Insurance premiums

[pvb]

On that basis...

If CraftInsure is underwritten by Nav&Gen, how come CraftInsure include singlehanded night-time sailing when Nav&Gen won't????

 

[BrendanS]

Re: On that basis...

Insurance is a complicated area.

Many brokers and intermediaries have specialised expertise, and will negotiate deals with the actual insurance companies who provide their policies (underwriters). The package that a broker provides may not be available direct from an insurance company directly. Some insurance companies even buy in certain types of insurance from other insurance companies.

Brokers will often deal with many insurance companies, which is how they can pick deals which suit your requirements. I haven't looked into CraftInsure, but they may have various underwriters other than Nav&Gen. They could be providing different policies from different insurance companies.

 

[colvic]

Re: On that basis...

Yes, they do provide all sorts of different levels of cover; we have/had a clause providing upto £500 emergency accomdation in the event of the boat being uninhabitable after an incident.

£260 was claimed on this, accepted etc. but TWELVE weeks down the line still no sign of it...or anything else for that matter.


Phil

 

[JamesS]

Re: On that basis...

See my earlier post above.

A measure of a good insurer is how they perform once a claim has been made.

In 2001 we had a serious collision - all dealt with very professionally by Moody Insurance/AXA.

This included the costs related to the last minute holiday we had to organise due to the boat being unavailable.

Cheers

 

[Chris_Robb]

I also have insured with Pantaneius - 6 years plus - No claim (yet). I am reviewing my cover now - renewal in June. Don't want to change because of hasle of new survey etc.

Please PM me if there is something I should know.

 

[Solstice]

Yes, the insurers who have increased my basic rate by 50% are Pantaenius and the underwriters are German although I see nothing wrong with that apart from their rates . To be fair they have kept them constant for the last three years but a huge increase such as this is no way to keep your clients happy.

Needless to say I am contacting several of the firms mentioned by people in this thread and I am grateful for their advice. The results so far are encouraging but I have yet to compare the small print.

We will see!

 

[LadyInBed]

Re: Surveys

Not all insurers require surveys, I've been insured with Haven Knox Johnston on two boats, the first for about 16 years and this one (bought as a self build) for 3 years. No survey was required for wither boat. I don’t think Craftinsure request one either.

 

[halcyon]

Re: Surveys

I've ended up with HKJ via broker, and they are asking for a survey, but I say you have a survey from last year when I bought it. They say they want to check work carried out, I say list which work you want checking as some were cosmetic, they say we want a surveyor's report.
Then note only covers lay-up, what happens April when I launch, we while give you a new bill, what is the estimated cost, don't know/want tell say the broker, have a go could be £25 could £100, well what about racing, single handed, tell you in April.

Think I'm going mad, thought I was a customer, must be mistaken.

Anyway were covered while layed up, start looking again.

Can we arrange a data base of insurance companies, be usefull to collate everones data.

Brian

 

[LadyInBed]

Re: Surveys

Interesting, what age is the boat?

 

[tonyc]

Re: Surveys

I'm insured with GJW because the price was good and the small print seemed as 'generous' as others. After 3 years I have just had a substantial claim (about 20% of boat value). GJW instructed their own surveyor (which I thought reasonable) and as soon as they received his report they paid up in full. Just received my renewal notice and it shows a 20% increase - which as I lost a no claims bonus seems OK to me. I'm staying with GJW who have just been bought by Munich Re - who I understand are one of the biggest insurance companies in Europe. But I wait others views with interest!

 

[BrendanS]

Re: Surveys

This is one of those convoluted insurance things. Munich Re aren't an insurance company per se, they are an re-insurance company, a sort of intermediary who spread their risks across different groups. As I remember, GJW insurance is actually underwritten at Lloyds (no real suprise there, many boat policies are)

 

[LadyInBed]

Re: underwritten at Lloyds

Havens splurb says
"HK-J is a service company of Syndicate 2001 at Lloyd's, managed by Amlin Underwriting Ltd."

Companies spawn Companies!

 

[BrendanS]

Re: underwritten at Lloyds

..and part of the Amlin Group who are both insurers and re insurers, who re-insure their marine insurance through Lloyds (as above, fairly standard) and sell marine insurance through brokers and not direct.

Is this starting to become any clearer?


Honestly, this is all normal, but it takes years of working with them to make even the slightest sense of it all

 

[BrendanS]

Re: underwritten at Lloyds

Just a note for any interested. Spoke my insurers GJW at the boat show today, and they said my premium will be up by 15% when it renews in the spring

 

[muchy_]

Time to look around. Never pays to be loyal as far as insurance companies go.

 

[Calluna]

Re: Surveys

<Think I'm going mad, thought I was a customer, must be mistaken.>

We were left with the same feeling when we had to deal with Haven. When we needed to make changes to the policy, for example adding racing cover and increasing the insured value of the boat, they were vague, unhelpful and gave us conflicting/wrong information. We also had problems when we had to claim
off our policy for non-fault accidents.

Now changed to GJW, who were £50 cheaper for £4K more cover, including club racing etc.

Heather

 

[Chris_Robb]

Re: Surveys

Did the rounds at the boat show - Haven were resolute in their requirements of a new survey. Navigators said they would be happy with the 5 year old survey, plus my maintenance and work done schedules which I keep on an annual basis.

All the others were insistant on a new survey

Boat - 1977 Victory 40 - the original brick S**t-house

Anyone had experiance of Navigators for claims???

 

[LadyInBed]

Re: Surveys

I must have just been lucky or overlooked!

 

[Guest]

Mines stayed same ..........JC Powell

Nigel ...
Bilge Keelers get up further ! I only came - cos they said there was FREE Guinness !