petem
Well-known member
Can you give a link to the Craftinsure policy wordings?
Any insurance recommendations (NOT Y Insurance)
- Thread starter Whitelighter
- Start date
Scubadoo
Well-known member
That is only part of the story, if you don't sink and have several thousands pounds of damage due to galvanic or electrolysis gjw won't cover you even if you can demonstrate annual checks. That was the case a few years ago.When we bought our current boat 3 years ago I read the policy thoroughlyand spoke to GJW because of the scare stories put to me by Y insurance about lack of cover for various events. I put specific cases to them e.g. sea cocks failing, engine failing and going onto rocks. They put in writing that all the events I asked about would be covered because if the boat sinks for any reason then it sinks and is insured. I was satisfied with the answers they gave and continued to insure with them. My policy went up by roughly £10 last year and the same again this year on a £500 policy (insuring £110000 motorboat) I also pay by 10 instalments interest free. I've just seen they're doing an offer at the moment for new policies, pay for 11 months and get 12 months with the code EASTER
sealegsjim
Member
Policy sample It is on their website
dune16
Active member
Good to hear, I'm pretty sure I'm going to go with them for my Med based boat, just waiting to hear back on a couple of queries.
DavidJ
Well-known member
Reply today from Topsail re gradual deterioration
For your information regarding gradual deterioration, our underwriters are not in the business of trying to avoid claims and in order to avoid any ambiguity have agreed the wording of clause 4.11 on Page 9 of the policy wording (copy attached for ease of reference) as per the definition of gradual deterioration on Page 8, for example if your boat sinks as a result of a skin fitting failure the claim would be paid as long as you had carried out routine maintenance, such as periodically exercising a seacock to avoid it seizing and checking your skin fittings annually when your boat was out of the water.
For your information regarding gradual deterioration, our underwriters are not in the business of trying to avoid claims and in order to avoid any ambiguity have agreed the wording of clause 4.11 on Page 9 of the policy wording (copy attached for ease of reference) as per the definition of gradual deterioration on Page 8, for example if your boat sinks as a result of a skin fitting failure the claim would be paid as long as you had carried out routine maintenance, such as periodically exercising a seacock to avoid it seizing and checking your skin fittings annually when your boat was out of the water.
Scubadoo
Well-known member
What evidence would they need to demonstrate skin fittings are checked annually or even routine maintenance? Might be worth asking the question to prevent any disputes.
petem
Well-known member
Not that I can find!
dune16
Active member
Hurricane
Well-known member
I think back to the old JFM days
He would say - "it is the ACTUAL words that matter"
The ?ullshit is just hearsay.
On a big loss it is the policy wording that will actually count.
DavidJ
Well-known member
Indeed yes
Chris_Robb
Well-known member
JFM - yes, its a shame he is not around. He went through my Nav and Gen policy then with a toothcomb pointing out the unsatisfactory clauses.... I changes to Y yachts who he had been advising.....
dune16
Active member
So I signed up with Craftinsure, and I don't want to be negative about it yet, I suspect they will be able to resolve the issue I have but what are your opinions. My boat is based in Valencia, Spain. The main policy they have sent me (in English) has a "You have agreed: " section and in that section it states "The permanent home mooring of “Dune” is in the United Kingdom.". Along with this policy they have provided an endorsement document (in Spanish) that confirms I am insured on that boat in the Med, it doesn't however mention the boat is permanently based in Spain. I am feeling very uncomfortable that the main policy is factually incorrect. They have told me this is all fine, the endorsement is read in conjunction with the main policy but it still doesn't feel right to me that from day 1 I have a document that is not a valid account of the situation. Your opinions please?
I have asked them I need something else in writing, ideally the main policy needs amending and I am waiting to hear back. My initial request for them to amend the main policy I was told they couldn't do that for security reasons.
I will see what they come back with tomorrow and report back.
I have asked them I need something else in writing, ideally the main policy needs amending and I am waiting to hear back. My initial request for them to amend the main policy I was told they couldn't do that for security reasons.
I will see what they come back with tomorrow and report back.
