Insurance question

bdh198

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We have a Hanse 370 which we have only ever used for cruising. However, we have now entered the Round the Island Race for the first time and are looking to take out additional insurance to ensure everything is covered.

Under our current policy all third party costs are covered, the only thing we would need to get additional cover is for 'mast, spars, sails and rigging'. I assume this is because of the additional stress these items are placed under in racing conditions. In order to provide a quote for this additional cover the insurance company want to know the replacement cost of those items. On our boat these items are all the standard ones provided with the manufacture. We haven't got expensive racing sails or replaced any of the rigging. I have spoken to a few companies to get an idea of like for like replacement, and the total amount for these items was as follows:

Main sail - £3582
Jib - £2241
Cruising chute - £1360
Mast - £6660
Boom - £1136
Furler - £2892
Standing rigging - £1600
Electrics for mast - £1000
Running rigging - £680

TOTAL - £21,151 excluding VAT and labour. Now that total surprised me. Add VAT and Labour and it will be in the region of £28,000. Is that a realistic replacement price to quote to the insurance company? I don't want to be over pricing the replacement cost and get an insurance premium to match, but I don't want to under quote and if the worst happens be left with a nasty shock! The insurance company will only actually provide cover up to a maximum of 2/3 the total replacement cost for any of the items a claim is made against.
 

Tranona

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10 Nov 2007
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Main and jib are a bit on the high side - but depends on the material you asked for. £25k would sound a reasonable ball park figure to insure for.
 
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