Insurance for Racing Yachts. What Now?

[savageseadog]

It seems that a number of German underwriters and insurers are withdrawing from the UK market. Racing now seems to be a pariah activity for insurers as well. I know that Yachting24 have withdrawn from the UK market, anyone found new insurers or recommend any any?

 

[Quandary]

Navigators and General ( marine trading name of Zurich) seemed happy to cover me whenever I went racing.
When we were racing twice on weeknights and every weekend in Sigma 33s which were at the time considered to be quite an agressive class with a lot of close contact I was always surprised that my premiums were never much more than those who just went cruising. Yacht insurance has always seemed to be relatively cheap perhaps because payout to third parties are so rare?

 

[dunedin]

But I think that the Insurance market is impacted by Brexit, and the implications for regulatory compliance, which makes insurers in the EU less willing to operate in the U.K. and vice versa.
Another hidden cost for boaters.

 

[Poignard]

I recently asked my insurers if they would continue to cover my boat if I re-registered her in Ireland. The answer was no. The reason: Brexit.

 

[savageseadog]

Brexit will of course be a great opportunity for Britain to re-establish itself as the World's leader in insurance as it once was. Yacht and boat insurance as well of course.

 

[dunedin]

Brexit will of course be a great opportunity for Britain to re-establish itself as the World's leader in insurance as it once was. Yacht and boat insurance as well of course.

Well you are the one who started this post with a concern about reduced options for getting insurance. This is certainly one big factor.
And rather than helping our insurers, the B stuff will seriously hinder U.K. insurers seeking to sell business into Europe

 

[underdog]

For the last 3 years I have been insured through Yachting 24. Since their withdrawal from the UK insurance market I am now casting around for a new insurance policy. Panateneus, their sister company, want an extra £200 pounds , a full survey , and won't cover me for single handed racing. Any suggestions as to where to look for reasonable cover without the expense of a full survey? Perhaps I would be better insuring 3rd party only. 40 year old 32 foot boat, constantly kept up to date, new every thing during the last 10 years including engine this year, mast and boom 3 years ago. Realistic market value 10 k

 

[Cowie]

It seems that a number of German underwriters and insurers are withdrawing from the UK market. Racing now seems to be a pariah activity for insurers as well. I know that Yachting24 have withdrawn from the UK market, anyone found new insurers or recommend any any?

Towner Gate, Absolutely great platinum cover, I was with Haven before and tried to work out what i was insured for, Tower Gate was cheaper and way ahead. I blew out a mainsail it was replaced n hassles,

 

[savageseadog]

Towner Gate, Absolutely great platinum cover, I was with Haven before and tried to work out what i was insured for, Tower Gate was cheaper and way ahead. I blew out a mainsail it was replaced n hassles,

Did you mean Towergate?

 

[Cowie]

Did you mean Towergate?

Yep Towergate found them excellent i blew out a mainsail and it was replaced with a new one no hassles what so ever

 

[ridgy]

I never knew that sails were covered except for loss during dismasting. That must have been an (expensive) option? Do you have to send them the old sail?

 

[Cowie]

I never knew that sails were covered except for loss during dismasting. That must have been an (expensive) option? Do you have to send them the old sail?

I was with Haven and the yearly cost was £570, very poor cover so I shopped about & Came across Towergate. I have the platinum cover which came in at (£510) , the mast, sail, standing, rigging, personal items are all covered I blew out a mainsail there was no need for the 3 quote stuff it was a sail maker of your choosing & they paided the sail-maker direct, all completed within 3 days and you speak to a human on the end of the phone very rare these day, highly recommend them. This cover was for racing or cruising fully or singlehanded,