes Pantaenius the unparalleled experts in navigating the significant red tape involved should a claim arise in Cuba.
Coverage to Cuba will be limited to yachts valued at $200,000 or more. For a quote and more information on insuring your yacht, visit www.pantaenius.com/CUBA