Boat insurance is not compulsory in Cayman, although your bank will probably require it if you have taken out a loan to finance your dreams and offer you piece of mind.
If you are weighing up the cost vs. benefits of acquiring an insurance plan, you should appreciate the costs involved should you be involved in an accident causing injury or death. However, boat insurance can be hard to get and some companies will only consider it if you have other coverage with them.
Ask the company that insures your house if they will also insure your boat.
Below are several reputable providers and brokerage firms that can cater to your boating insurance needs.
Island Heritage Insurance Company Ltd.
Insurance providers for Home, Motor, Commercial Property, Liability, Contract Works and Pensions in Cayman and throughout the Caribbean.