Has anybody renegotiated the boat insurance this year because of the lockdown?

[rib]

Funny that I always thought insurance was a long game.. Highs and lows over several years put some aside in to the expenses pot. And when that gobal warming mega storm comes and smashes a few hundred yachts up there will be some monies in the pot to pay out
Didn't realise it it had now become a yearly case of incomings verses out goings. Pay out if we have the money find a excuse not to pay out if we don't ????????

 

[Sybarite]

Funny that I always thought insurance was a long game.. Highs and lows over several years put some aside in to the expenses pot. And when that gobal warming mega storm comes and smashes a few hundred yachts up there will be some monies in the pot to pay out
Didn't realise it it had now become a yearly case of incomings verses out goings. Pay out if we have the money find a excuse not to pay out if we don't ????????

I would accept your argument to the extent that the fundamental conditions remained unchanged and that claims reflected the usual vagaries of life. However, that is not the case here. There is a fundamental change in circumstances outside of the control of the clients. Premiums are calculated on anticipated risks and if those risks change, co should the insurance costs.

 

[38mess]

My insurance stayed the same as last year, so I guess it has gone down.

 

[neil_s]

I have gone third party this year - but that was because I am fed up with the survey requirement not because I found the premium extortionate.

 

[AndrewB]

Persuading insurers to reduce their premiums?? Sorry, that's against the laws of nature.

In 2020, like many others, we were obliged to leave our yacht laid ashore up most of the time. My insurance had a reduction for each month laid up (though precious little, given that the risks ashore are a fraction of those in use). So in 2021 when it looked like happening again, they told me that they had scrapped the monthly laid-up discount, could I pay the full whack please?

Let's face it, we are just cash-cows. Over the last 20 years, my insurers have helped themselves to about £10,000 without ever having to pay me back a penny. Once they were highly recommended here. Yet year on year they jack up the premium. It's always some crappy excuse "sorry, but we have to follow industry norms".

 

[Tranona]

Persuading insurers to reduce their premiums?? Sorry, that's against the laws of nature.

In 2020, like many others, we were obliged to leave our yacht laid ashore up most of the time. My insurance had a reduction for each month laid up (though precious little, given that the risks ashore are a fraction of those in use). So in 2021 when it looked like happening again, they told me that they had scrapped the monthly laid-up discount, could I pay the full whack please?

Let's face it, we are just cash-cows. Over the last 20 years, my insurers have helped themselves to about £10,000 without ever having to pay me back a penny. Once they were highly recommended here. Yet year on year they jack up the premium. It's always some crappy excuse "sorry, but we have to follow industry norms".

It is a misconception that risks are significantly lower when boats are laid up rather than in use. The vast majority of claims are for theft or damage from the elements rather than from being used at sea. if you do a bit of research you will find that yacht insurance has lost insurers money consistently over the last few years from a combination of claims arising from natural disasters and the escalating costs of repairing damage. Hence the number of insurers who have either withdrawn from the market or merged with others.

Despite all that insurance for boats is cheap - my £100k boat costs well under £500 a year. Like you I have had insurance on boats now for 45 years with just 2 claims (in 1987 and 1991), totally just over £1000. However insurance is taking on risk and I would be unhappy carrying the risk of losing £100k!

 

[Osmosis]

Having read through the Holyhead case with the marina able to limit liability the assumption a vessel laid up is a lesser risk is now out of the window imo.
Imagine a domino claim as the marina tractor clips a vessel which results in a number of craft falling over with combined damage over £550,000.
It looks from reading this case you would have a claim under your policy of which legally your insurers would only collect around 10% back from the marina insurers.
The balance would fall under your own insurance.
The same if the marina failed with boats afloat.
I think instead of asking for a refund as unable to use I would ask own insurers stance on any future renewal premiums if such an incident involved your vessel.
" Y" was right pleasure craft claims continue to increase and Holyhead now adds potentially further cost.
Holyhead was in excess of £5,000,000 with many insurers only getting peanuts back.
Perhaps the marina operators might like to consider reducing mooring fees as they are quids in on any exposure costs following this judgement
Anyone spoken to own mooring operators ?

 

[Sybarite]

I got a 38% reduction after negotiating.

 

[Mark-1]

I'm no fan of insurers but if I were to sail 10x more than I expected I wouldn't be sending them extra money. So....

 

[ashtead]

Yes insurers saved on motor etc but have had large payouts on business interruption so you have to look at their solvency on a wider basis than just a particular class. The actual returns on small marine are steady but modest in underwriting terms compared to say property or pet. Most insurers actually make little money out of motor insurance ie the costs and expensesgive a loss ratio greater than 100% -if you look at leading brands like Admiral they actually tend to lay off large slices of risk and create profits on non risk income. The best way to think of this is Admiral is a bit like a Virgin airline of insurers.

 

[Mistroma]

My insurance renewal is around mid-season and I realised that I wouldn't launch in 2020 but thought 2021 was a possibility. I asked my insurance company about a reduction for not launching until last few months of the policy. They offered a slight reduction but removed all cover for a lightning strike. It seemed like a very bad offer and I left it with Y-yachts for that year.

After getting the renewal quote I asked about the possibility of launching for last couple of months at extra cost. Their reply was that the best option would be a shorter policy for the period ashore and renew at the time I was likely to launch. I could then decide to renew for "out of commission" or normal "in use" policy. It would have made some sense but the cost for a 9-10 month policy was exactly the same as my renewal for "in use" as normal.

I changed to another company with better terms and a cheaper "out of commission" policy. The new insurers were happy to alter the policy to "in use" at any time with no admin charge. The cost of their "in use" policy was similar to Y-Yachts It was quite a bit cheaper to have 9-10 months ashore and then pay for last few months afloat (pro-rata charge based on their "in use" quote).

 

[Koeketiene]

My insurance renewal is around mid-season and I realised that I wouldn't launch in 2020 but thought 2021 was a possibility. I asked my insurance company about a reduction for not launching until last few months of the policy. They offered a slight reduction but removed all cover for a lightning strike. It seemed like a very bad offer and I left it with Y-yachts for that year.

After getting the renewal quote I asked about the possibility of launching for last couple of months at extra cost. Their reply was that the best option would be a shorter policy for the period ashore and renew at the time I was likely to launch. I could then decide to renew for "out of commission" or normal "in use" policy. It would have made some sense but the cost for a 9-10 month policy was exactly the same as my renewal for "in use" as normal.

I changed to another company with better terms and a cheaper "out of commission" policy. The new insurers were happy to alter the policy to "in use" at any time with no admin charge. The cost of their "in use" policy was similar to Y-Yachts It was quite a bit cheaper to have 9-10 months ashore and then pay for last few months afloat (pro-rata charge based on their "in use" quote).

Out of interest, was that before or after Y-Yachts was taken over by Topsail?

 

[Mistroma]

Out of interest, was that before or after Y-Yachts was taken over by Topsail?

I'll double-check but pretty certain the first renewal was still with Y-yachts. I was with them in 19/20 and 20/21 and think they changed to Topsail after I had renewed with Y-Yachts. I moved from Y-yachts in 2021 when renewing mid-season.