Boat insurance advice

[kroslonska]

Hi Everyone I am looking for recommendations for reliable boat insurers in EU. Any advice on how to choose a good one and what to look for in their offers. Any good and bad experiences.
We are going to be first-time boat owners and there is a lot of info that we would like to confirm like: if the rigging is older than 10 years they might not want to insure the boat etc. But what if it's still in good and sound condition?
Thank you in advance and sorry for maybe a bit boring (dummy) question.

 

[coveman]

I use GJW Direct and have been pleased with their service - but luckily I have never made a claim, so I cannot say what that experience would be!

I think you will find most insurers will require a boat survey at specified intervals and also that the standing rigging is changed at around 10 years. Even if rigging appears to be in good condition there are areas that you cannot see that may possibly fail.

Its worth searching a few threads on here where people have given their experiences. Its important,I think, that your boat is insured for an "agreed" value rather than an arbitrary figure for the make and model.

 

[Andibs]

Another vote for GJW

 

[V1701]

An option for many is to just have third party cover and self insure their own craft. Third party cover is inexpensive and easy to obtain, obviously depends on your circumstances, your boat, where you keep it, etc. Personally I've pretty much given up insuring anything comprehensively be it boats, vehicles, etc. because of prohibitive costs and the fact that I haven't made a single claim on any insurance for decades. Clearly there is risk attached to this strategy, boats & vehicles that I own are not high value/high end/likely to be targeted or whatever, but I am surprised that more people don't just insure 3rd party...

 

[WoodyP]

Always been good value and easy to deal with for me. Unfortunately I have to decrease values annually on my MAB.

 

[WoodyP]

An option for many is to just have third party cover and self insure their own craft. Third party cover is inexpensive and easy to obtain, obviously depends on your circumstances, your boat, where you keep it, etc. Personally I've pretty much given up insuring anything comprehensively be it boats, vehicles, etc. because of prohibitive costs and the fact that I haven't made a single claim on any insurance for decades. Clearly there is risk attached to this strategy, boats & vehicles that I own are not high value/high end/likely to be targeted or whatever, but I am surprised that more people don't just insure 3rd party...

I have found only small differences with third party only costs of insurance.

 

[V1701]

I have found only small differences with third party only costs of insurance.

Yes it does seem to be hardly any different some of the time, boat insurance in UK for me has always been a lot more than the bog standard £90 3rd party (if for no other reason than having to get a survey) and strangely this year insuring a new to me motorbike it was way cheaper to do the old fashioned TPFT. Getting any sort of insurance for the wee 1969 Bowman that now lives in Portugal was proving tricky until I found an insurer that offered 3rd part cover for the whole of Europe for £100 so I went with that...

 

[colind3782]

Another + for GJW

 

[awol]

I assume you had a survey before purchase. If not, may I suggest you get one. The survey is almost certainly a requirement for anything other than 3rd party only insurance and will give you a list of items that need attention, a list that the insurance company will probably require you to rectify before covering your boat.

 

[peteK]

A lot of insurers won't insure on swinging moorings.

 

[Buck Turgidson]

I switched to Pants this year as previous said they wouldn't cover me due to UK citizen, Swiss residence, UK reg boat in Spain!! God knows what the VAT situation will be if/when I sail her back to UK......

 

[coveman]

A lot of insurers won't insure on swinging moorings.

I can't speak for other companies but GJW insure my boat on a swinging mooring, but only for the 6 months of summer. As it is a trailer sailor the winter is spent in a barn!

 

[coveman]

I have found only small differences with third party only costs of insurance.

Yes I guess the bulk of the premium cost is the risk of hitting a Sunseeker!

 

[ashtead]

When you say EU do you mean the vessel is registered outside of the UK ? If so you need an insurer which has a licence to write cover wherever the risk is located. A broker such as Pants will have a delegated authority from an insurer such as Allianz which will be authorised to write in most if not all EU countries. Most brokers will tell you if they can broke cover outside UK . Otherwise contact a Lloyd’s broker . To a large extent I would look to have cover with a major name insurer as opposed to some Gibraltar or Malta based outfit where claims might be handled by some TPA you have never heard off. Like house insurance you get what you pay for so complaints against HNW insurers such as Hiscox and Chubb tend to be less than mass market in household but premium is more. I think the same approach applies which Pants. We are covered by Zurich which are the underwriters for the Navigators brand but we are a UK located risk but premium is not cheap for a 12.8m yacht.

 

[WoodyP]

I take the costs of survey and subsequent repairs as being for my benefit. I suppose I may be described as risk averse.

 

[tyce]

GJW, had quite a claim with them and no issues.

 

[kroslonska]

I use GJW Direct and have been pleased with their service - but luckily I have never made a claim, so I cannot say what that experience would be!

I think you will find most insurers will require a boat survey at specified intervals and also that the standing rigging is changed at around 10 years. Even if rigging appears to be in good condition there are areas that you cannot see that may possibly fail.

Its worth searching a few threads on here where people have given their experiences. Its important,I think, that your boat is insured for an "agreed" value rather than an arbitrary figure for the make and model.

Thank you. Yes, this is exactly what we are trying to do searching for different opinions on this forum. Thanks you for the input on "agreed value".

 

[kroslonska]

I assume you had a survey before purchase. If not, may I suggest you get one. The survey is almost certainly a requirement for anything other than 3rd party only insurance and will give you a list of items that need attention, a list that the insurance company will probably require you to rectify before covering your boat.

Yes, of course, there will be a survey as from what we see the insurer won't even look your way if you don't have one (plus for our selves its additional "insurance policy"), and some of them do have a special request for what is supposed to be mentioned in a survey. So for now, we are trying to trust our own judgement of the condition of the boat before spending money for a survey. Which nowadays with restricted travels can be challenging.

 

[kroslonska]

When you say EU do you mean the vessel is registered outside of the UK ? If so you need an insurer which has a licence to write cover wherever the risk is located. A broker such as Pants will have a delegated authority from an insurer such as Allianz which will be authorised to write in most if not all EU countries. Most brokers will tell you if they can broke cover outside UK . Otherwise contact a Lloyd’s broker . To a large extent I would look to have cover with a major name insurer as opposed to some Gibraltar or Malta based outfit where claims might be handled by some TPA you have never heard off. Like house insurance you get what you pay for so complaints against HNW insurers such as Hiscox and Chubb tend to be less than mass market in household but premium is more. I think the same approach applies which Pants. We are covered by Zurich which are the underwriters for the Navigators brand but we are a UK located risk but premium is not cheap for a 12.8m yacht.

Yes EU meaning outside the UK. The boat will be most likely registered in the Netherlands. When you write "Pants" you mean Pantaenius? this is just one company that we found that has a licence to cover the risk in different areas. Yes, we agree, definitely a bigger name to avoid any claim problems.

 

[ashtead]

Yes for Pants -they are a broker but it should be fairly easy to find a number of brokers who are appointed by an insurer with a licence to write cover for Dutch located risks . Just go with major names though if you can whichever broker you use . I suspect there must be a number of direct Insurers for marina risks located in the Netherlands.