Insurance for the older boat

[neil_s]

I have owned my Seal 28, built in 1977, for 18 years. I have been through the rigmarole of getting surveys done for the comprehensive insurance twice before - and now they want me to do it again. This time, though, they want a surveyor's valuation. Up until now, the insurance company has accepted the purchase price as the value. I have to confess that I have maintained and repaired the boat and it's gear over this time and she suits me very well, but I have not invested in any new stuff - apart from a couple of new sails. In effect, I have a time capsule from the 80's! I am well aware that this policy means my boat is probably of very little value to anyone except myself. Some thought on the matter suggests that a 3rd party insurance policy might be more appropriate. I'd appreciate any pointers towards brokers or insurance companies who might offer a service aimed at the low value boater!

 

[[178529]]

With my boat, I reckon it's worth maybe 10k, 12k tops. I've just insured her 3rd party to avoid the hassle of surveys etc etc.

 

[seadog30]

With my boat, I reckon it's worth maybe 10k, 12k tops. I've just insured her 3rd party to avoid the hassle of surveys etc etc.

+1

Regards

 

[duncan99210]

My Hurley 18 is worth less than £1k. I’ve only ever insured third party. No survey required.

 

[Poignard]

My 53 year old boat is insured through W-G Yacht Insurance.

The premium is very reasonable and there was no need for a survey; A self-certification and a couple of recent photos was all that was required

WG Yachts

 

[Aeolus]

With my boat, I reckon it's worth maybe 10k, 12k tops. I've just insured her 3rd party to avoid the hassle of surveys etc etc.

+1
Avoid hassle and cost

 

[Porthandbuoy]

1967 Nicholson 26. Insured with Amlin (formerly RKJ) Fixed value, 3rd part, legal & personal injury (crew). Never been asked for a survey. I send them a report every year telling them what I’ve fitted, fixed or replaced.

 

[Dipper]

Both my boat and the boat next to me are insured with GJW and both have just had an insurance survey. I have an agreed value which was lucky when I lost a new mast a few years ago and the repair bill came to within £1K of that value. GJW wanted a valuation provided by the surveyor for the boat next to me so I'm not quite sure what their policy on this is. Both boats are similar age and length and probably similar value - except I have a newish mast, boom and rigging!

 

[Easticks28]

My 35 y o fibreglass Broads yacht (£18000 insured value) is with Yachtmaster Insurance Services Ltd - Yacht Insurance, Boat Insurance, Marine Insurance, Motor Boat Insurance & Dinghy Insurance - Home
No Survey required, but a condition report from a yard or professional boat builder is needed on a five year interval .

 

[Chae_73]

I've taken out a policy with GJW for our recently acquired 33 year old Westerly.

It's subject to a "full out of the water survey", which I'm in the process of arranging. What should I expect to pay for this? I don't feel that I need all the inventory checks etc that you get with a buyer's survey, so would expect it to be quicker / cheaper.... obviously, I could be disappointed in that!

 

[sailorman]

I've taken out a policy with GJW for our recently acquired 33 year old Westerly.

It's subject to a "full out of the water survey", which I'm in the process of arranging. What should I expect to pay for this? I don't feel that I need all the inventory checks etc that you get with a buyer's survey, so would expect it to be quicker / cheaper.... obviously, I could be disappointed in that!

Why not try Quotation | Y Yacht Insurance
they may not req a survey

 

[Chae_73]

Why not try Quotation | Y Yacht Insurance
they may not req a survey

Thanks, will try them next time - however I've already bought the boat and paid for the policy.

 

[sailorman]

Thanks, will try them next time - however I've already bought the boat and paid for the policy.

then pay for a survey

 

[Aeolus]

Thanks, will try them next time - however I've already bought the boat and paid for the policy.

An Insurance survey should cost a bit less than a purchase one but you need to beware that some inexperienced / not very good surveyors will look at stuff that is irrelevant to the insurability and will make also recommendations that are potentially very costly to address.

My last insurance survey, the surveyor wanted to inspect the bolts that secure the stem fitting. The only way to have done that in the case of my boat would have been to dismantle/destroy the entire fore-cabin. It took me a lot of time to persuade him to change his recommendation of "Remove and inspect the bolts" to a note that stated "I was unable to inspect the bolts". The problem with insurance surveys is that the brokers/companies (and it was GJW in my case) will issue a policy with a statement "subject to all recommendations having been addressed".

In your place, I would ask about who can do a good insurance survey and prioritise that over the survey cost.

(p.s. 10 years later and my stem fitting has still, happily, not detached itself from the boat)

 

[FlyingGoose]

I used Malin on 40 year old boat, no survey agreed valuation, sent some pictures.
This year went third party.
Nothing to show

 

[Biggles Wader]

1967 Nicholson 26. Insured with Amlin (formerly RKJ) Fixed value, 3rd part, legal & personal injury (crew). Never been asked for a survey. I send them a report every year telling them what I’ve fitted, fixed or replaced.

3rd party or comp? They wont require a survey for 3rd party as they are not covering you against gear failures or you doing damage to your own boat and the boat value isnt important. They cover you for third party liabilities such as you damaging another boat and wreck removal which are requirements for most harbours and marinas.

 

[neil_s]

Thank you very much all - and especially Poignard for the WG yachts lead. It seems I'm not alone. I am with GJW and have been for several years, but I feel the value of my boat and it's contents does not require fully comprehensive insurance any more. I must admit that I haven't asked GJW about 3rd party yet but their site certainly seems to lean the other way! I would also like to get away from the survey requirement - I paid £318 back in 2014 for this.

 

[sailorman]

Thank you very much all - and especially Poignard for the WG yachts lead. It seems I'm not alone. I am with GJW and have been for several years, but I feel the value of my boat and it's contents does not require fully comprehensive insurance any more. I must admit that I haven't asked GJW about 3rd party yet but their site certainly seems to lean the other way! I would also like to get away from the survey requirement - I paid £318 back in 2014 for this.

I am with Y-Yacht Insurance on an "all risk & agreed value" policy. Unlike cars there isnt really a "Fully Comp" policy with boats, the overriding most important thing is "read the exclusions" coz that is what IS NOT covered

 

[sailorman]

Thank you very much all - and especially Poignard for the WG yachts lead. It seems I'm not alone. I am with GJW and have been for several years, but I feel the value of my boat and it's contents does not require fully comprehensive insurance any more. I must admit that I haven't asked GJW about 3rd party yet but their site certainly seems to lean the other way! I would also like to get away from the survey requirement - I paid £318 back in 2014 for this.

So a years premium every 5 years to indemnify the Insurance Co

 

[neil_s]

- and they want to play with the 'agreed value'