How much insurance do we need?

[Cathy*]

As documented at length on here, that is just not correct. There are significant real-life boat owner risks that Y covers but GJW doesn't. All documented previously, so I won't repeat it.

If you'd bothered to read my original question I was querying whether I need £5 million insurance as opposed to £3 million. GJW are covering me for £5 million, Y covers £3 million. Therefore my statement is correct. Do you spend your days picking out random bits of posts you can disagree with? How sad.

 

[Momac]

. GJW are covering me for £5 million, Y covers £3 million..

It is perhaps time 'Y' and others increased their third party cover to match GJW.

 

[andy59]

I would be less worried about 3or5 top limit and more concerned that my insurance pays out when my boat sinks in a more likely real world scenario as pointed out and discussed at length by JFM . I chose Y on a value for money basis and not on premium alone ��

 

[petem]

I would be less worried about 3or5 top limit and more concerned that my insurance pays out when my boat sinks in a more likely real world scenario as pointed out and discussed at length by JFM . I chose Y on a value for money basis and not on premium alone ��

+1.

I wonder if the OP realises that her policy won't pay out if her boat sinks due to a seacock that has failed as a result of eloctrolysis. Or that in the event of a total loss that GJW may choose a similar second hand boat to replace the lost one (instead of paying a cash sum).

 

[Momac]

her policy won't pay out if her boat sinks due to a seacock that has failed as a result of eloctrolysis. Or that in the event of a total loss that GJW may choose a similar second hand boat to replace the lost one (instead of paying a cash sum).

.

These are not good terms.

 

[jfm]

If you'd bothered to read my original question I was querying whether I need £5 million insurance as opposed to £3 million. GJW are covering me for £5 million, Y covers £3 million. Therefore my statement is correct. Do you spend your days picking out random bits of posts you can disagree with? How sad.

Thanks for the "sad" comment. Actually I've spent many days (unpaid; it' isn't my day job) meeting CEOs/senior management of Y, GJW and others persuading them (successfully in several cases) to remove several policy exclusions, for the good of boaters generally. And I've defended (again for feee, 100% successfully, and one to high court level, £100k approx in claims) two posters on here who had their sinking claims refused by mainstream U.K. boat insurers. I have been shown several mainstream insurance policies in draft and invited to comment, prior to them going "live". I wrote several clauses of several of the policies being discussed here. So I have "spent my days" doing a few relevant things. I realise you didn't all know that when you wrote your post above, so no worries. (And come to think of it perhaps all that is a "sad" way to spend time! )

I have £5m 3p cover on my boat from Y, and eur6m for Italy as portofino explains above. Obviously if you're getting 3m from Y and 5m from GJW then GJW is better in that regard. If that's all you're bothered about then buy GJW for sure. However, several other features of GJW's policy are materially worse than Y's and they relate to events much more likely to occur than a £3m+ 3P claim. Petem refers to one immediately above. Note that the exclusions from GJW's 3P cover are also materially wider than Y's, so the £2m extra that you hope for might turn out to be £3m less.

For all these reasons I stick by the statement I made. But I don't want to argue about it so I'm happy just to agree to disagree, and I'm offline rest of day as I'm just taxiing for long haul flight.

 

[IDAMAY]

Cathy,

As a very satisfied customer of Y, I would strongly recommend that you take careful note of what JFM says. If you don't want to take it at face value have a look at previous threads on boat insurance, a potential minefield. The likelihood of you having a third party claim is probably very low (CF: Generally TP only insurance is inexpensive compared to All Risk). The likelihood of an accidental damage claim is IMHO much higher and it is there you need to be very aware of potential exclusions of cover. Your £5m TP cover counts for nothing in those circumstances.

 

[Seastoke]

If you'd bothered to read my original question I was querying whether I need £5 million insurance as opposed to £3 million. GJW are covering me for £5 million, Y covers £3 million. Therefore my statement is correct. Do you spend your days picking out random bits of posts you can disagree with? How sad.

so if your marina wants 3m cover why would you pay £40 extra for cover

 

[hullabaloo]

You'd be surprised. Recently someone clipped the sill gate electricals / hydraulics at a local marina. The marina sill gates then could not close and an entire marina dried out. I wonder if 5 million covered it.

Was that Conwy or deganwy marina this week ? we had an email from quay marina's but it did not say which marina and there was no mention of drying out .

 

[TheOrs]

If you'd bothered to read my original question I was querying whether I need £5 million insurance as opposed to £3 million. GJW are covering me for £5 million, Y covers £3 million. Therefore my statement is correct. Do you spend your days picking out random bits of posts you can disagree with? How sad.

