Insurance

[Rich_S2]

Any advice appreciated:
Bought boat 2 years ago for £12K. Bargin as neglected etc. Spent few grand on new hood, engine etc and boat looks a lot better. Insurance company will not insure for more than what I paid for it unless I get a valuation survey. Surveyor says that his valuation is for the structure of the boat (£14K) and not what an equivalent boat on the market would go for (two on my brokerage both going for c£19K). I am quite happy to pay extra premium so that if something terrible happens I can afford to replace like for like but am being prevented from doing so.............

Help!

 

[trev]

Which surveyor are you using ?
Every time I've had a boat surveyd there has been a notation to the survey regarding the probable value of the boat re-market.
Have you tried shopping aroung the brokers? So long as you are within the range of a boat in similar condition and being realistic I don't see a problem.
Cheers

Trev

 

[Rich_S2]

Insurance company will not accept valuation from a broker!

 

[Guest]

Sell the boat to yourself for £17000, then show them the invoice...

 

[Rich_S]

Interesting, but I bet if I ever did put in a claim they would use this as a reason to not pay out. How come super models and footballers etc can insure thier bodily assests for astronomical sums providing they pay the appropriate premiums but I can't protect my boat in the same way. I'm not looking to defraud anyone, I just want to protect my hard earned posession and way of life so if something happens I can buy another one. My car is insured for market value allowing me to replace like for like! I know it's a bigger market.............
It's a Falcon 22spc 1989-90 with AQ211a and they are doing a feature next month in MBY on the 23 (although the picture on p182 is a 22). Wonder if I can use their price guide as evidence.................hope they don't put it down as 8-10K!!

 

[trev]

Sorry - I meant shop around the insurance brokers, not yacht brokers.
Regards

Trev

 

[Rich_S]

Trev,
will do! I'm going to start collecting ads for similar boats and submit them with my application for insurance.

Regards............Rich.

 

[Guest]

A few years ago I had a similar problem. Bought a boat cheaply and improved it and then tried to insure it for a higher amount. The insurance company wanted to see proof (invoices, photos etc) I'd actually improved it but once they had they covered it for the full value.

Best of luck

Doug

 

[PGD]

If you find a way to convince them let me know, I’m in the same position – I’ve just re-engined my Fairline Holiday with a diesel, she cost me £10K to buy but you find a petrol one for less than £12500. She worth around £18-20K now with diesel heating and hot water I’ve added as well – See MBM May Red Duster went for £18K a while before the article was printed.

Any chance your with Nav and Gen !!!

 

[Rich_S]

HKJ!!

<P ID="edit"><FONT SIZE=-1>Edited by Rich_S on Mon Aug 27 00:35:42 2001 (server time).</FONT></P>