Insurance

[doug748]

.....
Here's what Pantaenius wrote when I queried the increase:



".............Many insurers have pulled out of the yacht market completely and those that remain are not prepared to continue to incur losses as a result of the relatively low premiums that yacht owners have benefitted from during the last two decades.

We hope the above goes someway to explain the situation. If you have any further queries, please do not hesitate to contact us.
*
Kind regards,"

Oh heck, I don't think I can sustain a debt of guilt and gratitude to marine underwriters.

I am already emotionally oversubscribed with stockbrokers and bookmakers.

Oh dear

 

[LadyInBed]

Also with Pants
2018 £474.04
2017 £436.48
2016 £418.47

33ft Colvic Countess 1984 (35 years old)
Cruising area (Solo day or night)
European rivers and inland waters. Baltic Sea. European coastal waters up to 200 nm off the coast,
Bergen/Wick to Straits of Gibraltar, excluding the Mediterranean.

Just had 2019 quote - £534.76 up by £60.72
About 8.5% increase last year, just over 12% this year

 

[FlyingGoose]

Insurance do not reward loyalty , shop around and you might be surprised , Pants was over £300 more expensive to the quote I finally took
and all do the same cover.

 

[colind3782]

Unfortunately, they use the stick of having to have a new survey if you move insurers.

 

[iantomlinson]

Don't know if it helps but our colvic victor 34 is insured in Dartmouth, solo, day and night, just over £30k, all season on mooring, coastal UK, for £190 ish, but we have no wider area cover. Your sailing area might be the price difference.
My mum and dad had a 1980's moody 36 in med and I'm sure their price was nowhere near yours.
The renewal is always within a few pounds(no rip-off hiking for renewal).
Might be worth a try with GJW Direct based in Liverpool, proper scousers on a phone who know their stuff.
0151 473 8000.

 

[awol]

Insurance do not reward loyalty , shop around and you might be surprised , Pants was over £300 more expensive to the quote I finally took and all do the same cover.

Oh, no they don't! Absolutely essential to read ALL the small print.

 

[doug748]

In terms of small print, a search on the MoBo forum will bring up a lot of useful stuff. A gentleman called jfm posts on there and makes a lot of convincing points.

From wobbly memory I think he rates Y policies highly and thinks Pants are not bad. Some companies are panned in terms of policy wording which is vague and/or restrictive.
Despite the cost, a lot of people stick with Pantaenius on reputation and their laid back attitude on singlehanded hours. Their standard cover, from somewhere near the North Pole down to La Rochelle can be handy.

 

[awol]

Their standard cover, from somewhere near the North Pole down to La Rochelle can be handy.

Even Pant's standard policy needs scrutiny. Rather than "near the North Pole" mine was "north to Bergen" which doesn't include all of the British Isles. My south limit is Gibraltar.
It only took a phonecall, though, to extend the boundary at no cost. Similarly, extending the westward limit to 10degreeW was no problem.
Do those whose policies are "UK and European waters from Elbe to Brest" know which parts of the British Isles are excluded?

 

[JumbleDuck]

Do those whose policies are "UK and European waters from Elbe to Brest" know which parts of the British Isles are excluded?

My GJW Policy, with similar wording, wouldn't have let me cross the Irish Sea had I not asked them to add it. Which they did, at no extra cost.

 

[LadyInBed]

Do those whose policies are "UK and European waters from Elbe to Brest" know which parts of the British Isles are excluded?

and sailing with those boundaries excludes Camaret!

My GJW Policy, with similar wording, wouldn't have let me cross the Irish Sea had I not asked them to add it. Which they did, at no extra cost.

I've just filled out a GJW form, but will have to speak to them as I see single handing is limited to 18 hours which doesn't cut it for Biscay (I wonder if heaving too for six hours would be acceptable )
and 'Elbe to Brest' doesn't cover my cruising area which includes S Brittany and Galicia.

 

[JumbleDuck]

I've just filled out a GJW form, but will have to speak to them as I see single handing is limited to 18 hours which doesn't cut it for Biscay (I wonder if heaving too for six hours would be acceptable )
and 'Elbe to Brest' doesn't cover my cruising area which includes S Brittany and Galicia.

I haven't asked for an extension to single-handed hours, but they cheerfully waived the "no single-handing at night" condition, though my excess doubles to £200 while I'm doing it.

As I recall, the stooshie in the motorboat forum was about insurers wanting to meet a total loss claim with a replacement boat in equivalent condition. Our mobo friends seem to like changing boats at least annually, and having a brand new one is very important to them. Since my boat has been out of production for decades I wouldn't mind in the least being bought a replacement - it would save me some work.

 

[c.buck]

In terms of small print, a search on the MoBo forum will bring up a lot of useful stuff. A gentleman called jfm posts on there and makes a lot of convincing points.

From wobbly memory I think he rates Y policies highly and thinks Pants are not bad. Some companies are panned in terms of policy wording which is vague and/or restrictive.
Despite the cost, a lot of people stick with Pantaenius on reputation and their laid back attitude on singlehanded hours. Their standard cover, from somewhere near the North Pole down to La Rochelle can be handy.

This is pretty spot on from @Doug748 from my experience. All policies are different and not all cover is created equal. I've got a nice little table drawn together which has every insurer's policy noted on it and how they rank for things that I value. I would suggest that every yacht owner does the same. My yacht is 9 years old, and my insurer did not require a survey when I changed to them this year! I got 6 quotes from the compare yacht insurance .com website, and made my own choice. Taking matters into my own hands was super easy and I know exactly what I am covered for thanks to that website bringing together a few quotes. I cannot praise them enough! My factors under consideration were:
- All risks policy vs. Insured Perils
- Agreed Fixed Value in the event of a loss
- Whether or not there are excess free claims
- Is there an excess on Third Party Liability / P&I claims.
- Whether there is a no claims bonus applies
- Are there admin or cancellation fees
- Is racing included?
- Solo Sailing Permitted?
- in-house claims handling in the UK?
- Survey required?
- Engine Breakdown covered?
- Tenders included as standard
- Personal Effects damage included as standard
- Personal Accident cover available as a tag along?
- Latent defects covered?
- Watersports liabilities covered?
- Can I pay monthly installments on my premium
- Can I charter out?
- Is there a betterment deduction? (some call it New for Old Deduction)
- Can I lend my yacht out to my mates (god knows why I'd want to actually do that!)
- Deductible/Excess
- Cruising Area / changes to cruising areas
- Price, Price, Price

 

[Osmosis]

Dont forget claims are the shop window. Check if the insurer has an in house claims team who can act immediately.
I also viewed the same web and walked away most had outsourced claims which are slow and ponderous being handled by an operator with zilch experience or knowledge.
In addition stay well clear of any insurance policy that states "market value"They take your premium and then haggle on claims settlement amount.