Momac
Well-known member
I've stayed with Y up to now as their price for the cover has been competitive with others despite people complaining about increases . Not necessarily the cheapest but not far off and certainly not the most expensive.
However it does seem possibly the end of the road for Y or whatever they may now be called if they are once again introducing a big increase. All depends on the renewal invitation which I expect to receive in a few weeks time.
However it does seem possibly the end of the road for Y or whatever they may now be called if they are once again introducing a big increase. All depends on the renewal invitation which I expect to receive in a few weeks time.
Momac
Well-known member
Get it changed
Hurricane
Well-known member
Please keep us updated.
AFAIK an endorsement corrects or adds terms to the base policy.
But if you are saying the the endorsement isn't correct, I suggest that you get it changed until it IS correct.
DavidJ
Well-known member
I’ve filled in the Craftinsure online form to get a quote and I felt it was very UK centric. I was a little concerned about how much experience they have had dealing with issues outside of the UK. Following your experience, their quote will go straight in the bin when received.
Helen from Topsail (ex Y) got back to me in hours to answer a query I had. I’ve still got a few weeks before renewal but at the moment Topsail have it
Helen from Topsail (ex Y) got back to me in hours to answer a query I had. I’ve still got a few weeks before renewal but at the moment Topsail have it
dune16
Active member
The endorsement (in Spanish) is fine, it merely states that I am insured. It mentions my name and the boats name. It doesn't mention the boat is located in Spain. It feels more like a document they would provide if I were temporarily cruising into the Med. My boat has obviously never been in the UK (and never will be under my ownership) so I'm just concerned the main document suggests I have agreed that the boat is permanently based in the UK.
I will give them a chance tomorrow to either adjust the main policy to reflect the true fact the boat is permanently in Spain or I'll cancel and insure elsewhere. My previous insurer (Y) was much clearer, the main English insurance document had the mooring location clearly stated as Burriana, Spain and then the Spanish document merely stated I was insured.
I am just a little dubious of insurance companies, if my boat sinks X months down the line I don't want them trying to come back and say the boat wasn't permanently moored in the UK......
dune16
Active member
I wouldn't bin the quote yet, I have only raised my concerns with them today, they have been extremely responsive so far so let's see what tomorrow brings.
Cathy*
Active member
From my GJW policy:-
A. COVER FOR THE VESSEL Subject to the Conditions Precedent, Limitations and the other terms of the Policy we shall cover you in respect of physical loss of or damage to the Vessel caused by: (i) accidents (including fire, explosion, collision, stranding, grounding and heavy weather); ii. Latent Defect in the Vessel for which purpose corrosion (including electrolytic or galvanic) or rust or oxidation not discoverable by the exercise of reasonable care or where the corroded or rusted item has been inspected, maintained, serviced or replaced in accordance with the manufacturer’s, supplier’s or other recommendation is considered a Latent Defect
Hooligan
Well-known member
Well i had a claim that fell exactly into this category ie either a full write off or rebuild. insurer was Amlins, ie same policy as Y uses. It became very clear going through the process that this was not a simple case of them simply paying out the insured value or the estimated repair. One of the issues insurers face is over insured boats ie you insure at say 350k but replacement is 300k. In my view you would be paid out 300k not 350k. There would at least be an arm wrestle. Having gone through this experience - and the numbers were not small - I would make a number of observations. First, the only person that matters to you is the loss adjuster. Secondly they will check every record of servicing, fire regulation safety ie are you up to speed etc and your licence to drive the boat. Record keeping is absolutely critical and your ability to respond quickly to requests makes a difference. Finally the quality of your insurer is key. IMHO Amlins were outstanding in my case. I am sure the answer was YES as you said, however the reality is that they are not just going to hand over X amount and let you shop around. That may be what happens but it will never be as simple as this. And i hope that no one ever has to go through what I had to. Incidentally my loss adjuster - who was awesome btw - said 70% of what he dealt with were claims to try and get money from the insurer ie torch the boat because they couldn’t sell or paint scrape marks on the sides to try to get something. I was staggered.
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