Insurance and Coronavirus

[Fender!]

So my boat was due to come out of its winter storage and head for its summer 6 months afloat from 1st April - this for obvious reasons is not going to happen anytime soon and will stay 'laid-up'. So I've advised my insurer the boat is staying in its winter home ( inside / secure etc ), my question is the policy / underwriters primary risk for them is when the boat is in commission blasting down the Solent / English channel and all the inherent dangers associated with that rather than stored in a locked barn, so would it be reasonable to assume if the boat ends up laid-up for the full term of the policy and drastically reducing the risk to the underwriters would some form for refund be appropriate? I hope I not coming across as tight but the annual premium is a lot of money for me

 

[Portofino]

Read the T+Cs ,

Or next time there is a “one in hundred year event “ volunteer to sub them for the huge payouts .

Your money has gone into a shared pot underwritten by wealthy organisations.

 

[Kawasaki]

One might think that a refund might be appropriate in 'normal' Times
Porto has explained where your money has gone
There it will stay and I think you must wave it bye bye
As you have said, you feel the boat is at less risk of harm
That in itself might help you relax
Your boat will be still here at the end of all this
Plus at the end of all this, who knows how wealthy said organisations/ underwriters will be
You keep well Fender!
Save yourself and a few quid, ready to pay the next 'Annual'

 

[Fender!]

Read the T+Cs ,

Or next time there is a “one in hundred year event “ volunteer to sub them for the huge payouts .

Your money has gone into a shared pot underwritten by wealthy organisations.

I know where the money has gone - but like I said on my original message, is it reasonable that some form of refund / discount is considered? The policy ‘risk’ factor has hugely changed in favour for the underwriter and I still feel it’s a fair question - I’d also suggest I’m not the only boat owner who's in this situation at the start of the season. Stay safe!

 

[BartW]

one of our customers (rental company for sound systems for concerts) negociated with his insurer that he puts his big trucks out of commission,
he took off the license plates, and they are kept at the insurers office.

 

[LBRodders]

I know where the money has gone - but like I said on my original message, is it reasonable that some form of refund / discount is considered? The policy ‘risk’ factor has hugely changed in favour for the underwriter and I still feel it’s a fair question - I’d also suggest I’m not the only boat owner who's in this situation at the start of the season. Stay safe!

As long as you'd accept a phonecall from them prior to a forecasted storm ?

 

[Fender!]

As long as you'd accept a phonecall from them prior to a forecasted storm ?

A accepted risk (one on many a boat will see each year) is a little different to an one in a hundred year event (as already pointed out on this thread ) - I’m not talking one day out for whatever reason, this is cancelling 6 months of ’in commission’ use. ?
I see Sky TV feel the ‘reasonable‘ position regarding sports packages (with no sports to show ) during this crisis is to allow immediate suspension of the subscription with no financial penalty to the customer ?

 

[Old Harry]

I know where the money has gone - but like I said on my original message, is it reasonable that some form of refund / discount is considered? The policy ‘risk’ factor has hugely changed in favour for the underwriter and I still feel it’s a fair question - I’d also suggest I’m not the only boat owner who's in this situation at the start of the season. Stay safe!

Do you expect your car renewal to drop as well ??

 

[Portofino]

It all depends on the actuarial risk .
The ratio of payouts / claims for on the hard Vs in commission.
Ok it won’t sink , but has it got power ? , It’s arguably a greater risk , rodent damage etc , topple overs , vehicle knocks , building collapse , vandalism ? Maybe ?


On another thread someone commented on ....with all theses folks staying at home the A+E depts will be quiet = freeing up more medical resources .But in fact the majority of accidents requiring an A+E attendance occur in the home ....Ladders , tools , and electric shocks , backs knackered by lifting etc etc ......and indeed your local A+E is filling up with theses cases as you read this
+ cycle accidents and twisted ankles with all theses “ exercise “ walks .
The workplace is safer .

Also they run there books on medium term accounting.
So your 18 % or what ever past few years , year on increase is to level out the huge payouts from the stormy weather recently in the winters .
If you are correct and the total payout at the end of this year ( a lot of time to pass yet ) is Ave lower then maybe , just maybe they could .......
1-hold premiums
2- smaller increase single digit .
3 - keep to the “ medium time “ plan and continue with it ......12/18 % per year increases for the next 4/5 or what ever ....bank the extra this year ( from lower claims ) .......keep for a rainy day .....until the next bad weather events .

They are running 4/6 year spread sheets .

Sky,s may well reduce monthly payments to participants, or cease as Real Madrid and Barcelona et al aren’t playing = pass those savings back to the subscribers .They are not buying ( footi ) it so it’s easy to stop selling it .So it’s easy for sky to refund somewhat .

 

[Fender!]

Do you expect your car renewal to drop as well ??

Not at all, I’m a key worker and use the car daily , but thanks for your concern ?

 

[Momac]

Do you expect your car renewal to drop as well ??

That's a possibility . Fewer cars on the road = fewer accidents .

 

[ashtead]

Yes there should be a reduction in motor claims and assistance to offset the massive increase in travel claims . If the op is concerned at reducing premium for laid up cover then best solution is to ask his broker to shop around as there will be insurers out there offering cover on a laid up basis I suspect but you need a decent broker not tied to one insurer.