How much insurance do we need?

Insurance is like any other product you choose to by. You often get what you pay for.

The lowest price may not be the best deal. Many years ago, I had cheep comp insurance through a car club. I had an accident. eye opener. The garage demanded I pay cash up front for the repair. Turns out they were familiar with my insurance company and said they had to much trouble getting paid. I got some of the money back but it took several months and a lot of arguing.

I had a boat I bought for peanuts of the internet. I needed insurance to enter a local race and to have a spot in a marina. The boat was small enough I got cover through my house insurance at no extra cost. The cover was minimal third party. The boat was worth next to nothing. It worked for me. Minimum cover. Minimum cost.
My current boat cost me a significant amount. If I loose this one it would be a big loss for me. So good insurance cover was important.

I got my boat insurance through a Broker. The Broker has a good rep, I am covered for what I wanted to be covered for. It cost me a bit extra. Not a lot extra. To sail a bit further afield. which is what I was looking for at the time.
If something happens, call the broker, they will arrange what needs arranging. Is it worth it. Annual insurance is a significant part of my budget, which is tight. Even so I will pay a bit extra for a better product. If I think its worth while.

If extra liability is something you feel is important to you. Or is better comprehensive cover for your nice boat. Your Choice.

Insurance just an expense for nothing. Until you need it.
 
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For the record, the £3m 3rd party liability standard 'Y' policy comes with a certificate of insurance for Italian waters that specifies / meets the €6.07m legal requirement for Italy (obviously at no extra cost).
 
Not just the cost of the boat,if your boat founders and causes an obstruction to traffic be it commercial or otherwise , it will have to be recovered irrespective of costs and the bill for the small navy involved will be down to the skippers insurance.
Personally think that boat insurance represents blimming good value for money considering the value of the goods insured and the competency of some of the people driving the aforementioned. :)
 
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oldgit said:
Not just the cost of the boat,if your boat founders and causes an obstruction to traffic be it commercial or otherwise , it will have to be recovered irrespective of costs and the bill for the small navy involved will be down to the skippers insurance.
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What happens if your boat catches fire when parked next to some super yacht worth say £50 Million and the fire spreads to that and it then completely burns out and sinks?

How does that work?

Having seen videos on the net of fires in marinas, it would be very easy for a fire starting on your boat to cause more than £3 Million in damage.
 
Kingfisher 3 said:
The OP asks for advice then turns nasty when she gets it from an expert ... could have apologised ... maybe we won't hear from her again? ... :nonchalance:
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I'm still here. Experts don't always know everything, I should apologise for commenting that someone spent time picking out bits of several posts to disagree with? I don't think so. I did get a quote from Y insurance with several sentences highlighted in red telling me that my insurance would not offer the same cover. I checked and found those claims to be untrue. Sounds like sharp practice to me. So GJW gets my money this year.
 
Cathy* said:
I'm still here. Experts don't always know everything, I should apologise for commenting that someone spent time picking out bits of several posts to disagree with? I don't think so. I did get a quote from Y insurance with several sentences highlighted in red telling me that my insurance would not offer the same cover. I checked and found those claims to be untrue. Sounds like sharp practice to me. So GJW gets my money this year.
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Caveat Emptor!

I hope you don't as has been mentioned earlier have your pride and joy sink through a corroded Sea Cock - best of luck with that one.

It really sticks in my throat when someone asks for advice gets free advice from a range of knowledgable people including one who has such an understanding of legal documents he has succesfully for free won a couple of cases against insurers. But gets berated becuase the OP does not agree with it.

What beats me is if she/he is so fiully clued up why ask for advice.

Poor show.
 
pks1702 said:
Caveat Emptor!

I hope you don't as has been mentioned earlier have your pride and joy sink through a corroded Sea Cock - best of luck with that one.

It really sticks in my throat when someone asks for advice gets free advice from a range of knowledgable people including one who has such an understanding of legal documents he has succesfully for free won a couple of cases against insurers. But gets berated becuase the OP does not agree with it.

What beats me is if she/he is so fiully clued up why ask for advice.

Poor show.
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Yup. If the OP wishes to ignore what is written in BLACK AND WHITE in the GJW policy then I wish her the best of luck when she takes her case to the ombudsman or a court of law.
 
I missed the earlier part of this thread, but fwiw I'm right now in the process of joining the "Y insured" club, after a contact established with them courtesy of jfm, unsurprisingly (many thanks J).
And fwiw, the same goes for a French friend of mine who bought my previous boat.
In fact, I was already thinking to report about the so far very positive experience, also because it's somewhat outside their usual borders, since both boats are neither UK flagged nor owned.
Will do as soon as we'll be done dotting the i's and crossing the t's.

petem said:
For the record, the £3m 3rd party liability standard 'Y' policy comes with a certificate of insurance for Italian waters that specifies / meets the €6.07m legal requirement for Italy (obviously at no extra cost).
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That's good to know, because it wasn't specified in the quotation they sent me.
Do you mean that it was included in the final policy contract which they sent you, with no need to ask?
 
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Cathy* said:
I should apologise for commenting that someone spent time picking out bits of several posts to disagree with?
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Nope, you should apologise for having called that sad, when it was actually made just to contribute to your own thread.

If there's anyone who has the right to consider sad wasting his own time to help forum mates, that's jfm, nobody else.
And indeed the result you achieved is that you made him look at the whole matter in this way, as per his post #26.
Now, THIS is sad.
 
Cathy* said:
I'm still here. Experts don't always know everything, I should apologise for commenting that someone spent time picking out bits of several posts to disagree with? I don't think so. I did get a quote from Y insurance with several sentences highlighted in red telling me that my insurance would not offer the same cover. I checked and found those claims to be untrue. Sounds like sharp practice to me. So GJW gets my money this year.
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Could you be a bit more specific please? Which aspects of cover did Y claim to have over GJW, that GJW actually does cover?
 
Cathy* said:
I'm still here. Experts don't always know everything, I should apologise for commenting that someone spent time picking out bits of several posts to disagree with? I don't think so. I did get a quote from Y insurance with several sentences highlighted in red telling me that my insurance would not offer the same cover. I checked and found those claims to be untrue. Sounds like sharp practice to me. So GJW gets my money this year.
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Cathy I'm not trying to have a fight and I'm sorry if my first post on here looked like cherry picking things to disagree with. Keyboards are often not great ways to talk. No worries I hope.
I'm curious that you think Y misses a bunch of things that GJW covers. I got to the opposite conclusion. Would you mind please listing a few things that GJW covers better than Y? Everyone here cares about this topic and it would be nice to deabate in a bit more detail. I'm happy to expand on what I think are GJW's shortcomings if you wish. We're all on the same side here and we all have to make this choice once a year so it's good to compare notes.
 
Cathy* said:
I'm still here. Experts don't always know everything, I should apologise for commenting that someone spent time picking out bits of several posts to disagree with? I don't think so. I did get a quote from Y insurance with several sentences highlighted in red telling me that my insurance would not offer the same cover. I checked and found those claims to be untrue. Sounds like sharp practice to me. So GJW gets my money this year.
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You sound like Michael Gove. Experts may not always know everything but JFM knows a hell of a lot more about boat insurance than I, and I suspect you, do. So much so that his excellent advice drew me into the dark world of the MoBo forum.
And yes, following his advice I switched from GJW (who otherwise I found to be very good insurers) to Y but not just on his say so. I corresponded with GJW citing the scenario described by petem above and they confirmed I would not be covered under their policy.
 
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