Third party insurance - any advice?

[LittleSister]

I am looking to get third party (only) insurance, in the first instance for a boat laid up ashore with occasional maintenance being undertaken. (I might be looking at a later date for a boat in use). Any recommendations, warnings or other advice?

I did have third party only briefly many years ago (pre-internet), from a firm advertising in PBO. As far as I could see at the time, it provided a certificate but the the policy seemed written to exclude, or at least discourage, almost any possibility of a claim.

 

[syvictoria]

Hi LittleSister. I haven't used them personally, but others I know have recommended:

Basic Boat liability insurance-small boat liability insurance-boat insurance

 

[V1701]

Yes I've used Basic Boat for years, it's 3rd party insurance, I buy it because I have to have it, indeed it would be wrong not to have it in case I do something daft and damage somebody else's boat but I know nothing about the company or how they handle claims...

 

[neil_s]

I am third party only with Navigators and General - but this is my first year with them. All online - you don't get a certificate.

 

[ashtead]

As you may know N&G is a Zurich insurance brand -my advice is just ensure you take cover from one of the well known insurers or Lloyds syndicate to avoid any more dubious players sometimes reported on these fora.

 

[Tranona]

Not sure why you are limiting yourself to third party only if the boat is laid up. The risk of damage to the boat is very little different when laid up compared with in commission. Most claims are for theft or damage from the weather. I would not leave an expensive asset like a boat uninsured just because it was not being used. Third party claims are highly unlikely - the only real risks are fire because of your negligence spreading to other boats or boat falling over due to your negligence. The yard will have third party that covers any damage they do to your boat while they are handling it, or for example if it caught fire because of their negligence. on the other hand if your neighbour damages your boat and is not insured, yours will be covered if you have all risks insurance.

Of course if the boat is low value and you are not bothered about losing it then don't insure it!

 

[Graham376]

Yes I've used Basic Boat for years, it's 3rd party insurance, I buy it because I have to have it, indeed it would be wrong not to have it in case I do something daft and damage somebody else's boat but I know nothing about the company or how they handle claims...

One danger with third party only is that if the boat sinks, it often excludes wreck removal or pollution, the costs of which could be very expensive.

 

[mainsail1]

My experience has been that the difference in cost between TP insurance and comprehensive is so small that I have always gone for the comprehensive anyway. For example, on a small boat that I have I only wanted TP insurance but TP insurance was £78 and fully comp was £92. (4 years ago).

 

[syvictoria]

My experience has been that the difference in cost between TP insurance and comprehensive is so small that I have always gone for the comprehensive anyway. For example, on a small boat that I have I only wanted TP insurance but TP insurance was £78 and fully comp was £92. (4 years ago).

I suppose the availability or not of a survey report might make TPO insurance a more attractive/cheaper option.

 

[graham]

Basic boat provides 3d party plus wreck removal if your boat sinks and you are obliged to remove it.
I used them for years ,never claimed so cant comment on that aspect.

 

[DownWest]

I am interested if one can get this for a boat registered in France. My little home built 15ft faering had to have a survey to get the compulsory insurance. So I shelled out the €180 for the survey and my domestic ins co provided simple cover for €55; OK, but, each year it increased by a % way above inflation, until I really got fed up with them at €250 pa. Same with house. That year they raised it 20% . Cancelled the lot and went elsewhere. They (the front office girl) said that if I went for dubious internet outfits then of course it was cheaper. That got my goat and I told her quite forcefully that another mainstreet co had quoted 30% less for everything.
Rant over..
So, with a new little boat being finished off, Can I insure it in UK if used here?

Oh, I should add that I have never claimed on any insurance policy, car, house or boat. Which must put me in a quite small minority? Touch Wood...

 

[Gary Fox]

I am interested if one can get this for a boat registered in France. My little home built 15ft faering had to have a survey to get the compulsory insurance. So I shelled out the €180 for the survey and my domestic ins co provided simple cover for €55; OK, but, each year it increased by a % way above inflation, until I really got fed up with them at €250 pa. Same with house. That year they raised it 20% . Cancelled the lot and went elsewhere. They (the front office girl) said that if I went for dubious internet outfits then of course it was cheaper. That got my goat and I told her quite forcefully that another mainstreet co had quoted 30% less for everything.
Rant over..
So, with a new little boat being finished off, Can I insure it in UK if used here?

