Insurance: Boat Re-Fit and Third Party Cover

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Nike55

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28 May 2016
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Hi,

New here. Have searched IRO the following within the search section have drawn a blank.

Have recently purchased a 1969 Marine Projects 31ft as something of a project (no pun intended) - sans diesel drives, engines and with a 'modified' front cabin.

Looking to place vessel in a yard near Staines, London where I hope over time to re-fit with appropriate drives / engines / plumbing / wiring (to modern standards) with the assistance of an appropriately registered marine architect and engineer (if I can find one of each!)

Seeking third party / legal liability cover while in the yard. Not seeking hull insurance (will face that problem later!)

I have approached mainstream insurers who are not interested in 'modified' vessels nor self build enthusiasts (not a surprise) and while the ill-informed might say the forum conjures up images of G & T's and blazers, I thought someone might know a suitable back street, under the arches, underwriter / broker who might have a suitable policy?

Many thanks.
 
I have a blazer and I drink G & Ts ... and some red(ish) trousers somewhere but I'm very careful that all 3 don't appear in the same photograph.
Give Y Insurance a ring and explain the situation ... they're very friendly and helpful on the phone and they can only say no! Many people on here, including myself, use them and all speak very highly.
 
Dear jrudge, many thanks for your suggestion. I used to broker Professional Indemnity claims to Towergate and always found them a little more go-ahead than other underwriters...
 
I try not to leave threads I've started unfinished - so just for the record...

I tried GJW and after a couple of false starts will probably end up accepting their quote, although their proposal form indicates the insured vessel is an Elysian 27 and not a Project 31...

The vessel is currently just a shell (with much work to do) and as their premiums are based on the sum insured (very little in my case!) I was surprised that they were are prepared to quote. As the project continues (over the next few years) the sum insured will increase, especially when the engines / drives go in, and so will the premium.
 
Absolutely right Kingfisher 3, but with the vessel being a project with a very low sum insured no one was particularly interested.

Most of the general market insurers will only quote on sea worthy, mainstream vessels (pun intended). It's a bit like insurance for family saloons v kit cars
- anything not run of the mill and the underwriter won't take the risk.

GJW seem to be happy to take a small premium based on a lowly sum insured but its hardly worth their bother - their admin costs are greater than the premium quoted although the risk of an event is negligible.

I tend to self insure wherever possible (or just take the risk) but in this case I simply wanted to make sure that any third party liabilities were covered.
 
Hi snowbird30ds,

Many thanks - I will check it out - I think this vessel will be strictly for riverine use..maybe an occasional delta....
 
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