jordanbasset
Well-Known Member
Hi that is a lot, what type/size boat do you have. Our insurance with GJW for a 12 m sailing boat is £550
Recommend an Insurance Broker?
- Thread starter Steve N
- Start date
Hi that is a lot, what type/size boat do you have. Our insurance with GJW for a 12 m sailing boat is £550
Stork_III
Well-Known Member
I was with GJW for 10 years, but have just switched to YYachtinsurance for slightly lower premium, but mainly for their "All Risks" policy, after querying with GJW if similar terms are covered in their policy. They confirmed not, including that sinking is not an insured risk!
jordanbasset
Well-Known Member
Not sure why they said that, sinking is covered and infact they have paid out in the past -
http://www.ybw.com/forums/showthread.php?p=3417593
'I was insured with GJW for the 1st few years of my ownership of Sirenia, My Evo 25
When I managed to sink her they paid out the sum I asked for without any difficulty. '
l'escargot
Well-Known Member
Why noy go back to plan A and try a broker - see what they can come up with?
Steve N
Member
Waiting for your broker to get back to me, thanks
In the meantime, am still keen to hear if anyone has feedback on yyinsurance.
sailorman
Well-Known Member
Waiting for your broker to get back to me, thanks
In the meantime, am still keen to hear if anyone has feedback on yyinsurance.
i and many other forumites are covered by them
it was mainly down to other Co poor T & Cs that were highlighted here.
i have "an all risk" policy taken out in March & the premium costs just under 0.6% of value insured.
Steve N
Member
Yes, it's the "all risk" part that I found particularly appealing. Rather than a list of risks, they list exclusions and everything else is covered.
Have you heard of anyone's experience of having a claim through them? What's their level of service like?
sailorman
Well-Known Member
I phoned Barrie, it was agreed i would not req a survey. i was a previous customer with Pantaenius.
i filled in the on line quote form as asked & they emailed a quote. all this was going on when he was setting up his office with the builders in there as well.
i then moved from HKJ to Y.
the premium was a tenner cheaper
Stork_III
Well-Known Member
I am reporting what GJW's Senior Claims Executive wrote, quote:-
"we would be far more cautious regarding an engine failure that ultimately resulted in the vessel sinking - as the act of sinking per se is not an insured peril so the claim could fail on both counts!"
Stork_III
Well-Known Member
My premium with Y Yacht was just under 0.4% insured value.
sailorman
Well-Known Member
My premium with Y Yacht was just under 0.4% insured value.
i am very happy with my insured value
Tranona
Well-Known Member
My premium with Y Yacht was just under 0.4% insured value.
Using %age insured value is misleading as the total premium is not directly related to value. Only part of the premium is for the hull, machinery and personal possessions. The premium reflects the risk assumed, including third party risks and varies according to where you keep the boat, the extent of cruising grounds and the risks covered.
So, for my boat with an insured value of £55k I currently pay £300 (0.54%) for Elbe/Brest, moored in Poole. When I kept the same boat in Corfu the premium was £420 (0.76%) and when I sailed back to UK there was a supplement to cover the Atlantic part bringing it up to £500 (0.91%). Same insurer (AXA) through Bishop Skinner in all cases.
In general the %age value is higher with low value boats as the proportion of the premium that is for the hull and machinery is lower. My other boat is value £15k and the premium is £180 (1.2%). Same company.
So %age value is meaningless for comparison unless you are talking identical boats with same cover, or comparing one company with another for the same boat - but then of little use as the monetary cost tells you which one is cheaper (if the cover is the same).
Stork_III
Well-Known Member
I am fully aware of what you say. I was talking to Sailorman.
ukmctc
Well-Known Member
Bay Marine in Cardiff, speak to Sue.
sailorman
Well-Known Member
we both sail out of the same river, both marina based (although i can use my mooring march > oct)
Tranona
Well-Known Member
I know. Sorry to get involved in your scrap.
However the idea of %age value being a useful comparison (usually my %age is lower than yours - ya boo!) gets brought out again and again, so no harm in pointing out it is bunkum.
