GJW insurance

I had an insurance survey done by an idiot for €750. I would like an insurance company to allow you to compile one yourself with images and invoices.
 
dgadee said:
I had an insurance survey done by an idiot for €750. I would like an insurance company to allow you to compile one yourself with images and invoices.
Click to expand...
I was able to do just that several years ago, provide images set against their requirements. It was only an option when I pushed it about not having a survey due to limited time to arrange for that year, so may be worth asking. Following year moved another insurer / broker where that wasn't a requirement for a few more years and a better policy for me... Porthcawl being one of them.
 
My renewal premium has gone up 8% with GJW which I do not feel is too bad. The advantage is that they do not require a survey for a boat that is under 50 years old and worth below £15000, which mine is.
I have been assured that the policy remains the same under the new owners and is still at the "agreed" value.
 
Tranona said:
yes. The %age of value is rather meaningless as the third party element is largely fixed cost. Inevitably the higher the value of the boat, the smaller the %age the premium represents as a total. The idea of %age comes from the world of shipping where that is used as a determinant for indicating level of risk. For example %age rates shot up for both ships and cargoes transiting the black Sea in 2022 and the Red sea in 2024 when the Houthis started attacking ships.

A couple of real yachty examples. When I owned 2 boats, the low value one (£13k) cost around £200 (1.5%) and the £100k one was £550 (0.55%)
Click to expand...
As @Tranona says, third party risks (and recovery of wreck) are much the same for any vessel. My boat may not be worth much, but if it sank in the wrong place it could block the ports of Harwich and Felixstowe until the wreck was removed, with consequential costs that make the £3,000,000 third party cover look small! The ship channel is narrow and only 15m deep. And my low value yacht could cause substantial damage to a much larger or more valuable vessel. Remember too that if a commercial vessel is out of service, even if only for precautionary survey, it is running up costs of 5 or 6 figure sums for each day it isn't operating normally. All these are unlikely events, but the risk is much the same for anything above dinghy size.

The organization I worked for operated ships, and even minor accidents had enormous knock-on costs.
 
Has anybody claimed with the new GJW?

My father had a claim with them before and they were amazing to deal with. Very down to earth, nothing was a problem and paid out within a week.
 
colind3782 said:
Just had my renewal quote from GJW. Up by 22% to £360 pa on an agreed value of £30K fully comp. I doubt I'll get much of a better deal so I will probably take it.
Click to expand...
Doesn't seem unreasonable, but I'd definitely advise checking carefully to be sure they haven't changed any other conditions/cover.
 
Irish Rover said:
Doesn't seem unreasonable, but I'd definitely advise checking carefully to be sure they haven't changed any other conditions/cover.
Click to expand...
My agreed value was changed to assessed value when I renewed. I presume the other agreed conditions remain as before, but I should really confirm with them. E.g. single handing.
 
I spoke with someone who renewed last week. They tried to increase his premium by 25 %. He challenged this and apparantly dropped in back significantly. Personally even a 25% increase really is not significant in the grand scheme of things.
Steveeasy
 
dgadee said:
My agreed value was changed to assessed value when I renewed. I presume the other agreed conditions remain as before, but I should really confirm with them. E.g. single handing.
Click to expand...
Shouldnt need to contact them to confirm, Nowadays most of the documents are issued on PDF, and it is what these say that really matters. Definitely need to review these each year.
To check any constraints on key topics like single handing I use the word search facility on the key documents, using both “singlehanded” and “solo”.
 
We are insured with GJW. Unfortunately, their cruising area coverage has shrunk since the takeover. We can now only get insurance as far as the Canaries and at a vastly inflated price compared to last year. Not really progress 🤔.
 
My GJW insurance premium went up 4% this year after the Ripe takeover. A few of the conditions have changed, but not much. There's a new web interface requiring a new login and password, and the new one fails to have all the previous details from years past (as the old one does). There will apparently be a 1 year overlap of web portals, even though theold one does nothing now except store old data. My cruising area and extended solo sailing were carried forward.
In preparation for the renewal and thinking of a huge increase, I sought some premium info from a few others. They would all demand a "out of water" survey. When I enquired what they would need to be covered in such a survey, they all (5 of them) refused to say. It left me wondering what really should be covered and who should have that say. They seem to leave it the owner, but I can imagine that if the survey was to lightweight, they'd not accept it?
 
MM5AHO said:
My GJW insurance premium went up 4% this year after the Ripe takeover. A few of the conditions have changed, but not much. There's a new web interface requiring a new login and password, and the new one fails to have all the previous details from years past (as the old one does). There will apparently be a 1 year overlap of web portals, even though theold one does nothing now except store old data. My cruising area and extended solo sailing were carried forward.
In preparation for the renewal and thinking of a huge increase, I sought some premium info from a few others. They would all demand a "out of water" survey. When I enquired what they would need to be covered in such a survey, they all (5 of them) refused to say. It left me wondering what really should be covered and who should have that say. They seem to leave it the owner, but I can imagine that if the survey was to lightweight, they'd not accept it?
Click to expand...

My GJW premium went up about 5% in July. Not much changed terms but the lithium charging one is there (seems to be referring to things like phones and devices). At the end of the day the underwriters (i.e. the Lloyds syndicate) have not changed just the ownership of the brokers so I am not sure that claims will become any different to settle.
 
MM5AHO said:
In preparation for the renewal and thinking of a huge increase, I sought some premium info from a few others. They would all demand a "out of water" survey. When I enquired what they would need to be covered in such a survey, they all (5 of them) refused to say. It left me wondering what really should be covered and who should have that say. They seem to leave it the owner, but I can imagine that if the survey was to lightweight, they'd not accept it?
Click to expand...
You will find that most surveyors work to a standard model of insurance survey which is less comprehensive than a pre purchase survey. Essentially the insurer wants to know that the boat is seaworthy and has no major faults plus probably a valuation to support the insured value.
 
dgadee said:
Never heard of them. Next year I'll look more closely at what's on offer. Perhaps GJW will lose enough business to make them return to their old policies again.
Click to expand...
GJW seem to have a great following of inland waterways canal boat users who may accept without question things that we may wish to discuss.
 
Left GJW after 15 years with them premium rose from £180 pa to over £215. Despite having a survey this year as well.

Used Visicover and get a better more tailored policy for £160.
 
You must log in or register to reply here.

Other threads that may be of interest

geem
First 6 months with no gas onboard
2 3
Replies
41
Views
1K
Baggywrinkle
Baggywrinkle

Share this page

Top