Liveaboard Insurance

[braceface]

Hi Everyone,

I'm planning on living aboard, my landlord as decided to sell my flat so I've had to move up the plans to this summer instead of next.

As a consequence I'm having to triage the to do list. Insurance-wise how much do your RYA certs have to do with cost of your quote?

Being able to sail on the open sea is not a priority currently, maybe at some point in the future I'll go out but right now the focus is making it habitable (god help me). I don't want to shoot myself in the foot by either A - doing training I don't need to & forgetting all of it by the time I use it or B - making myself uninsurable as a liveaboard because I'm not certified.

I actually work in insurance but marine insurance is a whole other thing to the areas I've worked in so I'm not sure what the factors are. There's enough things that can make a liveaboard a money pit, unlike mechanics/electricians/plumbers/the weather the insurance is something I can control.

Any advice from your good selves would be much appreciated.

Thanks

Clare!

 

[PhilipH]

Try Topsail Insurance - very good with liveaboard, long distance cruisers.

 

[macd]

Braceface: one thing worth noting is that some policies specifically exclude living aboard, my own included (with Bishop Skinner). I queried this years ago, and was advised (in writing) that the exclusion applied only to houseboats and very definitely not to my cover. Obviously should similar wording crop up in any policy you consider, you'll wish for similar clarification.

 

[laika]

Insurance-wise how much do your RYA certs have to do with cost of your quote?

When I spoke to Pantaenius 5 years ago just after buying my current (and first) boat they told me that there was no discount for my YM ticket but what they would do was to start me off with a healthy no claims discount. It sounded good at the time and the resulting quote was good enough for me to go with it, but I don't remember what the actual discount was (I think they said "maximum"?) and TBH don't remember seeing anything about No Claims Discount on subsequent renewal documents.

I very much doubt that the amount you'd save whilst building up a no claims history would cover the cost of doing training to commercially endorsed YM.

 

[Tranona]

Normally no requirement to have any qualifications to insure a boat, and having them makes little difference to the premium. Insurers are more concerned with the condition and value of the boat, particularly with a new, inexperienced person, so most will require a survey if you want comprehensibe insurance to cover damage to the boat. Third party is much cheaper, but of course only covers damage to others. If you are in a marina it will be a condition that you have third party. Usually there are no restrictions from the insurer on living aboard, but makes sense to declare it.

 

[braceface]

Thanks Fellas

Thanks for your help. Now I can focus my efforts on everything else.

Laika, I'll be at Brighton Marina eventually (touch wood etc) so at some point we may be neighbours.

 

[V1701]

If you want fully comp I'd try Yachting 24, underwritten by Pantaenius who have a very good reputation, done online where you will also find several third party only insurers, e.g. Basic Boat Insurance. Google them. Personally I'd just get 3rd party online, especially if you're not going far, should be £90ish. Get yourself an electric blanket they make a world of difference & cost little to run. Enjoy...

 

[PlanB]

You need to check that the personal efects cover on your standard policy is enough. We increased this with our Bishop Skinner policy. Still no cover for valuables, though.

 

[Yngmar]

Pantaenius have absolutely no issue with liveaboards (why would they - having someone aboard who notices a chafing line before it parts is in their interest). They were also happy to add whatever contents I specified to the policy, for a modest increase in insurance premium.

Unless it's a brand new boat, the insurance will want a survey. And you will want a purchase survey, which can (and typically is) the same one. A survey comes back with a list of repairs/modifications, classed as either critical or recommended. The insurance will then ask for this survey and make cover subject to all critical items being sorted out in a timely manner (this will often include big, pricey jobs like renewing standing rigging, especially if it's older than 10 years). On the other hand the same purchase survey is also what you can use to strike a bargain with the seller - so keep in mind that this cuts both ways, and that surveyors will often over-specify necessary repairs to cover their own asses (they can be done for negligence). Pointing out to your surveyor that the same survey will be used for purchase and insurance purposes may be a useful.

Good luck with the boat search!

 

[macd]

Thread's a year old, guys. I suspect braceface is sorted.

 

[Yngmar]

Thread's a year old, guys. I suspect braceface is sorted.

Whoops. Who keeps increasing the year!

 

[laika]

Whoops. Who keeps increasing the year!

Look on the bright side. Only another 22 years until 1901 again.