Insurance - cover reduced

[larchonoak]

This week I have been brought up all standing due to a decision made by the company that insures (insured) my vessel. She has just turned 40 this Christmas and her last survey, which was less than 3 years ago, concluded that she was in good condition as will her next I am sure.
She is a good strong vessel with several Atlantic crossings in her wake and has been well maintained and equipped by the few owners that she has had in her life.
The decision was made though, that because of her age, the company could only offer me 3rd Party cover rather than the Full that I have at the moment. Now normally this would not phase me but she is moored on a busy commercial/Naval river where she could be abused by any passing lump of steel that may or may not be honourable enough to own up to having done so.
Has anybody else had a similar problem and how do other owners of aging classics manage over insurance.

 

[fireball]

Just get a better insurer ... there are plenty out there ... We're with Bluefin (was bishopskinner) and although we now have a newer boat Father-in-Law used to have an elderly girl and had no problems with insurance cover.

 

[jellyellie]

Agreed, change companies.

And it goes without saying: if you ever consider 3rd party only, on any kind of insurance, make sure you could afford to take the full loss - both financially and emotional stress that would put you under.

 

[LadyInBed]

Welcome to the mad house!
You get no brownie points or special treatment for loyalty, as you have now found out.
There have been several threads on insurance, often about restrictions on single handing. This is the first I've seen re only offering 3rd party due to age, but whatever the beef is, the advice is always the same - Shop around and pick the one that best suits your needs.

 

[Bodach na mara]

Forty years old? She's nobut a lass yet! My old six-metre was over 60 when I sold her and according to the surveyor, was in grand shape "considering they were built to thrash round the buoys for 10 years."

As others say, change your insurer and do not answer "yes" to the question "have you ever been refused insurance?"

 

[andygc]

... and do not answer "yes" to the question "have you ever been refused insurance?"

Good advice up until that point. The answer is "yes", but enclose a copy of the letter from the previous insurer that gives the reason for refusing full cover. If you answer "no" the insurer could refuse a claim. My 64 year old is also comprehensively insured with Bluefin, and they haven't even asked for a resurvey in 10 years.

 

[Searush]

Hang on, he has not been refused insurance. His company have tried to alter his terms & conditions without good reason & he has refused their offer. This is very different from having insurance refused.

I changed my insurer many years ago because they decideed not to cover me for singlehanding. I found a company that would & have been with them for many years without claim, so the old, intransigent, company is the biggest loser.

 

[bobgoode]

Agree with Searush...what he would have to answer ys to is " have you ever had any special terms and conditions imposed"

 

[nimbusgb]

Agree with Searush...what he would have to answer ys to is " have you ever had any special terms and conditions imposed"

Actually he hasn't had special conditions imposed, yet. He would only once he renews.

Just remember that insurance companies are only in it to make money. If you are in any doubt you should at least make a comment as to why you are changing companies along the lines of 'not happy with taking 3rd party only cover offered by existing company at renewal'

 

[andygc]

Fair comments - I retract mine.