Insurance Premium Hike

[rotrax]

We have been with 'Y' for some eight years. Very pleased but now it is Topsail the premium was raised 25% this year, after a 10% increase last year.

We are now using Porthcawl as a broker and have recieved equivilent cover for two thirds of the price.

Good reports from boaters insuring through Porthcawl, so went for it.

 

[NealB]

I've just had my renewal reminder from Topsail, which shows a 5% increase on last year.

I haven't looked around for alternatives, as yet.

 

[LONG_KEELER]

Same as last year for me.

 

[rotrax]

That is interesting. We have only had one claim - and that was a small one - since our first year with 'Y' eight years ago.

Our boat is quite high value, perhaps that has some significance.

 

[LONG_KEELER]

That is interesting. We have only had one claim - and that was a small one - since our first year with 'Y' eight years ago.

Our boat is quite high value, perhaps that has some significance.

Mine was only £128.60 pa .

 

[NealB]

That is interesting. We have only had one claim - and that was a small one - since our first year with 'Y' eight years ago.

Our boat is quite high value, perhaps that has some significance.

Interesting?

Yes, that was my thought, too!

I've never made a claim, in over forty years of boat ownership.

Our currrent boat is not particularly high in monetary value terms: £25000.

 

[Fr J Hackett]

I became very wary of buying my insurance via a broker which is what I did for my first boat many years ago, after 3 years when I was forwarded the actual policy document, in the 4th year I received nothing and after many letters phone calls etc I eventually got a response after a solicitors letter advising that the insurance had been transferred to HKJ but nothing to confirm it. This was after 6 months of sailing including a Biscay crossing and return with several weeks in Spain with the boat left on a mooring. I personally then contacted HKJ to ask for a policy document and surprise surprise I wasn't insured, they had been contacted by the broker several months previously and had arranged insurance but he never forwarded the premium ( which I had paid 6 months prior) After another phone call with me asking for written confirmation of the above the whole story came out, the broker had marriage problems, I was not the only one affected, he had taken a lot of premiums on the sale of non existent policies and gone to ground. I was persuaded by HKJ to forego any prosecution or report on the basis that it would be futile in exchange for them giving me full and backdated insurance at no cost which for me was as good as it was going to get. I understood at the time that the broker concerned was well known in the industry and it was a matter of a personal collapse hoping to juggle the premiums in some sort of Ponzi scheme until he could sort out his life unfortunately for all concerned he wasn't able to maintain control as events overtook him.
I remained with HKJ for many years until I gave up sailing, they provided exemplary cover including single handing extended cruising and offshore race cover with little or no increase in premium, I have never made or had made against me a claim though.

 

[rotrax]

Mine was only £128.60 pa .

Topsail quote was well North of 900 quid, Porthcawl just over 600 quid.

Boat is insured for agreed value of 160K.

Y were always competitive. Topsail Premiums were increasing fast - plus they were late coming, leaving little time for finding alternative cover.

 

[Skylark]

I insured through the same brokerage for around 20 years and always thought that they were competitive. They then gave me two consecutive price hikes which triggered my desire to change. Last year I used Bishop Skinner. This years renewal, May, was 0% so very happy. Boat is 2013 41ft AWB with reasonably high value.

 

[LONG_KEELER]

Topsail quote was well North of 900 quid, Porthcawl just over 600 quid.

Boat is insured for agreed value of 160K.

Y were always competitive. Topsail Premiums were increasing fast - plus they were late coming, leaving little time for finding alternative cover.

Pro Rata per £1000 insured, your above £900 and £600 is cheaper than my £128.60 pa.

 

[ashtead]

Just to set minds at rest for retail customers following on from post re brokers with marriage problem on using brokers in most eu and uk markets is that provided your broker is registered with FCA or equivalent then what’s called risk transfer operates. For those who like further reading look up CASS on web but what this does means that payment to the broker amounts to payment to insurer. Now clearly the incident quoted might have happened let’s say back in 1960s etc but once you have paid to broker cover is in place even if the broker doesn’t account to insurer. What many brokers do though is use money from one client to pay premium to another insurer so when the broker experiences difficulties it stops having the cash flows to manage this bizarre accounting model. Clearly brokers can be fraudulent and make up policies but eventually in this scenario for retail the compensation fund should cover the loss. The moral of this though is to use uk registered FCA brokers for uk risks and if going to a new broker check on FCA website they are registered. To be honest given number of brokers in uk broker fraud is actually rare although broker financial difficulties can be an issue hence why you see insurers moving away from being on a broker panel if issues start arising due to poor accounting for premium.