The guy is trying to help you. He knows a hell of a lot about this stuff, is very good at it and has helped (for free, as detailed above) many forum members.

Please don't make him think that it's a waste of his time; I may need his help someday!


Joking aside and to counteract Cathy's comment - Thank you JFM for all the help you have given forum members.


Darren

 

[BruceK]

Was that Conwy or deganwy marina this week ? we had an email from quay marina's but it did not say which marina and there was no mention of drying out .

No this happened June 2016

 

[Bandit]

Likely scenarios where £5m cover would be useful:
Accidents involving death or injury to persons
Your boat catching fire on a marina mooring or in a packed boatyard causing damage to nearby boats
Your boat sinking in a navigable channel and causing an obstruction
Your boat damaging or holding down a lifting marina gate due to your negligence and causing many boats in the marina to ground out with resulting damage to boats and the marina installations, I have seen this twice in Carteret and Trebeurden

 

[Firefly625]

The guy is trying to help you. He knows a hell of a lot about this stuff, is very good at it and has helped (for free, as detailed above) many forum members.

Please don't make him think that it's a waste of his time; I may need his help someday!


Joking aside and to counteract Cathy's comment - Thank you JFM for all the help you have given forum members.


Darren

+100

JFM is a legal genius and offers us fellow boaters his advice for free, few of us could afford his fees so its just as well. Cathy, I used to insure with GJW, yes MDL "recommended" so it seemed a good bet, but as jfm says, this actually counts for zip! PeteM has pointed out some of the real concerning parts of GJW's policy that I unwittingly paid good money for a number of years, I just thank JFM for bringing this to the forums attention some years back and I now insure with Y..

 

[beejay190]

If you'd bothered to read my original question I was querying whether I need £5 million insurance as opposed to £3 million. GJW are covering me for £5 million, Y covers £3 million. Therefore my statement is correct. Do you spend your days picking out random bits of posts you can disagree with? How sad.

This is the rudest reply i have ever read on the forum !

 

[Ian h]

The guy is trying to help you. He knows a hell of a lot about this stuff, is very good at it and has helped (for free, as detailed above) many forum members.

Please don't make him think that it's a waste of his time; I may need his help someday!


Joking aside and to counteract Cathy's comment - Thank you JFM for all the help you have given forum members.


Darren

Totally Agree JFM has helped myself out with invaluable advise in the past and also Silverdee.

 

[bedouin]

Indeed. You can't get insurance for things that are certain to happen .

You can - I can be insured against dying and that is pretty certain to happen

 

[benjenbav]

Totally Agree JFM has helped myself out with invaluable advise in the past and also Silverdee.

I think this whole thread has been an elaborate set up for someone to quote the Everly Brothers' classic:

When you see me shed a tear
And you know that it’s sincere
Don’t you think it’s kind of sad
That you’re treating me so bad
Or don’t you even care?

Don't want your love anymore
Don't want your kisses, that's for sure
I die each time
I hear this sound:
"Here he comes.
That's Cathy's clown"

 

[MrB]

This is the rudest reply i have ever read on the forum !

+100

 

[Cinderella66]

This is the rudest reply i have ever read on the forum !

No, there are much ruder ones out there . . .

 

[Uricanejack]

It's an expensive time of year. Berthing fees and boat insurance are both due in the same week. My current insurance includes £5 million liability. This part alone is costing £40 more than £3 million liability. Under what circumstances am I going to find myself having to claim this much? I have an oldish boat insured for £95k. Top speed 16kn which we rarely use. We don't travel far and never at night. Is the risk that we might somehow write off a £5 million super yacht?

Its not about writing of a boat. Boats are cheep. Its about damaging or writing of a person.

I know the pound has tanked, even so 5 mill seems a bit OTP. I live in Canada and sail in the US where ambulance chasing lawyers advertise in almost any commercial break. And law suits are a national pastime. 2 mill dollar liability is considered reasonable but the insurance sales people advise an upgrade. JIK.

Apart from the boat.
I got the same 2 mill on my car. On my other car.
I even have 2 mill in case the odd job man falls off the roof(of house not car). Correction I am covered for a friend falling of the roof. I used to have insurance for the odd job man. When I was building the house. I had to get additional cover JIK.
I do take out an extra cover medical travel policy every. apparently the medical bill for a paper cut the US can bankrupt the average joe.

What I should really look into is one personal stupidity insurance policy to cover everything I do JIK. If such a thing exists it might be cheaper and better than several different policies. I think my home insurance has some kind of cover for general stupidity. But its secondary cover.