Insurance and surveys

[Refueler]

With the greatest respect I would like to know the names of the insurance companies that accept boat yard letters. My new to me boat built in 1973. I think I must have contacted nearly every insurance companies that have ever been mentioned on this forum and a few that have not. There was not one I found that would insure a boat fully comp on the strength of a boat yard letter. In the end I went third party only with a well known company. Over this year I will be getting the boat surveyed and insured fully comp.

Then you did not contact nearly every Insurance Broker.

I am not only one who has experienced the request by Ins to provide a Boatyard letter ... there are quite a few threads over the years on here stating same.

 

[Tranona]

With the greatest respect I would like to know the names of the insurance companies that accept boat yard letters. My new to me boat built in 1973. I think I must have contacted nearly every insurance companies that have ever been mentioned on this forum and a few that have not. There was not one I found that would insure a boat fully comp on the strength of a boat yard letter. In the end I went third party only with a well known company. Over this year I will be getting the boat surveyed and insured fully comp.

See post#12. Suspect that poster who made that claim is a tad out of date, not having lived in the UK for some time. The yacht insurance business changed dramatically in the 2021/2 period when all the losses from earlier years (mainly weather related) started to show on balance sheet and new rules on how insurers operate led to major consolidation in the market and a reduction in underwriting capacity. It shows up in premium increases, reduction in choice and more restrictions on who they take on. Easier once you are "in" with a well established no claims record - just like car insurance but getting in with a low value boat that is not a big earner is difficult. I am one of the former, but still needed a survey on an old lower value boat where the premium was only about 30% lower than my previous boat of 4 times the value!

 

[Geoff A]

Then you did not contact nearly every Insurance Broker.

I am not only one who has experienced the request by Ins to provide a Boatyard letter ... there are quite a few threads over the years on here stating same.

If you are so sure GIVE US ALL THE BENEFIT OF YOUR VAST KNOWKLEDGE and name the companies you are referring to.so that they can be contacted today. I do not take kindly when you insinuate I am lying.

 

[Metalicmike]

You can't expect fully comp insurance without a professional survey as they will set conditions based on that information.

 

[PaulRainbow]

Paul ..............

MDL ....

Lets look at the WHOLE of Section 11 and not edited ...

It was not edited, i posted the relevant section, the rest of it is irrelevant to the points being discussed.

Unlike you - I actually asked MDL - confirmed they would require 'salvage' to be covered by the policy and that they do not 'word' it themselves - unlike some other Marina's I know who DO state it in contract - because its covered in 11.1 and 11.2. Also - the 3mill has been increased to 5mill according to the Terms and Conditions sent to me TODAY based on my communication with them about this subject. Seems I may have a more up to date version ?

The version i read is the one that's on their website. The version you quote is the same, apart for the £5M, which is again, irrelevant.

MDL also refer to Merchant Shipping Act Section 185 and in particular Section 7.
Section 7 refers to Salvage in specifics as well as other matters ....
In their Terms and Conditions : Section 1 Implied Terms.

Further : When I changed my Insurance for the SR25 while berthed in HYCo, South Coast - I made sure that the new Insurance was acceptable to the HYCo. The main point Richard made - was that it MUST have Wreck Recovery as well as 3rd Party liability to cover any and all damages.

Paul ... just sit back and taker a breath for a minute .. and think about the consequences of not coverage for Wreck Recovery / Salvage ..... forget the Red corner vs Blue Corner Forum tussle we normally have .. which usually ensues whether good natured or not ...

More subterfuge to distract from your incorrect post, where you said : "3rd Party cover is of course desired to cover any mishaps you may have .."

This is wrong, as i said more than once.

3rd party cover is not "desirable" it is a requirement . Everyone else here knows this, except you.

Stop digging.

 

[Refueler]

You can't expect fully comp insurance without a professional survey as they will set conditions based on that information.

My Conq 38 is Fully Insured without survey. But unfortunately UK boats cannot get insured with this as its German based via Tallinn broker.

 

[Refueler]

If you are so sure GIVE US ALL THE BENEFIT OF YOUR VAST KNOWKLEDGE and name the companies you are referring to.so that they can be contacted today. I do not take kindly when you insinuate I am lying.

Why should I do the work for you ? Over years and recent - do a search on here and you will find I am not only one who has enjoyed such a fact ..... there are various examples from others .....

Never said you were lying ... just called into question your statement of calling nearly every broker ...

 

[Refueler]

Paul :

Mis-direction again ... failing to stay on the point of Wreck Recovery / Salvage ....

I accept my wording of need for 3rd Party was in error ... never said it wasn't ....

 

[Geoff A]

Why should I do the work for you ? Over years and recent - do a search on here and you will find I am not only one who has enjoyed such a fact ..... there are various examples from others .....

Never said you were lying ... just called into question your statement of calling nearly every broker ...

I am not asking you to do any work for me or any one else, The fact is I have asked you to name companies that can be contacted in todays market and in the UK. What insurance deals you could get a few years ago is irrelevant. I am asking you to back up a statement you have made.

 

[Tranona]

Why should I do the work for you ? Over years and recent - do a search on here and you will find I am not only one who has enjoyed such a fact ..... there are various examples from others .....

Perhaps you should stop claiming this as it simply is not the case any more for older lower valued boats in the UK insurance market. It may have been in the past and in very limited situations, but is not so now as many of us have found. Your post#26 is irrelevant to us in the UK for the reasons you stated.

 

[Refueler]

Perhaps you should stop claiming this as it simply is not the case any more for older lower valued boats in the UK insurance market. It may have been in the past and in very limited situations, but is not so now as many of us have found. Your post#26 is irrelevant to us in the UK for the reasons you stated.

Do not forget that this may be a Forum based on UK magazine and servers .. but is international in content. Maybe you should tell Australian / American etc to not post as well ??

Someone reading my post may actually be looking for Insurance outside UK and similar circumstance to myself - they can ask me for the details.

As to your claim that things have changed - and using the 'Covid' excuse - sorry - I am not convinced as there are mentions BY OTHERS after Covid ... but I shall let you go searching .. I accept that there may have been a change - but not universal.

 

[Tranona]

Do not forget that this may be a Forum based on UK magazine and servers .. but is international in content. Maybe you should tell Australian / American etc to not post as well ??

Someone reading my post may actually be looking for Insurance outside UK and similar circumstance to myself - they can ask me for the details.

As to your claim that things have changed - and using the 'Covid' excuse - sorry - I am not convinced as there are mentions BY OTHERS after Covid ... but I shall let you go searching .. I accept that there may have been a change - but not universal.

None of these questions are from people outside the UK and you specifically refer to the UK about which you have no recent experience. Your posts, apart from being wrong and misleading are simply not helpful.

The reference to Covid was simply to give a timeline. Very generous of you to give me permission to go searching, but it is you that makes the claim so please give a link to the references of "boatyard reports" after that time. Pleased you graciously accept there has been a change, but as you don't know much about the current situation in the UK how can you claim it is not universal without a shred of evidence?

 

[Caer Urfa]

Amazing to see that some people can afford to buy a boat and then for the sake of around £250 people say they cannot afford to fully insure the boat
Also its surprising just how many people don't want their boat surveyed in case the surveyor finds something seriously wrong like some which I survey I would not go across the local lake in let alone sail offshore