Insurance - what is classed as "equipment"

[Poignard]

Insurance - what is classed as \"equipment\"

I have been filling out my insurance renewal paperwork and my insurer requires the usual list of "equipment", giving description, value and age of each item, but I am never quite sure what should be classed as "equipment". How do you decide if something is part of the boat or an item of equipment?

I'd be interested to know what other people list as equipment on their insurance schedules. In the past I have listed: dinghy, outboard motor, navigational instruments e.g. logs, gps, vhf, echo sounder, but what about engine instrumentation, or even the engine? What about ground tackle and warps? Sails and rigging?

The insurance only covers equipment that is identified on the schedule but a list of all the items that someone could walk off with would run to dozens of pages! /forums/images/graemlins/confused.gif

There was an article in a magazine a few years ago by a man whose boat was wrecked and the insureres refused to pay up on thousands of pounds worth of his property that was lost with the boat.

 

[bobgoode]

Re: Insurance - what is classed as \"equipment\"

Having had dealings with a big insurance claim years ago, the best defence you can have is a clear written statement of whta you want covered and it's value. eg foulies, 400 squids, H/H VHF serial number ***** 200 squids, crockery 50 squids. No argumwents but of course the company will adjust the premium to suit.

 

[Gin]

Re: Insurance - what is classed as \"equipment\"

I update my inventory all the time and the situation now, is that the total insured/replacement value of the boat and kit, but not personal clothing(oilies etc) is about 175% of the actual boat cost when I bought it. I have now increased my cover to the fullest extent based on this percentage, so that is my position.

However, when I bought the boat I offered the insurers a detailed inventory and was told "no need"- I just hope that means they will deal honourably with any claim rather than just tossing the 'extras' out of the window should a substantial loss arise /forums/images/graemlins/frown.gif

 

[jerryat]

Re: Insurance - what is classed as \"equipment\"

FWIW I sent a complete list (and I mean complete - right down to the teaspoons!) to my insurers when I first went with them. Since then, every time something is added, updated, removed or renewed, I send a fully detailed update to them. All equipment serial numbers are included though I have not 'valued' the items individually. When I did a major refit a couple of years ago, everything was recorded and sent, along with the full surveyors report, which included a current valuation.

Ok, the insurance cost a bit more 'cos of the improvements, but both parties know all the details which SHOULD make matters easier in the event of a claim. If that happens, it is a simple matter to check the serial numbers with the equipment manufacturer to ascertain the values.

Just my 2d worth.

 

[Talbot]

Re: Insurance - what is classed as \"equipment\"

Your decision will need to take into account whether your boat insurance covers new for old, or whether your house insurance will cover.

When I was burgaled I claimed the maximum I could on my home insurance, which was all replaced without a quibble, whereas the boat insurance which was based on assessed value due to age, was a major hassle.

 

[Poignard]

Re: Insurance - what is classed as \"equipment\"

The wording on the policy is:

"Members are advised to reconsider the present value [not new replacement value] of their specified items of equipment. Although included in the overall Declared value, in case of loss of an item a claim is based on its Declared Value. Any increase in the Declared Value of such items as the dinghy, outboard or liferaft must be accompanied by a realistic increase in the Overall Declared Value."

ps Thanks also to the others who have offered advice.

 

[Talbot]

Re: Insurance - what is classed as \"equipment\"

[ QUOTE ]
The wording on the policy is:
"Members are advised to reconsider the present value [not new replacement value] of their specified items of equipment. Although included in the overall Declared value, in case of loss of an item a claim is based on its Declared Value. Any increase in the Declared Value of such items as the dinghy, outboard or liferaft must be accompanied by a realistic increase in the Overall Declared Value."

[/ QUOTE ]
Recommend you check the wording of your household policy, It is likely to be a new for old, so cover as much as you can on the household, provided it will cover items away from the home for a time (e.g. tools, binoculars handheld vhf/gps laptop etc etc)

When I claimed, I offset the cost of making good the ripped out electrics against the difference in price between new and their reduction due to age.

 

[rogerdog]

Re: Insurance - what is classed as \"equipment\"

always go for the cautious approach - as stated before a complete list (serial numbers etc) with everything on there will make life that bit easier if the worst ever happens. When you take out the policy you are entering into a contract with the insurers and full disclosure of all "material facts" ie what you have will greatly strengthen you case for any future claim -can you give them too much detail - no in my opinion.

 

[mormargh]

Re: Insurance - what is classed as \"equipment\"

Why does the wording refer to "Members"?

 

[Poignard]

Re: Insurance - what is classed as \"equipment\"

Because it is a mutual insurance association