Big y insurance increase

+1
I understand people’s frustration but in reality it is an industry wide issue so changing providers may not be such a good idea given that cover is likely to be inferior.
 
So I got back some quotes. They were all more than Y.

PANTAENIUS £ 2891
Amlin ( same underwriter as Y I believe ) £2096
Y £1979

I did not really have the inclination to get 20 quotes. This is on a Squadron 58 hull value £300,000 and Williams Rib.
 
markc said:
I received my renewal with Y today - up 17% on last year... it has nearly doubled in the past 4 years.
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If things carry on as they are for the rest of this year, as seems likely, there will be no boats moving in the Med, so you’d hope insurance claims will be down. Hopefully premiums will follow suit, but I wouldn’t hold my breath.
 
longjohnsilver said:
.......seems likely, there will be no boats moving in the Med, so you’d hope insurance claims will be down.
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Are most losses incurred while boats are under way ?
It seems to me the most devastating losses have been due to storms while boats are in port .
 
I've read a few thread on the subject and I am intrigued at the response I might get. Bottom line.... why do people play in the 'all risks' game the insurance industry has created?

There's an economic theory called 'Tragedy of the Commons' (Tragedy of the commons - Wikipedia) that is exploited by the business. That is where the actions of individuals in their claims behavior and the corresponding actions of suppliers works to maximise the returns to the insurers and to disadvantage the group of customers as a whole.

Unless loss has a catastrophic outcome for the person (not the insured boat) the logical decision for the group to make is to not insure at all and only 3rd party if 3rd parties (such as marinas) insist.
 
I suppose that many of us have boats of Either moderately significant value either to us or in absolute terms. Dropping £2m on a boat is not difficult.

The premium is small as a percentage and boats do sink / catch fire / run aground so it is a worth investment.

If I owned a £10k sail boat would I insure it ? Probably as the premium is probably less than a tank of fuel.
 
Andy Todd said:
....... the logical decision for the group to make is to not insure at all and only 3rd party if 3rd parties (such as marinas) insist.
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A boat not too far from us caught fire at the marina fuel pontoon. It was a low value boat .
The fire damaged a canopy over the fuel pumps. Two adjacent boats were damaged, one sunk. The subject boat was sunk. There was pollution and the marina s fuel pump system was damaged .

No doubt a substantial claim followed not only including for the salvage of the remains after the fire, the pollution clean up and the business interruption to the marina who could not supply fuel for weeks . The owner of the boat which caught fire was found to be liable . However he had no insurance .
I understand he lost his shirt.......and his house.

Your logic us seriously flawed .
A third part claim may be substantially greater than than the value of the item that is insured.
 
MartynG said:
A boat not too far from us caught fire at the marina fuel pontoon. It was a low value boat .
The fire damaged a canopy over the fuel pumps. Two adjacent boats were damaged, one sunk. The subject boat was sunk. There was pollution and the marina s fuel pump system was damaged .

No doubt a substantial claim followed not only including for the salvage of the remains after the fire, the pollution clean up and the business interruption to the marina who could not supply fuel for weeks . The owner of the boat which caught fire was found to be liable . However he had no insurance .
I understand he lost his shirt.......and his house.

Your logic us seriously flawed .
A third part claim may be substantially greater than than the value of the item that is insured.
Click to expand...

That's a catastrophic outcome for the person so 3rd party insurance is a logical decision. But for most people 'all risks' is not logical.

My point is not about the individual, it is about the effect on the collective. The business model encourages the insured to over compensate on claims, suppliers get paid a premium for replacement and repairs. The collective pay for that in inflated premiums. If, by some magic, the insured communicated with each other and collectively self insured the premiums would reflect a much lower cost of damages.

Is there a better way of doing this?
 
jrudge said:
Just got my renewal ( which specially mentions that the ybw forum thinks it is a great policy)

premium was £ 1422 now £ 1979. That is 40%

Cover letter

Another year has passed and we are still not aware of the implications of Brexit to trading in the EU. As I explained in last year’s renewal letter, we now have a company Y Yacht Assurances France EURL registered in France and regulated by the French regulator ORIAS. Irrespective of what happens with Brexit in 2020 or beyond we will be able to look after both our UK and EU clients sailing in different parts of the world.
I now come onto the thorny subject of premium rates and increases. Firstly I thank you for your loyalty and understanding for the necessary increase last year, caused by underwriters paying out more on claims than they were receiving in premiums. The need to cover the previous eight years 25% inflationary cost of claims was a major reason for the large increase. Our admitted mistake was not increasing premiums at all during the eight years.
I make no secret of the fact that claims in the Mediterranean have continued to rise at an alarming rate. In 2019 the amount paid out in claims for sailing boats in the Mediterranean by our underwriters MS Amlin SE has been more than double the amount they have received in premiums from us. Lightning strikes are one of the major costs of these claims. Those of you with sailing boats in the Mediterranean will notice a substantial increase in your renewal premium this year. Last year those cruising in all areas suffered a substantial increase in premiums, part of which was to cover Mediterranean losses. This year it must be those cruising in this area who will pay for the higher risk. Motor boat claims in the Mediterranean are less substantial than sailing boat claims.
Another reason for high claims comes from sailing yachts racing. We are no longer covering those seriously racing, and those who have local club racing agreed on their Certificates will have an additional 10% added to their premium. Those who no longer wish to race should let us know and we will remove this addition.
I never wish to have to increase premiums by such a large extent again. In 2020 most will have a small increase in premium of about 5% to cover inflation, and I hope it will only be necessary to ask for similar increases, at the most, every other year.
Some of you who are not in the Mediterranean may have a higher increase in premium than 5% for 2020. The reason for this is that your premium rate needs to be the same as the majority of clients with similar risks in the same area i.e. the Caribbean, and the same as we would quote for new clients.
Once again, I thank you all for your loyalty, and remind you that our clauses offer the highest levels of cover, which is one reason why our claims are proving so expensive to underwriters.
I wish you all a great time at sea and on your boats.

I think it was £1200 2 years ago so the rise is huge.
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We have seen a common trend with insurance cover, it’s a really sore topic. Which is why we set up www.compareyachtinsurance.com
We are able to get you quotes for Europe, UK and most parts of the world. Asia and the Caribbean is a bit tricky, but we are able to handle these as special cases. Happy to help you out.
 
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