Racing insurance

[flaming]

It's pretty wild when you notice at several events you sail in 2024 that a particular insurance company is sponsoring them. And indeed sponsoring a yacht that is sailing in some of them. But at renewal time they decline to quote because, and I quote, "your boat model is too racy and not within the appetite of the insurer".

Why then, dear insurance company, are you sponsoring racing events if you aren't interested in providing a service to the people competing in them?

 

[jlavery]

That's bizarre. Have you pointed out the paradox to them? Is their sponsored boat 'racy'?

 

[flaming]

That's bizarre. Have you pointed out the paradox to them? Is their sponsored boat 'racy'?

I have. And arguably slightly less racy, but not in a completely different class.

 

[Chiara’s slave]

Our insurance won’t cover the rig when racing. In spite of there being no known Dragonfly rig failures when racing. It's pretty foolproof, and bombproof. The by far larger risk I’d say is failing to bear off at a windward mark. Very very awkward if you’re an inside boat Multihulls have an amusing habit of failing to respond to the helm in a stiff breeze.

 

[michael_w]

Nobody covers rigs anymore. What about the common clause that your claim will be averaged if the gear is over 5 years old?

 

[doris]

And to think it wasn’t that long ago that Pants were serious sponsors of the AZAB, now they won’t quote for any type of racing any more.
Chatting around, the claims from the last Fastnet are a major cause of the rise in all our insurance premiums. The more I hear about the level of those claims the less it surprises me. A couple of outfits declined to quote ;last autumn for any type of JPK because the make was considered too racy, no interest in the fact that this was an FC (=Fast Cruiser)

 

[flaming]

And to think it wasn’t that long ago that Pants were serious sponsors of the AZAB, now they won’t quote for any type of racing any more.
Chatting around, the claims from the last Fastnet are a major cause of the rise in all our insurance premiums. The more I hear about the level of those claims the less it surprises me. A couple of outfits declined to quote ;last autumn for any type of JPK because the make was considered too racy, no interest in the fact that this was an FC (=Fast Cruiser)

Interesting...

Luckily I have found (via this forum initially) a good insurer who are responsive and answer the probably dumb questions of a new owner quickly and clearly. And have reduced their premium this year - probably the only boat bill that hasn't gone up! I was merely doing my due diligence in seeing if there were other options at renewal time, and thought I'd give the outfit who sponsored a load of regattas last year an opportunity to quote. I just really don't understand the logic of sponsoring the regattas if you aren't going to offer a product to the competitors!

 

[ridgy]

I have racing insurance with CraftInsure and they cover 2/3 of rig:

Racing Extension
• This insurance extends to cover loss or damage to sails, masts, spars or standing or running rigging, but limited to only 2/3rds of the cost of repair or replacement unless the loss or damage is directly caused by “S-106” grounding, sinking, or being in collision.
• Where only 2/3rds of the amount of any claim is recoverable under this extension, there will be no further deduction for wear and tear, and the policy excess willnot apply.
• Single handed racing is excluded.

 

[Birdseye]

It's pretty wild when you notice at several events you sail in 2024 that a particular insurance company is sponsoring them. And indeed sponsoring a yacht that is sailing in some of them. But at renewal time they decline to quote because, and I quote, "your boat model is too racy and not within the appetite of the insurer".

Why then, dear insurance company, are you sponsoring racing events if you aren't interested in providing a service to the people competing in them?

Well they are interested but only in the Range Rover than such yuppie racers have.