House insurance covers 3rd party for your yacht! - Blimey

dylanwinter

dylanwinter

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www.keepturningleft.co.uk
much to my surprise two posters on the insurance thread said that they used their house insurance to cover their yachts for third party risk

needless to say I am interested in this idea

having forked out £700 over the past six years on 3rd party insurance.

the ever reasonable solent boy does it

"Well that was £68 wasted.

If all you want is third party you should have it for nothing from your household insurance. That's what I do. "

so does Uricanejack

"I did with my old 24fter, i think the cut of for max sise is usualy 26. It even covered me to enter races.
all you need is a copy of your house insurance with the boat listed for liability 1 sentance. authorities happy."


who else does it and has anyone tried it and come unstuck?

as a travelling sailor I fear that waving my house insurance at people will only confuse lock keepers - and I would be curious to know if Inland waterways are prepared to accept this sort of insurance

Dylan

yacht insurance brokers wishing to tell us what a stinker of an idea this is is please form an orderly line here....



ktl200901823_jpg.jpg
 
It's not the house insurance that provides the third party liability cover, it's the contents insurance, so you needn't be a house owner.
However mine (which is with Sheila's Wheels :o) has an exclusion which I bet will be pretty standard:

Liability which happens because you own, possess or use the following:
motor vehicles
aircraft
boats, boards and craft designed to be used on or in water, other than: (i) those only propelled by oars or paddles (ii) pedestrian controlled toys or models

So you're OK in the dinghy without the outboard or sails!
 
I have to say that the bill (under £140) for fully comprehensive all risks insurance, including rig failure, theft of outboard, damage whilst being transported on a trailer (one day I'll get my hands on a trailer too) etc. and so on from GJW is one of the least painful annual expenses and I struggle to see the value in halving that bill and carrying the risk of losing £5k (for that, near enough, is the insured value) and not being able to replace the boat if she was stolen, sank, caught fire etc.

And just checked my household insurance and the third party liability cover is severely proscribed and amongst a vast host of other things that aren't covered are water craft of any type whatsoever
 
dylanwinter said:
much to my surprise two posters on the insurance thread said that they used their house insurance to cover their yachts for third party risk

needless to say I am interested in this idea

having forked out £700 over the past six years on 3rd party insurance.

the ever reasonable solent boy does it

"Well that was £68 wasted.

If all you want is third party you should have it for nothing from your household insurance. That's what I do. "

so does Uricanejack

"I did with my old 24fter, i think the cut of for max sise is usualy 26. It even covered me to enter races.
all you need is a copy of your house insurance with the boat listed for liability 1 sentance. authorities happy."


who else does it and has anyone tried it and come unstuck?

as a travelling sailor I fear that waving my house insurance at people will only confuse lock keepers - and I would be curious to know if Inland waterways are prepared to accept this sort of insurance

Dylan

yacht insurance brokers wishing to tell us what a stinker of an idea this is is please form an orderly line here....



You're a fruit loop Dylan.
If (heaven forbid) Katie L sank, you would lose;
a 5 grand boat
a couple of cameras?
a couple of outboards?
laptop?
assorted personal effects?

say £9k to replace?

would all your stuff really be covered without excess on a house contents policy. Why would you want to replace your lovely boat with another slug. Dont forget CROMER :)

But...if you're happy to lose it and get another 18' ****box, so be it :) Surely the extra moey for fully comp is worth it ???

p.s. i'm not an insurance broker!!

p.p.s. still love the work.
Click to expand...
 
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I'm probably right out of line on this, having no knowledge of how insurance works, but, to get my boat license I had to have liability cover of £3 million.

Surely household/content cover would not give you this.
 
Caliban said:
I'm probably right out of line on this, having no knowledge of how insurance works, but, to get my boat license I had to have liability cover of £3 million.

Surely household/content cover would not give you this.
Click to expand...

Surely it's the public liability part of your House Insurance that would give you third party cover? Dylan isn't talking about cover for the boat, he's talking about third party risks. Public Liability insurance is a standard part of home insurance, and is usually for vast amounts, because a tile falling off your roof could kill someone.
 
AntarcticPilot said:
Surely it's the public liability part of your House Insurance that would give you third party cover? Dylan isn't talking about cover for the boat, he's talking about third party risks. Public Liability insurance is a standard part of home insurance, and is usually for vast amounts, because a tile falling off your roof could kill someone.
Click to expand...

There, I knew I'd get it wrong.

You might not believe this but I was not aware my house insurance gave liability cover. I have never in my life ever read any insurance documents. To me insurance is something I am required to have by law for various things, so I just get whatever is cheapest and never read the smallprint . . . or even the big print actually. Hateful thing, insurance.
 
Caliban said:
To me insurance is something I am required to have by law for various things
Click to expand...

Surely the only thing that the law requires insurance for is your car?

If you don't mind losing everything in a house fire, that's up to you.

For boat insurance in particular, though, you should read the policy. While car stuff is all much of a muchness, boat insurance policies vary between providers in ways that can be significant.

Pete
 
Just so happens my house insurance renewal came in today so checked the policy. no reference at all to any cover related to boats. Only non household cover is caravan and only for theft and damage.

Fail to see how a household policy would cover £2or3 million third party liability to people or property caused by a boat. That is what marine insurance is for, and the risk priced accordingly.
 
It would depend entirely on what the household cover policy says. My policy will cover me should I damage someone else's boat and they sue me as part of the personal liabilities I think - I can't see a general exclusion. I had to have that specifically added though (not expensive). It's the personal liability piece that gives you cover - pure coincidence it's attached to your household policy. It could just as easily be a separate policy or part of your motor insurance I would have thought.
 
I am almost certain that the third party liability cover on a household policy only extends to claims relating to the said house - ie tile falling off and damaging someone or something, a visitor tripping on the step and breaking his/her leg etc.

I am sure you would need to get this extended if you wanted to cover damage caused by your boat.
 
Most contents policies will cover your personal liabilities but the cover is limited by a list of exclusions and in the majority, if not all, cases that will exclude any liabilities when you are in charge of what they call 'waterbourne craft'. You need your boat policy Dylan, anyone who tells you otherwise is walking on the wild side.
 
I pay about £120 / year to insure a centaur for all risks. I think that is great value and would pay it even if I was certain my home insurance would cover me 3rd party
 
I do not currently have my boat on my house insurance. I sold it. last year.
It was covered on my house insurance. For Liability only.
No mention on my insurance until I called and asked if they would cover.
After asking they sent a new printed letter of confirming cover for the boat.

Boat was a 1976 C&C 24 with a 198X Honda 10hp. I bought for about 2000 Usd.
It had no interior.

The value was very low, paying 500 usd for survey was not worth it. Most insurance Co refuse to cover such old boat, Local sailing club recommended I ask my house insurance provider. I did and recieved the minimum required 3rd party liability only coverage for no additional charge.
As I recall the maximum size of boat was 26ft. the max HP I can't remember but it might have been 10hp it was certainly less than the 55hp I have on a 16ft Double Eagle and did not cover the trailer's for road use.

It worked for me. Was acepted by yacht club, marinas and along with a PHRF rateing I was able to enter races. And come last or nearly last,

If it sank I would loose my boat, and be out of pocket 2G. If it hit and or damaged and sank someone elses boat I would not be bankrupted.
 
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