In Trade Only, Peter Swanson of the Active Interest Media Marine Group wrote that the US arm of German insurer Pantaenius has said it will begin providing coverage for “American boats traveling in Cuban waters,” eliminating what Swanson called “a major barrier to cruising and fishing in Cuba.” Cary Wiener, president of Pantaenius USA, is cited as saying his company petitioned the Treasury Department’s Office of Foreign Assets Control seeking a regulatory change that would let the insurer pay claims that originated in Cuban waters. Swanson wrote that US-based insurers, including AIG and Gowrie, have also “demonstrated” an interest in participating in the Cuban market.
U.S. approves boat insurance for Cuba travel
Common sense has finally prevailed. Pantaenius, a U.S. marine insurer, said it will offer coverage for American boats traveling in Cuban waters. This could eliminate a major barrier to cruising and fishing in Cuba.
The division of the U.S. executive department that regulates interactions with Cuba beneath the U.S. Embargo proclaimed that U.S. voters with a legal reason to trip Cuba might do thus by boat–their own boats. However, the rules failed to allow U.S. insurers to supply hull insurance.
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