I have overwintered in Brittany (6 months) and Norway (18 months actually) on Marihøna, and a claim was paid with no quibbles in Norway (by the sadly defunct Y Yacht insurance brokers,underwritten by Amlin).
Is there much difference between a big chunk of the year and all year round?

 

[LittleSister]

Thank you all for your comments.

Third party claims are highly unlikely - the only real risks are fire because of your negligence spreading to other boats or boat falling over due to your negligence. . . .

Of course if the boat is low value and you are not bothered about losing it then don't insure it!

It is a 'spare' boat of low value that I don't need to insure for its own sake, but I am mindful that, unlikely though it might be, accidents do sometimes happen, and could cause another boat damage that is beyond my pocket - e.g. there was a recent thread on here by someone who's boat was damaged by another boat on fire.

 

[ashtead]

I am interested if one can get this for a boat registered in France. My little home built 15ft faering had to have a survey to get the compulsory insurance. So I shelled out the €180 for the survey and my domestic ins co provided simple cover for €55; OK, but, each year it increased by a % way above inflation, until I really got fed up with them at €250 pa. Same with house. That year they raised it 20% . Cancelled the lot and went elsewhere. They (the front office girl) said that if I went for dubious internet outfits then of course it was cheaper. That got my goat and I told her quite forcefully that another mainstreet co had quoted 30% less for everything.
Rant over..
So, with a new little boat being finished off, Can I insure it in UK if used here?

Oh, I should add that I have never claimed on any insurance policy, car, house or boat. Which must put me in a quite small minority? Touch Wood...

If you boat is registered in France then the location of risk is France -most global insurers are licenced across EU and are either licenced as a limited company subsidiary in UK or have a third country branch in with the regulator(FCA) which one day might be approved but continue to insure in Uk under the TPR. So in summary speak to a broker and even if they don’t cover French risks they will have some arrangement via a sub broker which has an authority from an insurer to accept French located risks. I afraid price of all marine covers has arisen due to narrowing market in summary but try to find an insurer via your broker who has been in market for a while and hopefully less risk of their not renewing.

 

[Tranona]

Thank you all for your comments.
It is a 'spare' boat of low value that I don't need to insure for its own sake, but I am mindful that, unlikely though it might be, accidents do sometimes happen, and could cause another boat damage that is beyond my pocket - e.g. there was a recent thread on here by someone who's boat was damaged by another boat on fire.

OK makes sense. I was in a similar position when I laid up my Eventide for 9 years! However I kept up the all risks insurance because there was valuable gear on board such as new engine, expensive winches and so on so biggest fear was theft rather than damage. The all risks element was about £70pa over third party for £13500 cover.

 

[Graham376]

Basic boat provides 3d party plus wreck removal if your boat sinks and you are obliged to remove it.
I used them for years ,never claimed so cant comment on that aspect.

I wish there was a standard policy wording and benefits, instead of having to scrutinise the small print every time.

We've been with Amlin for several years comprehensive cover but on renewal last month they would only do third party. This is extract from Topsail's renewal email - " they would only quote Third party excluding removal of wreck and salvage charges and would require a new survey". We're no longer with Amlin!

 

[Gary Fox]

I wish there was a standard policy wording and benefits, instead of having to scrutinise the small print every time.

We've been with Amlin for several years comprehensive cover but on renewal last month they would only do third party. This is extract from Topsail's renewal email - " they would only quote Third party excluding removal of wreck and salvage charges and would require a new survey". We're no longer with Amlin!

I am lumbered with Amlin, I have two ancient but seaworthy vessels, who did you change to, if I may ask?

 

[Graham376]

Still with Topsail but Navigators and General policy, survey needed before renewal next year, last one was 7 years ago. Pants were £50 dearer but wanted survey now. Problem we have is mooring based 12 months in service, outside UK.