Insurance - who to use

superheat6k

superheat6k

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I know its been asked a thousand times, but suggestions for Insurers, especially those who look at a single claim in isolation. My current has increased premium 50% following my engine claim, and are now close to GJW price.

Presently my insurance is working out at £20 per hour of boat use the past year !
 
GJW, brilliant service and one small claim in about 10 years. Covers me for single handed sailing >18 hours but they don't do that for new business.
 
Just about to renew through Topsail with an HKJ policy virtually identical to the Y policy with same agreed value and at about 5% up on last year. Competitive with other insurers. Don't know how they treat those with recent claims - my last for a stolen Redcrest was in the 1990s!
 
I am surprised that more people do not look outside UK for Insurance. There are far better quotes available from such as German Insurers ... with no surveys, single handed, unlimited sailing range etc.
I am sure that UK Brokers work on the usual fact that UK boaters don't think to look outside UK. But honest - when I made the change - the savings and increased coverage were significant.
Even though UK is now outside EU - I am told that Insurance is still offered same without change.

You could try : Mannheimer Versicherung AG

https://www.mannheimer.de/c/documen...c-863b-46ba-8ea1-a1613ed9243f&groupId=1445096

as example ... I know the doc is in German - but I found them to be excellent in english and fully able to discuss ....
 
Refueler said:
I am surprised that more people do not look outside UK for Insurance. There are far better quotes available from such as German Insurers ... with no surveys, single handed, unlimited sailing range etc.
I am sure that UK Brokers work on the usual fact that UK boaters don't think to look outside UK. But honest - when I made the change - the savings and increased coverage were significant.
Even though UK is now outside EU - I am told that Insurance is still offered same without change.

You could try : Mannheimer Versicherung AG

https://www.mannheimer.de/c/documen...c-863b-46ba-8ea1-a1613ed9243f&groupId=1445096

as example ... I know the doc is in German - but I found them to be excellent in english and fully able to discuss ....
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Simple. They are not licenced to offer insurance products in the UK. Many UK insurers and brokers have moved to the EU so that they can continue to offer insurance to UK citizens who keep their boats in the EU while still operating in the UK. Many EU insurers (particularly German) who used to offer insurance in the UK have withdrawn because the cost of licencing is too high for the level of business they can generate.

Yacht insurance is going through a massive restructuring after years of losses and changes in regulations. Many have withdrawn from the market, merged with others or restricted the cover they offer. All in an attempt to return to profitability.
 
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Ive been with craft insure for over 3 years, ive claimed once in that time and I was suprised it did not affect my premium.
 
Sandy said:
BREXIT changed the game.
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Reading the Morgans Cloud article, three things have altered the insurance landscape; climate change, investment returns & regulation.

Climate change increases the number of boat wrecking events. Investment returns matter because insurers invest thier float to help cover payouts, those investments currently return far smaller percentages as they are mostly in long term debt so making losses on premiums is no longer an acceptable risk for insurers. Regulatory change is nicely exemplified by Brexit for the UK, but affects insurers throughout the world.
 
been with GJW for years, claimed £1k last year for a hairline crack repair on my hull. Pay about £160 pa, this includes cover for the outboard and solar panel too
 
RobbieW said:
Reading the Morgans Cloud article, three things have altered the insurance landscape; climate change, investment returns & regulation.

Climate change increases the number of boat wrecking events. Investment returns matter because insurers invest thier float to help cover payouts, those investments currently return far smaller percentages as they are mostly in long term debt so making losses on premiums is no longer an acceptable risk for insurers. Regulatory change is nicely exemplified by Brexit for the UK, but affects insurers throughout the world.
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Perhaps, but I was answering @Refueler 's question, why were UK residents not using EU insurance companies.

A few years ago I asked 'Pants' for a quote for a single handed transatlantic crossing, sorry sir your vessel is not of sufficient value. An interesting response, they blamed the bean counters for the corporate decision, I laughed and said you mean you can't make any profit on the transaction.
 
Google Nautical Insurance Services down Southend way. Sorry I don't have their phone number. Have been with them approx. 24 years no complaints, but no claims.
 
Sandy said:
BREXIT changed the game.
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Yes, understand that but - is it the location of the insured article or location of policyholder which determines whether an insurer can offer cover or not?

If an owner is UK resident with a boat in EU can they use an EU insurer? Would it alter the situation if the owner used the marina office as an address?
 
The important thing to remember when buying insurance is that you are invariably dealing with brokers and the policy you buy is from the underwriter. Some brokers (like Y used to be) have exclusive deals with one underwriter (Amlin in their case) and market under their own name. Others such as Topsail limit themselves to a small number of underwriters, and yet others will either specialise in a particular sector (classic boats maybe) or search the whole market on behalf of clients. A small number such as GJW are the marketing arms of major insurers who do their own underwriting.

I would guess the best for the OP is to go to an independent broker who will take more note of his particular circumstances rather than one of the algorithm driven majors. increasingly I found that using the comparison sites I could not get a straight quote but asked to call, suggesting that even relatively straightforward proposals like mine don't "fit" the algorithm.

Whichever route you go read the policy wording carefully to ensure it covers what you want - there are still some variations of cover on contentious issues like agreed values.
 
In Australia,,

We investigated Pants in Oz, they offered a slightly better deal. They, Pants, seemed to be respected here. We changed despite knowing they wanted a survey as we intended sticking with them. The survey was the first we had had, useful in itself. 2 years later they changed underwriters and wanted a new survey - would not touch Pants with a barge pole.

I think they are German? Sorry that sounds, maybe bigoted - no problems with them being German - they were not really significantly cheaper (than insurance brokers in Oz).

Jonathan
 
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Neeves said:
In Australia,,

We investigated Pants in Oz, they offered a slightly better deal. They, Pants, seemed to be respected here. We changed despite knowing they wanted a survey as we intended sticking with them. The survey was the first we had had, useful in itself. 2 years later they changed underwriters and wanted a new survey - would not touch Pants with a barge pole.

I think they are German? Sorry that sounds, maybe bigoted - no problems with them being German - they were not really significantly cheaper (than insurance brokers in Oz).

Jonathan
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When I sailed off from OZ, Pants were the only ones who would give me third party cover in 1998. I went comprehensive on arriving in Europe.

I am still with them and have just had my first claim, which they settled without too much bother. Surveys every 10 years, and covered me in full for an Atlantic circuit. I don't have any complaints about them, although I do know some who have had to fight tooth and nail.
 
Graham376 said:
If an owner is UK resident with a boat in EU can they use an EU insurer? Would it alter the situation if the owner used the marina office as an address?
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Changed insurers this year after being with Y for a long time.

Full time French resident, boat kept in France.
Shopped around for quotes locally and in the EU.
All quotes came in significantly higher than my last year with Y.
Interestingly, got a quote from an international broker for EU resident with a boat in the EU - pretty much on a par with the other quotes I had received.
As I also 'maintain a UK presence', asked that international brokers UK branch for a quote as UK resident with a boat in France.
Quote came in at about 60% of what I got from their EU branch.
No prizes for guessing which route I went down.
 
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