Insurance Renewal

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tetleys

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It's that time again to start reading the insurance cover and all the Ts & Cs, and boy does it bog you down. Can anyone recommend a whole of market broker who can advise the best motor boat policy from a selection that they are fully conversant with

Any recomendations greatly received

Cheers
Tetley's
 
There are comparison websites out there now along with web based brokers , might be worth getting a quote, unless perhaps your boat is particularly grand, your boating is very specialised or involves out of the ordinary reasons why you be making any claim, which case, broker fees probably might be worth paying.
In my case, with a run of the mill gin place used mainly locally, with the rare run across Le Manche, the bricks and mortar brokers "expertise" amounted to a couple of hundred pounds extra.
and................ Yes, have made of couple of claims in the past (Craftinsure) without any problems other than providing evidence of the damage.(by FAX) :)
 
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Any broker is not really whole of market -it will have a panel of insurers (say 5 or 6 ) each of which might cater for a particular type of insured risk. One of these might be a Lloyds syndicate and others will be corporates like Zurich or Allianz etc. if your vessel has an owners association then views from those with like vessels might help but clearly your area of crusing might not be same. Just get quotes from 5 or so -price comparison websites (PCW) take hefty fees plus often will not allow an insurer to offer a cheaper quote on own website . I would look at direct providers as a stater plus a few brokers but clearly must be same covers etc to make valid comparison.
 
When we bought our Princess F55 we found that we were at the upper end of the comfort zone for the more widely used companies in the UK, people we'd used for the past 15 or 20 years. This resulted in some very significant quotes which shocked me a bit.

We ended up insuring through an underwriter called Beazley. Our boat is now one of the smaller vessels on their books and the resultant savings were significant. We used a broker called Gallagher who are based in Poole. I know they insure a number of larger boats in the Solent.

They won't be for everyone as explained by others on this thread but for some people they might be worth a call. I have no connections other than as a customer.

Henry
 
A former colleague of mine is at Beasley and spends much time at various Med shows but I gain the impression they might be a tad upmarket for the average YBW sized vessel as you say just based on his linked in pictures mainly. Looking at the OP who seems to be the CI there are many local brokers who will have access to UK insurers or uk branch offices of eu insurers . Unless special features /alterations (think ferrocement I guess in boat terms) then any of the mainstream players like Craftinsure can assist. You will find that rates offered direct and via the broker can vary depending on how much the broker discounts the large commissions ( Capped at 50% now generally) they add to net price from insurer so different brokers might have 10% -15% variance just due to commission variance .
 
henryf said:
When we bought our Princess F55 we found that we were at the upper end of the comfort zone for the more widely used companies in the UK, people we'd used for the past 15 or 20 years. This resulted in some very significant quotes which shocked me a bit.

We ended up insuring through an underwriter called Beazley. Our boat is now one of the smaller vessels on their books and the resultant savings were significant. We used a broker called Gallagher who are based in Poole. I know they insure a number of larger boats in the Solent.

They won't be for everyone as explained by others on this thread but for some people they might be worth a call. I have no connections other than as a customer.

Henry
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I think you really need to shop around. It is quite mystifying different peoples experiences. I moved to Curtis Marine on recommendation of @Hurricane and have had a great experience even post their acquisition. My renewal this year came in way cheaper than any other quote I got including Beasley. However I believe Mike had the opposite experience - on boats not too far apart size wise. I do think Gallagher as a broker are excellent and even though I did not use them I found their general advice and actual interest in my situation to be A star. I am not an insurance expert but I feel that how renewals or new business go is very dependent on whether the broker is selling a captive product and more importantly the appetite for risk at that moment in time for the underwriter, as well as general market conditions of course. Consequently two people can have very different experiences with the same underwriter. This means it is important to have a broker who is interested in you and your long term business even if you move away for a year or two, and also to look around. Last but not least - make sure you understand the wording. Sometimes the cheapest quote can end up being the most expensive.
 
volvopaul said:
Ohh new boat ? Do tell ……….
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Going back to my Scandinavian roots having previously owned a couple of Windy’s, a Storebro , and a Draco. New boat is a Nordstar Patrol , with the combination of outdrives and drying out legs for plenty of adventures around the CIs and Brittany

Cheers
Tetley’s
 
Hooligan said:
I think you really need to shop around. It is quite mystifying different peoples experiences. I moved to Curtis Marine on recommendation of @Hurricane and have had a great experience even post their acquisition. My renewal this year came in way cheaper than any other quote I got including Beasley. However I believe Mike had the opposite experience - on boats not too far apart size wise. I do think Gallagher as a broker are excellent and even though I did not use them I found their general advice and actual interest in my situation to be A star. I am not an insurance expert but I feel that how renewals or new business go is very dependent on whether the broker is selling a captive product and more importantly the appetite for risk at that moment in time for the underwriter, as well as general market conditions of course. Consequently two people can have very different experiences with the same underwriter. This means it is important to have a broker who is interested in you and your long term business even if you move away for a year or two, and also to look around. Last but not least - make sure you understand the wording. Sometimes the cheapest quote can end up being the most expensive.
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Thanks for the comprehensive response, your closing comments regarding the wording is what prompted me to revisit the subject of insurance on the forum .
Will continue my research
Cheers
Tetleys
 
ashtead said:
A former colleague of mine is at Beasley and spends much time at various Med shows but I gain the impression they might be a tad upmarket for the average YBW sized vessel as you say just based on his linked in pictures mainly. Looking at the OP who seems to be the CI there are many local brokers who will have access to UK insurers or uk branch offices of eu insurers . Unless special features /alterations (think ferrocement I guess in boat terms) then any of the mainstream players like Craftinsure can assist. You will find that rates offered direct and via the broker can vary depending on how much the broker discounts the large commissions ( Capped at 50% now generally) they add to net price from insurer so different brokers might have 10% -15% variance just due to commission variance .
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👍
 
tetleys said:
Thanks 47GC

Good luck with your new boat , you’ve got a good one there , previous owners are good friends of ours
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Hope so! Yes, I'm very happy with the purchase. Say hello to previous owners. I didn't speak directly to them, but understand they are good/nice/ dare I say it normal people!
 
47GC said:
Hope so! Yes, I'm very happy with the purchase. Say hello to previous owners. I didn't speak directly to them, but understand they are good/nice/ dare I say it normal people!
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Normal !! Ha ha I will pass that on , but joking apart they are a smashing couple who have cherished every boat they have owned . Good luck
 
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