Surveys for insurance companies

wombat88

wombat88

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It seems to me that insurance companies are increasingly asking for a survey before confirming cover, or at least expecting one reasonably quickly.

Do they all do this? Does it need to be a full survey? I'm talking about a boat worth around £5k, grp late 1980s, 20ish feet and absolutely no racer.

What experiences do others have? Is this the norm nowadays?
 
Hi wombat88

They did to me!
My boat was (is) worth even less than yours... and it's a day-boat, not a cruiser!

Even with fully detailed Hi-Res pictures they would not insure it without an official survey.
So I went for liability insurance only...

Old cheap boat? oups... :(
 
And the crazy thing is that they will not even send you a quote at all!

Bottom line (IMO)... they're losing business.
I do not have a surveyor anywhere near where I live. And I would probably go with their quote, even if would be higher than a similar boat that had presented a "proper survey"... Oh well.

I had really detailed pictures, pictures of the documentation, pictures of the boat, engine, etc... all clearly related to the same boat and all in "shipshape" condition.

But no chance.
 
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wombat88 said:
It seems to me that insurance companies are increasingly asking for a survey before confirming cover, or at least expecting one reasonably quickly.

Do they all do this? Does it need to be a full survey? I'm talking about a boat worth around £5k, grp late 1980s, 20ish feet and absolutely no racer.

What experiences do others have? Is this the norm nowadays?
Click to expand...

If you want comprehensive insurance you will need an insurance survey.

You need to ask yourself, if the value is £5k, you actually need comprehensive. Bear in mind that if it is a total loss, you may only be offered £3k and your comprehensive premium will be at least three times third party.

I have been insuring my boats third party for years now. And I only do that in deference to harm I may cause to others. No survey, no restrictions (with comprehensive there will be clauses about distance offshore, singlehanding, night sailing etc). Premium normally around the £100 mark.
 
There are companies that don't insist on a survey - eg http://www.yachting24.co.uk/en/home.html - it's operated by Pantaneus which is a very reputable name. Only works for known "class" boats though. There are others though.

If you don't have a survey keep good records of condition (inc recent photos), work done each year, and every bit of expenditure so you can show it was maintained.
 
I moved insurers last year to HKJ comprehensive without being asked for a survey, and they won't ask for a survey as long as the boat is with them (according to the insurance broker- can't find this on their website). Dunno if they might ask on smaller older boats though. Boat is 15 years old and last surveyed 5 years ago when I bought it.
 
chinita said:
If you want comprehensive insurance you will need an insurance survey.

You need to ask yourself, if the value is £5k, you actually need comprehensive. Bear in mind that if it is a total loss, you may only be offered £3k and your comprehensive premium will be at least three times third party.

I have been insuring my boats third party for years now. And I only do that in deference to harm I may cause to others. No survey, no restrictions (with comprehensive there will be clauses about distance offshore, singlehanding, night sailing etc). Premium normally around the £100 mark.
Click to expand...

Does "third party"boat insurance give cover for wreck removal if the boat sinks in an awkward place and possibly leaks oil and causes envirnmental damage?Im thinking there could be some big bills from that sort of thing.
 
Biggles Wader said:
Does "third party"boat insurance give cover for wreck removal if the boat sinks in an awkward place and possibly leaks oil and causes envirnmental damage?Im thinking there could be some big bills from that sort of thing.
Click to expand...
You'd need to look at the cover offered for a particular policy. My current cover (12 months on a mooring) doesn't cover salvage costs but I can live with that as the boat doesn't have an inboard engine, hence pollution risk is minimal. I wouldn't ever bother with comprehensive insurance on such a small, cheap boat.
 
Biggles Wader said:
Does "third party"boat insurance give cover for wreck removal if the boat sinks in an awkward place and possibly leaks oil and causes envirnmental damage?Im thinking there could be some big bills from that sort of thing.
Click to expand...

Para 6: Legal Liabilities

6.1 Loss of or damage to any other vessel or property.
6.2 Loss of life or personal injury.
6.3 Claims for salvage.
6.4 Claims which arise during attempts to raise, remove or destroy the wreck of the Vessel or boat(s) following a loss which is covered under this insurance.


No mention of anything to do with the 'environment' in four pages of microscopic detail.
 
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