Insurance values

[tillergirl]

Time for renewal shortly and it occurs to me that TG is over insured in the sense that her insured value is probably about twice what I could expect to get for her if I tried to sell - which I won't. This was set by an insurance valuation at survey some 18 years ago. Do I continue to pay over the odds and relax in the knowledge that to replace like for like, her true value to me is the insured value in the sense that a replacement to meet her standards would probably require quite a bit spending or do I save money and halve (or knock off a third off) the insured value?

 

[sailorman]

Time for renewal shortly and it occurs to me that TG is over insured in the sense that her insured value is probably about twice what I could expect to get for her if I tried to sell - which I won't. This was set by an insurance valuation at survey some 18 years ago. Do I continue to pay over the odds and relax in the knowledge that to replace like for like, her true value to me is the insured value in the sense that a replacement to meet her standards would probably require quite a bit spending or do I save money and halve (or knock off a third off) the insured value?

never ever under insure the saving in premium will be small, even if you were to halve the value what would you initially save £150 > 250 Pa. loose the rig over the side & that could be 50% of lower insured value & that could end up a constructive loss if other consequential damage happened

 

[tillergirl]

Well I wasn't intending to under insure but I take your point. It's an interesting concept that I could have a perfectly sound yacht minus rig that is a constructive loss.

 

[sailorman]

Well I wasn't intending to under insure but I take your point. It's an interesting concept that I could have a perfectly sound yacht minus rig that is a constructive loss.

Bespoke wooden mast, all that hand spliced galvo wire & turnbuckles
those Egyptian Cotton Sails & sheets, tabernackle ripped out fracturing all those steamed deck Hd beams. the list is endless

 

[tillergirl]

Fortunately TG is built on less lovely but more affordable lines