Insurance. Fully Comp or Third Party

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pjobson

Active Member
Joined
23 Jun 2004
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56
Location
Godalming
www.yachtnadezhda.blogspot.com
In have had fully comprehensive insurance for the last 11 years and have since sailed around the world with making a claim. My extortionate renewal is now due and I am thinking about going for Third Party only. What do other forum members think, and why?
 
Why is your insurance "extortionate"? It is a very competitive business so first thing to do is shop around for alternatives. Insurance premiums are essentially in two parts - third party risks which are usually quite cheap and hull and machinery which varies according to agreed value insured. If you are prepared to lose the whole insured value and prepared to risk not being able to recover cost of third party damage done by others, then save the premium.
 
I am just renewing my insurance and I looked at what my real risks were. I have a steel boat and consider that if another boat hit me I would come off better. Even a whale breaching on top of my boat would not do too much damage like what happened to a friend's boat in Cape Town.

Also as I built the boat from hull and superstructure I would do and superficial repairs needed as the comprehensive policy always have quite high excesses

I considered that A risk is fire as I am in a marina with other boats moored next to me and if the next boat court fire it could spread to mine and of cause theft even we have 24/7 security inside a access controlled harbour.

My couer will be third party fire and theft with international cover within some limits placed it I go to the caribbean.
 
It's the cost of survey that raises the serious question. Including lift-out and VAT, I reckon on close to £1000 before I pay the premium itself. Not every year, of course, but even so...
 
That was one of my issues.....survey every 5 years unless I stay with my current insurer (my last survey was 2008). I don't want to lift out just to get a survey so will have to bite the bullet next year when doing antifouling
 
pjobson said:
That was one of my issues.....survey every 5 years unless I stay with my current insurer (my last survey was 2008). I don't want to lift out just to get a survey so will have to bite the bullet next year when doing antifouling
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If you are a long term owner of a well found boat you will find cover without a survey. The request for a survey is usually related to recently bought boats or where there is doubts about the value being insured. Apart from when I upped the value following a major refit, I have never been asked for a survey in over 30 years, even with a (relatively) high value boat.
 
I'm slightly paranoid about being insured - my Dad lost his boat because it wasn't insured, and he couldn't afford repairs after an accident (no other party involved). This resulted in him selling the boat at a very great loss. So as far as I'm concerned, comprehensive insurance is a must.

It's my understanding that in marine insurance, it's the third party risk that is the largest part of the premium anyway - you can quite easily cause a VAST amount of damage and consequential loss of earnings etc. to a bigger vessel. Almost ANY work on a ship is costly, with even minor work costing hundreds of thousands, because pretty much everything is custom made. And even an accident involving other leisure craft could work out expensive - Drum berths in our marina, and I hate to think what T-boning her would cost :cool:

Similar threads on here have suggested that an insurer might be satisfied with a simple statement of condition from a boatyard or other marine professional that knows the boat, rather than a full-blown survey.
 
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I have just had a good survey and valuation done, I had the boat lifted out ( first time in 4 years ), did my maintenance, antifouled and had the survey. Underneath very clean and no osmosis.
The survey took 5 hours, he was into everything.
Lift out which was planned was £225 which included a heavy duty wash down and jet-wash, part of annual maintenance.
The survey was £430 including vat and no hidden travel charges.
No charge on the hard, but £50 to a friend for the use of his dads cradle.
Lift back in, £175.
Total cost £850 including vat etc;

The survey was excellent, the boat is in fantastic condition for 40 years old, in fact better than more modern boats I was told, " the best example in the UK of this yacht type and age", well worth the effort and cost, the insurance is happy and the full value has been agreed.
Fully comp insurance again, and ready to sail anywhere in the world, with peace of mind.
 
Tranona said:
If you are a long term owner of a well found boat you will find cover without a survey. QUOTE]

That would be nice. Can you name a couple of insurers who will do this? Because my long-term insurer has just demanded a survey.
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jsl said:
Tranona said:
If you are a long term owner of a well found boat you will find cover without a survey. QUOTE]

That would be nice. Can you name a couple of insurers who will do this? Because my long-term insurer has just demanded a survey.
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I am with Bishop Skinner. Not difficult to get quotes from different insurers, many on line. Worthwhile exercise.
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