Problems with Insurance

[Sammy Lou]

Dear Panel,

I bought our current yacht this time last year and at that time amended my insurance, with the supplier that I've had for the past 5 years, to cover the new (old) boat. The new insurance carried the condition that ‘all work recommended by the Surveyor (in the purchase condition survey) be complete within 12 months’.

Well, the majority of the work is complete (rigging, remedials to hull, through hull fittings etc) but there are bits that are outstanding (replacement of window, cooker, compass & items associated with engine renewal, plastic through hulls).

I have written to the insurer and explained what work is compete and what I wish to defer to complete over the next two winters maintenance/refurbishment. The insurer has said that it is subject to approval by the Surveyor but on asking for his review, he wants to make considerable hourly charge to even read through the related paperwork.

The boat is old, relatively low value (<£30K) and in need of a lot of updating, which I'm committed to doing, but it will take longer than the period expected by the insurer to complete.

Additionally the boat is only in use as a coastal cruiser, with mostly day sailing within the Solent, so it is not pushing the boundaries for endurance/use. I would expect the insurer to take a common sense approach.

What to do? Are there any reputable insurers that will offer me insurance without a condition survey? I'm reluctant to continue with the current insurers as they seem unreasonable or is this normal conditions?

Any advice gratefully received.

 

[sailorman]

Fill in the online form, then phone Barrie

http://www.yyachtinsurance.com

 

[RichardTaylor]

A long time ago (14 years?) I insured a low value (£5k) boat based on my own description with ease using GJW

 

[theoldsalt]

I had a similar problem some years ago. I long list of recommended work was included in the surveyor's report. When I came to insure the boat the companies that insisted all work must be complete before they would insure "in commission" were all "budget" insurers. I then discussed the issue with Navigators & General and we agreed which items in the list affected the "sea worthyness" of the vessel and which items were of lesser significant and which could be classed as "on-going routine maintenance". They did not impose a rigid timecale on these items. It took me a couple of years to get through the lesser items and N&G never chased me for confirmation that all work had been completed nor did they ask for a surveyor's "update".

I think it depends on which insurer you use and your relationship with them. The cheapest rarely gives you the "best deal".

 

[Sammy Lou]

Thanks all.
I've submitted a request to Y Yacht and I'm waiting a response.
I've been with this insurer for 5 years (three letters - begins with G) and have not had any claims. Up to now no issues, I thought I had a good relationship and that they are a 'quality' insurer.
I'll see what comes of Y Yacht and then maybe try N&G if necessary.

 

[VicMallows]

I've been with this insurer for 5 years (three letters - begins with G)

I was with that company for many years and have no complaints at all. However when my Sadler29 became 20 years old they started demanding 'full out of the water ' survey. This cost would have been way out of proportion to the premium. I shopped around!

 

[FullCircle]

another 'Y' recommendation

 

[Sammy Lou]

Resolved. Boat now insured with Y Yachts.
Pleased that I've changed. The cover cost a little more but their terms and conditions of insurance look more reassuring.
Very sensible and straightforward to deal with to.

Thanks everyone.

 

[sailorman]

Resolved. Boat now insured with Y Yachts.
Pleased that I've changed. The cover cost a little more but their terms and conditions of insurance look more reassuring.
Very sensible and straightforward to deal with to.

Thanks everyone.

That is the very reason many of us use them