Insurance premiums

[Solstice]

Ther's been a bit of correspondence recently about insurance but no mention of premiums.

I received a proposal from my insurers (three years with them and no claims) today and was shocked to see that they were asking for an increase of 50% on the basic hull premium. The accompanying letter blamed the reduced number of firms writing yacht insurance, Sept 11th and recent bad losses in the yacht insurance market. Maybe they are due for a rise but 50% seems a bit steep!

Has anyone else had a renewal proposal recently?

 

[PeterGibbs]

Suggest you talk with Bishop Skinner (London) I find them pretty good, and the RYA support their policies.

Peter Gibbs

 

[JamesS]

We currently pay £265 pa which includes 25% no claims bonus on a total insured value of £41,500.

Last year about £10 more.

We are with AXA via Moody Brokerage.

Cheers

 

[billmacfarlane]

I'm up about 15% , paying £650 , on a value of £ 150,000. I had quotes ranging from £ 750 ( Saga ) , to £1200 ( Panataeus ). I'm with GJW.

 

[Guest]

the company that underwrote my insurance last year pulled out of the market, but the insurance was placed through a broker rather than direct so he shopped round and came back with a renewal at the same cost as last year - less than half a percent of the insured value.

the broker concerned is very professional. i draw comfort from the fact that he knows what a boat looks like (more than the call center little girls do.)

try heath lambert on 01512274321 ask for gareth jones.

 

[nicho]

GJW have quoted £362.00 for £70K cover, with £100 excess, and the usual £2million 3rd party etc

 

[yoda]

No noticable increase this year! Try GJW they look after you.

Yoda

 

[Mr Cassandra]

IV`e allways used St Mar [ please don`t ask me to spell it ] it ends something like ciga!!!! rets ? Very good and they do pay out ,without any fuss .cheers bob t

boss1

 

[LadyInBed]

Fill your details into <A target="_blank" HREF=http://www.craftinsure.com/index.html> CraftInsure </A> and see what they come up with.

They were considerably cheaper than Knox-Johnson who I have been with for nearly twenty years.

 

[pvb]

But are they reliable?

Anyone had any experience of claims? Who's the insurance actually with?

 

[chops]

my insurance went up last year from 200 to 276, the boat insured is 26 ft value 16500 the reason for the massive rise was due to september 11? they assured me that every other company would do the same if not more, in the coming year.
the company i'm insured with is PANTAENIUS , i've been with them for 4years now and with 40% no claims , so they say!!! i have not made a claim by the way ,
the boat insured is a yacht i'ed forgot to mention this??????.
is this a good deal ! or is the p---- being take

 

[colvic]

Is this Pantaenius? I had the same sounding letter from them in August. If so check EVERYTHING very carefully as I am experiencing REAL problems trying to sort a claim out.


Phil

 

[Guest]

sounds like a lot of money for the value of the boat. however, the cheapest insurance is not always the best. you do want a company that will pay out when a claim arrises!

try using a specialist broker.

 

[duncan]

agreed Howard - I paid around the same for 45k value on a planning power boat (after a significant claim in the previous year) - 6 claim free ones before that.
Interestingly, in response to earlier comment, one would have thought that the less people in the market the less marketting costs would be attributable to each policy sold and therefoe premiums could come down - until the market becomes a monopoly and margins go up.

 

[petery]

Lower premium from Craftinsure

I've just increased the value insured with Craftinsure by 12% and my premium has come down!

As they said in their covering e-mail 'It's Christmas'.

btw the policy is underwritten by Navigators and General

 

[pvb]

Re: Lower premium from Craftinsure

What does "underwritten by" mean? The contract must be with CraftInsure, so what happens if they don't pay out?

 

[petery]

Re: Lower premium from Craftinsure

I think you will find that all insurance contracts are underwritten by a member of Lloyds or the like - hence the term 'Lloyds Underwriter' - and very few intermediaries take on the risk themselves.

I know that Bishop Skinner talk to an underwriter before writing a contract - it took them so long last time that I changed to Craftinsure.

..but I'm sure that there are some others on this forum who can give you chapter and verse.

 

[colvic]

Look VERY carefully at the paperwork to see who the underwriters are...you'll find that the firm you are referring to use German underwriters. The brokers are a limited company with some £10,000 share capital which was transferred to German ownership late 2001 so you are not dealing with a British company at all.


Phil

 

[colvic]

Re: Lower premium from Craftinsure

You sound just like me! I've discovered in the last 12 weeks that marine Insurance is nothing like car, household etc. and it can and is a minefield if things don't go as you think they should. I presently persuing a claim and have had to shell out almost a grand on professional fees that shouldn't really be required but it's now a questioning of trying to protect myself.

You'll find that all the companies we are talking about are only brokers and they can only pay out what the underwriters agree to.

Phil

 

[pvb]

How do you know which firm it is?

The post by Solstice doesn't mention the firm.