18.2% increase in Y insurance premium, normal or what

[Boat2016]

Yes I read the letter .
There may be insurers who have not been exposed to the same losses and have not therefore increased premiums?

Wherever losses are concerned the money is always recovered from the same place, us the paying customers.

 

[Momac]

Two other quotations .
One the same as Y , the other greater.
Maybe Y remains competitive.

 

[sailorman]

My renewal due is any day, i will not be looking elsewhere. My premiums have always been competitive & the admin first class

 

[Jegs]

Just had my renewal notice - increase 2.4% Amlin.

ATB,
John G

 

[jrudge]

My renewal due is any day, i will not be looking elsewhere. My premiums have always been competitive & the admin first class

I think this sums up 90% of peoples view regards insurance and also bank savings - which is why they take such liberties.

I would at least get other quotes. It does not take long ( but is longer than say car insurance I accept).

I am not really sure why a hurricane in the Caribbean ( which is hardly are rare or unpredictable event) has anything to do with a boat in Mallorca.

What is says is they did not price their Caribbean risk properly, and we are subsidising them. If car crashes go up in Brazil you don't pay more in Brighton!

 

[rubberduck]

Just had my renewal notice - increase 2.4% Amlin.

ATB,
John G

Does the cover compare with 'Y' If you had a total loss due to a sea cock letting go are you covered for example.

 

[Cathy*]

We're with GJW, premium is exactly the same as last year. I asked last year, and received written confirmation from the underwriters, about the failing seacock scenario. Sinking is an insured loss regardless of the cause, as is being dragged onto rocks as a result of engine failure etc. The red warnings in the quote from 'Y' struck me as being sharp practice and that was my main reason for going elsewhere.

 

[rubberduck]

We're with GJW, premium is exactly the same as last year. I asked last year, and received written confirmation from the underwriters, about the failing seacock scenario. Sinking is an insured loss regardless of the cause, as is being dragged onto rocks as a result of engine failure etc. The red warnings in the quote from 'Y' struck me as being sharp practice and that was my main reason for going elsewhere.

So if the seacock fails they pay out without asking for evidence of maintenance. Is it written in the policy documents or just an email etc.

 

[CLB]

So if the seacock fails they pay out without asking for evidence of maintenance. Is it written in the policy documents or just an email etc.

What evidence of sea cock maintenance would you, or anyone else, be able to provide?

 

[AllanG]

Received my GJW renewal this morning, and pleased to see that the premium is exactly the same as last year...so well happy!! :encouragement: :encouragement:

 

[Momac]

I just tried GJW and the premium was higher than 'Y'.

 

[maby]

I just tried GJW and the premium was higher than 'Y'.

Our 'Y' renewal is just in with an increase of about 10%. GJW have quoted about £75 less - now I need to consider carefully if the GJW policy is acceptable. I'm inclined to stick with 'Y' - the saving is not enough to take any risks with the boat.

 

[rubberduck]

What evidence of sea cock maintenance would you, or anyone else, be able to provide?

I get the boat fully serviced & all systems checked annually, I make sure everything is itemised on the invoice.
That includes sea cocks, bilge pumps, toilet pumps & seals, air con, generator, drives, engines, generator, hull, electrics & so on.

 

[Scubadoo]

What evidence of sea cock maintenance would you, or anyone else, be able to provide?

I simply keep a log of all maintenance and checks, and for seacocks also take pictures e.g. when I scrap back the antifouling etc. It just demonstrate due diligence and doesn’t take long to do.

 

[sailorman]

So if the seacock fails they pay out without asking for evidence of maintenance. Is it written in the policy documents or just an email etc.

Its an "all risk" policy

 

[sailorman]

I get the boat fully serviced & all systems checked annually, I make sure everything is itemised on the invoice.
That includes sea cocks, bilge pumps, toilet pumps & seals, air con, generator, drives, engines, generator, hull, electrics & so on.

Sadly i have to do all my own & i do keep a log / diary

 

[sailorman]

Also note that the Ins tax has increased since 1st June 2018 to 12.5%

 

[rubberduck]

Its an "all risk" policy

Which clearly states you must keep her "maintained" in which lies the instrument to refuse almost anything they don't fancy.

 

[sailorman]

Which clearly states you must keep her "maintained" in which lies the instrument to refuse almost anything they don't fancy.

would any insurer, state anything differently to that.
My yacht is "continually" maintained, things sorted as they appear, on haul-out i never have a large " to do list".

 

[petem]

We're with GJW, premium is exactly the same as last year. I asked last year, and received written confirmation from the underwriters, about the failing seacock scenario. Sinking is an insured loss regardless of the cause, as is being dragged onto rocks as a result of engine failure etc. The red warnings in the quote from 'Y' struck me as being sharp practice and that was my main reason for going elsewhere.

From the GJW policy:

This Policy does not cover physical loss of or damage:
1. To the Vessel caused by:
...
(vi) electrolysis;
...

If they're not going to apply this exclusion then why don't they update the policy?

And another reason for not insuring with them is this nugget:

REPLACEMENT OPTION
(iv) Instead of paying in money the value of the Vessel
or its boat(s) or outboard(s)
as noted on the Certificate in accordance with Section
2.C.1, we reserve the
right to replace the Vessel or its boat(s) or outboard(s)
with a Vessel or boat(s)
or outboard(s) of similar age, size, type and condition.
Should we exercise this