Insurance.

[graham]

With my yacht insurance renewal was enclosed a letter explaining that the 30%price hike is largely due to the Sept 11 tragedy.

I would of thought that the chance of the Taliban crashing a plane into my boat was fairly unlikely.

Is eveyone getting hammered this year ,or is it worth me shopping around??

 

[ean_p]

shop around....no increase with Pantaenius......in fact 1pence less....

 

[Guest]

I shall await my renewal notice with bated breath...

"If a job's worth doing...it's worth paying someone to do it for you!"

 

[ccscott49]

I think you might be surprised at next years, my brothers was 30% higher, A friends also, I was warned mine would alsoall with pantaenius.

 

[rogerroger]

Yup - 33 % higher cos of Sept 11.

How does an increased threat of terrorism make me more likely to sink ?

... mind you, I can understand why some disgruntled MDL customer may wish to crash a plane into one of their marinas!

Roger Holden
www.first-magnitude.co.uk

 

[martin]

Wanted to renew with pantenius this year in March but told 30% increase....you must know someone I dont!

 

[dah]

Am insured with GJW. Premium actually went down a couple of pounds. Have a 1978 Centaur - premium approx £130, fully comp.

 

[rogerroger]

Insurance - hooked in?

After my increase I looked at the add that's sometimes displayed at the top of this page.

When they finally contacted me I was told I'd have to have a survey done to move to them!

Pah, shove it.

Roger Holden
www.first-magnitude.co.uk

 

[Guest]

Roger Holden
I find your remark vastly offensive. You should be ashamed of yourself.
Many people lost friends and family in such actions. Not at all funny.
John Watson
MD
MDL

 

[rogerroger]

Hi John

lighten up ! a joke.

Unreserved apologies if I offended you.

Roger Holden
www.first-magnitude.co.uk

 

[Guest]

No wonder MDL charge so much as they take themselves sooo seriously!

 

[Guest]

Mike W
Your posting is pathetic.
What on earth does pricing have to do with a tasteless remark?
For your information, I worked in Philadelphia, USA, for three years for UNITED AIRLINES. If you had lost friends and colleagues in a terrorist attack, you would have a different view.
John Watson
MD
MDL

 

[bryantee]

I Shopped around,a 40%increase(equivalant to loss of no claims)on two boats.Too Much.One boat has been in the water 2 weeks in two years.No claims, no difference.Underwriters have decreed.March 1st was the start date.see previous posts

 

[Joe_Cole]

John,

I'm sure that everybody feels for you. You are right it is not a joking matter and you have had a sincere apology.

However, this is a boating forum, and there was a valid point being made about MDL's policies. Why not use this opportunity to address the point which was being made?

Regards


Joe Cole

 

[Guest]

Joe Cole
Maybe I'm getting senile, but I don't see what valid point was being made about MDL's policies. Please explain.
Regards,
John Watson
MD
MDL

 

[rogerroger]

Re: Insurance... not marinas!

Hi Joe

Actually there was no intent no make any point about marinas nor MDL in particular.

I was actually making a point about a 30% increase in insurance and I've explained and apologised to John that the use of "MDL" in this instance was purely arbitrary and that I had no intention of singling them out.

Now, let's get back to laying into insurance companies...

Roger Holden
www.first-magnitude.co.uk

 

[Guest]

Re: Insurance... not marinas!

I have been receiving very differing stories on insurance - some claiming 'normal' increases, others claiming 'wild' increases.
I am trying to find out if claims experience is part of this or if there are other factors in play.
I will share whatever I find out.
John Watson
MD
MDL

 

[Sinbad1]

Re Let me explain...

Insurers or underwriters, only carry a part of the potential financial risk on any one event. Depending upon the underwriter and its specific contract with nice people called Re-insurers will determine at what financial level any one claim gets passed out and on to the reinsurer.

So each insurance company takes out an insurance policy that will limit their exposure on any one claim to ...say, £100K.

Now if you get a situation where there is a catastrophic event, then it is invariably the re-insurers who are much more financially exposed than your everyday insurer/underwriter. This is exacerbated by the fact that there are few re-insurers.

Thus after Sept 11, re-insurers were hit very hard. They have responded by putting up their rates considerably when each contract for re-insurance comes up with the insurance companies.

The result is that the increased cost of re-insurance to the insurers is then spread across its whole portfolio of business which will often include motor, marine and household.

One other small point. Pantaneuis is NOT an insurer. They are brokers with access to German and UK underwriters/insurers. It is inevitable that in the short term ALL insurance rates will rise. Interestingly what we will see now is the creation of new re-insurers which do not have the Sept 11 exposure and they will be in a position of being able to offer cheaper re-insurance rates which will of course reduce prices....we wait and see.

 

[rogerroger]

Re: Insurance... not marinas!

Well I read in one of the yottie mags that on average it had only gone up about £5 - £10. OK, mine only went up £40 - but percentage wise that's quite a leap from the £120 last year.

But on trying to get another quote a survey was insisted on - I might not be the sharpest tool in the box but I know that hauling the boat out for a survey cannot be worth saving £30 on insurance!

I am therefore, effectively tied in to my insurance company whether I like it or not.

Roger Holden
www.first-magnitude.co.uk

 

[rogerroger]

Re: Re Let me explain...

So why has my yacht insurance gone up 33% but no change to house / motorbike / car insurance ?

Wouldn't it make more sense to have nominal increases on insurance that almost everyone has than put massive hikes on us yotties ?

Roger Holden
www.first-magnitude.co.uk