Marine Insurance

[CaptWebbo]

I am not sure if this is correct forum for this issue, but I am baffled by two quotes for sailing yacht insurance that are £550 and £1100 respectively. Exactly the same criteria. The lower one is Bishop Skinner, the higher GJW. Anyone got any views on marine insurance? Is the lower one too good or the other outrageous?Boat is 3 years old and is worth c£125000

Capt Webbo

 

[Csail]

£550 sounds about right.

 

[FullCircle]

I pay around 410 quid GJW for 98000 quid, brest to the elbe, 12 months in commission(winter in marina, summer on swinging mooring), up to 24hrs single handing. Including 'legal' insurance.

 

[pyrojames]

The lower one sounds OK, the higher one high. My old insurance was about £350 for 35k, but a timber boat, the new boat got quotes from £650 to £1900 for 85k, still timber but older.

 

[AndyPandy]

we're in the same boat, pardon pun.

going to collect our new bav from ipswich next week and quotes are ranging from 300 to 800 with same info given on all requests.

we want good value but not sure as we haven't heard of most of the companies. worried about going cheap in case they're rubbish if the worst happens but don't want to pay top end price if theres no need.

any recomendations through experience?

andy

 

[Chris_Robb]

There is no shortcut but to read and compare the policies. If you use a broker, thats what he is meant to do.

There is a lot of variation in policies especially effecting boats over 10 years when the dreaded phrase "Betterment" gets seen on some and not others, but not necessarily worded as such. With Panteanius I think that heavy deductions were made on the age of something, whereas Navigators policy was almost a new for old one.

 

[pyrojames]

Check who the underwriters are for starters. They should all be familiar names.

 

[pyrojames]

I can't say thatwas my impression when with Pantaenius. I thought they _were_ very good. Then they doubled my premium and basically said they were not longer interested in covering me. Despite me never having made a claim.

 

[fireball]

We insure our whole fleet through Bishop Skinner ...

I've had:
ISO racing dinghy: New Mast, Main & Boom - capsised and swept into a mooring chain /forums/images/graemlins/blush.gif snapped the mast in 3 places /forums/images/graemlins/blush.gif
Rang them up - answer was - just get it and send us the invoice


J SO 30: New RM Wind, Tridata, GPS, VHF, VHF Antenna, Dom Radio - lightning storm killed the lot.
Again, Rang them up - answer was - get a marine electrician to check it out - get it done and send us the invoice.

Brilliant!

 

[Skyva_2]

£1100 sounds a lot for a boat of that value, £550 sounds good value!

I have been with Bishop Skinner for 12 years, one claim paid instantly with no hassle whatever.

 

[sarabande]

I reckon the second bunch thought it was for a cat.

 

[Judders]

To state the bleedingly obvious, one is writing at 1% and one is writing at 0.5%, so you need to ask why?

If it's through a broker then they ought to tell you precisely and if they can't then find another broker.

That said, I am not sure GJW take business from other brokers do they?

If there is no broker then I would strongly advise reading the summary of cover at the very least, if not the policy wording.

 

[Chris_Robb]

Did you read the Policy?

 

[pyrojames]

Funnily enough, I have all the old documents to hand. It was an agreed value policy, no squirming in the event of TCL, and a new for old replacement for breakages. Quite a good policy when I had it, though no longer available to me as they wanted to move to bigger more expensive classics.

 

[ShipsWoofy]

GJW do not cover cats, at all, never, ever, NO

I keep trying!

 

[Judders]

[ QUOTE ]
, no squirming in the event of TCL

[/ QUOTE ]

You might have agreed the pre incident value of your vessel but you haven't agreed the value of the salvage so there's still plenty of room for argument on an agreed value policy.

 

[Chris_Robb]

Read on - the problem bit in their policy was where anything was over 10 years old - eg Mast - they would deduct 30% from any settlement. Total loss on agreed value is standard on all marine contracts. (or should be!)

 

[Judders]

[ QUOTE ]
Read on - the problem bit in their policy was where anything was over 10 years old - eg Mast - they would deduct 30% from any settlement. Total loss on agreed value is standard on all marine contracts. (or should be!)

[/ QUOTE ]

Hmm, that's interesting. Ten year old standing rigging is often worthless but a ten your old boom isn't.

 

[Chris_Robb]

That was the question I asked - what would be the payment if I lost my rig? I never got a clear answer. Where as I could affort the 30% deduction on a new boom - what would the loss of a whole inmast furling rig complete with all sails and rigging costs? _ I am sure it would make a big dent in my wallet - and thats the reason why I have insurance. I am happy with the Navigator contract - which was cheaper

 

[pyrojames]

Not on any of the documents I have to hand. All a bit academic now, as I no longer use them.