Insurance
- Thread starter Yealm
- Start date
Poignard
Well-known member
£229 for a 52-year old 28-footer. That's with the East Coast Mutual Yacht Insurance Association Ltd
JumbleDuck
Well-known member
That's going to be interesting if Brexit ever happens.
pagoda
Active member
Have been with "Y" for some years.
Up by about 15% this year......
Considerably larger increase than prior years....
Up by about 15% this year......
Considerably larger increase than prior years....
Old Harry
Well-known member
what is the insured value,is that a fixed "agreed" value
Poignard
Well-known member
I will look it up when I get home
anniebray
Member
My renewal premium for 2008 Sadler 290 is £322.47 , excess is £250. Total sum insured is £56300, current market value £54000. In commission April to 1st December on a swinging mooring in Southampton Water. Cruising limits UK Inland & Coastal waters including Ireland & Continental waters between Brest & River Elbe. I am cruiser & do not race. Seems to me ,my premium is quite reasonable compared with the OP at £822 for a very similar boat !
anniebray
Member
ps my insurance is with Bishop Skinner Marine
Neeves
Well-known member
I think this might need qualification.
Pants are very active In Australia, maybe other places.
Jonathan
Poignard
Well-known member
£16,000. "Declared and insured value"
steveallan
Member
Also with Bishop Skinner
Total insured value £33100
Atlantic coast of Portugal not beyond Cap St Vincent then cruising Med waters not east of 35 degrees east.
Laid up afloat from December to March.
Marina Pontoon berth
Excess £200
Cost £344 including 5 years no claims discount.
triggerhippy
New member
YACHTING24 have always done right by me
rotrax
Well-known member
Just had our from Y Yacht insurance, £870, 2008 Island Packet SP Cruiser with £150,000 agreed value and £20,000 equipment covered.
Makes your very dear!
Praxinoscope
Well-known member
Have insured my boats with Bishop Skinner for years, always found them competitive and excellent to deal with.
Mikedefieslife
Member
It's a different company though operating under different rules with different underwriters.
Skylark
Well-known member
This is topical for me, too as I’ve just received my renewal invitation.
My 10% increase is justified by:-
For the first time in the over 200 year history of Lloyd’s, special measures were imposed demanding that all Syndicates writing Yacht Insurance submit a sustainable business plan,,,,..
......This was because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic storm claims.
My letter also says:-
You have been with us for a number of years. You may be able to get the insurance cover you want at a better price if you shop around.
I suppose it makes a change from everything else being blamed on Brexit
My 10% increase is justified by:-
For the first time in the over 200 year history of Lloyd’s, special measures were imposed demanding that all Syndicates writing Yacht Insurance submit a sustainable business plan,,,,..
......This was because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic storm claims.
My letter also says:-
You have been with us for a number of years. You may be able to get the insurance cover you want at a better price if you shop around.
I suppose it makes a change from everything else being blamed on Brexit
Laysula
Well-known member
For the first time in the over 200 year history of Lloyd’s, special measures were imposed demanding that all Syndicates writing Yacht Insurance submit a sustainable business plan,,,,..
......This was because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic storm claims.
Perhaps some insurance companies should be more aware of local area risks.
Some years ago we moved our boat from Conwy to Holyhead. On informing Bishop Skinner we were told that they would not insure her in Holyhead marina over winter. We had to be either somwhere more protected or ashore. We changed companies to GJW who were ok with staying afloat in Holyhead.
Following the tragedy at Holyhead last year, it seems that Bishop Skinner got it right.
......This was because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic storm claims.
Perhaps some insurance companies should be more aware of local area risks.
Some years ago we moved our boat from Conwy to Holyhead. On informing Bishop Skinner we were told that they would not insure her in Holyhead marina over winter. We had to be either somwhere more protected or ashore. We changed companies to GJW who were ok with staying afloat in Holyhead.
Following the tragedy at Holyhead last year, it seems that Bishop Skinner got it right.
Resolution
Well-known member
GJW's offices are in Liverpool; there can't be many insurance companies more local to Holyhead. Of course their policies are underwritten by Munich Re, so maybe that was where the decision was actually made.
Anyway, yesterday my renewal invitation came through from GJW, same cost as last year. Quite a relief.
G12
Member
My premium was up this year too from Pantaenius. I use them because they give me unlimited single handed within my cruising area (down to Gibraltar). Nobody else is interested in that and impose max trips of 18hrs or other daft limitations.
Seems we're all in the same boat so to speak so I don't feel quite so bad about the increase if it is across the board.
Here's what Pantaenius wrote when I queried the increase.
Thank you for your email of 06/04/2019. Unfortunately, we have been required by insurers to apply a premium increase to all Hull and Third Party Liability*polices again this year, irrespective of our client's claim history or the level of inflation.*
It has become increasingly difficult for yacht insurance providers to find insurers that are prepared to underwrite policies for yachts and other marine risks.*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.*High levels of competition in the market and low premium rates have been beneficial for clients in recent years, but this has also created an environment where fewer insurers consider this business as attractive or sustainable. We are aware that other providers in the market have had great difficulty in securing insurers to underwrite their products and those that have, are experiencing the same pressure to increase premiums.*You may, therefore, wish to satisfy yourself that the underwriting security behind any chosen provider continues to be robust, particularly if you prefer to maintain a long term home for your yacht insurance.*We are determined to ensure that Pantaenius will continue to provide the broad cover and high level of customer service and claims handling for its clients well into the future.*Unfortunately, this has come at a cost and we have been forced to increase premiums.
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,
Seems we're all in the same boat so to speak so I don't feel quite so bad about the increase if it is across the board.
Here's what Pantaenius wrote when I queried the increase.
Thank you for your email of 06/04/2019. Unfortunately, we have been required by insurers to apply a premium increase to all Hull and Third Party Liability*polices again this year, irrespective of our client's claim history or the level of inflation.*
It has become increasingly difficult for yacht insurance providers to find insurers that are prepared to underwrite policies for yachts and other marine risks.*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.*High levels of competition in the market and low premium rates have been beneficial for clients in recent years, but this has also created an environment where fewer insurers consider this business as attractive or sustainable. We are aware that other providers in the market have had great difficulty in securing insurers to underwrite their products and those that have, are experiencing the same pressure to increase premiums.*You may, therefore, wish to satisfy yourself that the underwriting security behind any chosen provider continues to be robust, particularly if you prefer to maintain a long term home for your yacht insurance.*We are determined to ensure that Pantaenius will continue to provide the broad cover and high level of customer service and claims handling for its clients well into the future.*Unfortunately, this has come at a cost and we have been forced to increase premiums.
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,
Mikedefieslife
Member
It can't really be that difficult for maritime underwriters otherwise the shipping industry would no long exist.
