Third Party + Theft Insurance?

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Microyacht

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Does anyone know where I can get Third Party + Theft insurance from?

(NO, NOT Third party, FIRE and Theft which normally required you take out COMPREHENSIVE insurance requiring a Full out of water survey).

I'm purchasing a 27ft GRO Yacht which I know and and am happy with and there are no easy facilities to haul her out. Situation may change BUT for the immediate future I need her to be insured 3rd party to cover the Marina conditions and Theft so that if she gets stolen, I'm not left "high and dry" without a boat!

Steve
 
No one has answered yet, so I'll give it a go.

Many marine insurance companies will insure smaller boats without a survey. I've never done it, but loads on here will have.

Theft of even small sea-going boats is pretty rare. All the cases I've heard of have been more complex than simple thefts, with the owner and the 'thief' knowing each other. Might be different if you're keeping a trailer sailer in a car park.

I've never heard of third party, fire & theft in a marine context (although I admit it's not something I've looked into), but third party insurance does exist.

Marine insurance is generally cheaper than car insurance and you can lower the price by increasing the excess. Full insurance can be as low as 0.5% of the boat's agreed value for an experienced yachtsman.
 
I have a part-share in a small fast motorboat; my share is small enough that I'll swallow the loss if we trash the thing, but I wanted third party cover in case we trash somebody else's. http://www.basic-boat.com does instant third-party cover, just fill in a Web form and they'll automatically email you the documents. It's a flat rate depending on the type of craft; £80 a year for a seagoing boat under 17knots.

EDIT: Also, I don't remember the insurers wanting to see a survey for comprehensive insurance of either of the yachts we've had.

Pete
 
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Never heard of it in the marine context, only ever had 3rd party or comprehensive on vzarious boats. Even with car insurance these days, fully comprehensive can be sometimes be cheaper than 3rd part, fire & theft. Not all insurers insist on a full survey, shop around. Very few boats in the water get stolen.
 
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Hi ALL. Many thanks for your comments.

I've phone a few more insurance companies and as soon as I say that I am looking for "Third Party + Theft" they say, "No sir, we don't do Third party, Fire and Theft". To the last one I spoke to . . . . . . I got really annoyed and said are you F'ing deaf? I NEVER mentioned FIRE. It seams that in the insurance world, anything other than Third Party only, they assume it's T.P.F & T or comprehensive.

Since I posted this thread, I've received confirmation quotes from SAGA and also from Navigators & General Insurance for Comprehensive cover and both clearly state that I would require "Full out of water Survey".

SO, if anyone can point me to a specific company that will insure a 1974 Albin Vega 27 Sailing Yacht, comprehensive cover and NOT needing a survey (Because there are no facilities for hauling out on the pontoon where she is moored) . . . I will be forever grateful.

Steve
 
Try Yachting24, I insured my 1972 Vega with them a few of years ago for £157, fully comp, no survey. Also just done same for my 1978 Dufour 29 which was £190. All done online. They're underwritten by Pantaenius who have a very good reputation & there have been several reports of good claims handling on here. However if their rule is to cover boats under 40 years old I fear you might just lose out but well worth a try. Good choice of boat BTW, loved my Vega just a bit too small to live on. Saying that I did live on her FT for 2 years...

http://www.yachting24.co.uk/en
 
. . . . . Hi V1701.

My Vega "Freya" just purchased is NO: 1702 ! That's amazing.

I am doing dinner at the moment but will try them later.

Many thanks

Steve/G4MJW
 
Yachting24

You won't believe this but they only accept yachts up to 40 years old.

My Albin Vega was built in 1974 and I now remember the on-line form would NOT accept my application!

I really am struggling now!

Steve/G4MJW
 
Microyacht said:
Yachting24

You won't believe this but they only accept yachts up to 40 years old.

My Albin Vega was built in 1974 and I now remember the on-line form would NOT accept my application!

I really am struggling now!

Steve/G4MJW
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In that case I'djust go with online third party, should be fine especially in a marina. There were about 3500 Vegas built & the last year was 1974 I think, so if yours is #1702 she must have been built in 1972 as well, no?
 
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Microyacht said:
Hi ALL. Many thanks for your comments.

I've phone a few more insurance companies and as soon as I say that I am looking for "Third Party + Theft" they say, "No sir, we don't do Third party, Fire and Theft". To the last one I spoke to . . . . . . I got really annoyed and said are you F'ing deaf? I NEVER mentioned FIRE. It seams that in the insurance world, anything other than Third Party only, they assume it's T.P.F & T or comprehensive.

Steve
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Not sure why you don't want fire insurance. In boat insurance there are 2 types of insurance, third party only or all risks (which covers fire and theft as well as damage to the boat). That is why you are getting what you see as negative responses. If you want to insure against theft then many insurers ask for a survey to support the value of the boat you are insuring. others as you will discover may not require a survey on a low value boat. However, they may take into account where the boat is kept and the type off sailing you intend doing as these can affect the risk, and therefore the level of cover offered. The 2 quotes you have are from companies which generally do not take lower value boats from new customers.

If you don't get any luck with the other 2 companies suggested, then there are plenty more to try with on line quotes or you can go to a broker.
 
V1701

You are probably right.

The owner tells me she was built in 1974!

I should blame it on him? I don't like the idea of only third part insurance as I have equipped her for long distance cruising with load of HF SSB Radio gear/Email/Nav Electronics worth as much as the boat (not quite) and I really would like insurance covering theft! In an age when you can insure almost anything, I don't understand why I can't find a money grabbing Insurance company that won't take my money for the extra on the insurance policy for something that according to many, won'y ever happen?

Steve/G4MJW
 
Microyacht said:
I really am struggling now!
Click to expand...

Does prv's suggestion of http://www.basic-boat.com not suit for third party?

If you want more than 3rd party, worth going the whole hog.

As I said before, theft is a pretty low risk. Fire is pretty low too. So no point in even trying for anything other than the full works if you want more than 3rd party.

If I was to list the claims made by or against people I know in some form of order it would be something like this.

1) Racing collisions
2) Blowing over in the yard or damaged when being moved in the hoist (amongst people I know that has probably cost insurance companies more than everything else).
3) Dropping rig (an awful lot more expensive than you might think - riggers make chandlers appear philanthropic)
4) Grounding (that one made it into the magazines but I was several hundred miles away at the time)

I'd guess collisions in the marina or being hit at a mooring is the next highest risk. Then lighting strikes frying electronics perhaps. Fires are occasional. Boats also occasionally sink through skin fitting corrosion etc. (but insurance companies often get out of that one - long threads on the subject on these fora). There's about one gas explosion about every three or four years and someone lost a leg in the nineties (although several forumites have probably died of apoplexy since whilst debating the subject).

In terms of insurance companies, maybe start a new thread asking for recommended insurance companies for small boats.
 
Microyacht said:
I should blame it on him? I don't like the idea of only third part insurance as I have equipped her for long distance cruising with load of HF SSB Radio gear/Email/Nav Electronics worth as much as the boat (not quite) and I really would like insurance covering theft! In an age when you can insure almost anything, I don't understand why I can't find a money grabbing Insurance company that won't take my money for the extra on the insurance policy for something that according to many, won'y ever happen?

Steve/G4MJW
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In that case go for all risks. You're probably at least as likely to lose the electronics to a lightning strike than you are to theft (for some reason boat theft stories often seem to be around Portsmouth or Gosport). Beware also of the small print about new for old (or not).
 
I've been involved in RADIO and Electronics all my life. I can hear static crashes on the radio long before I can see lightning. I've got £5,000 of Ham Radio equipment at home and never lost anything. I don't need racing cover or anything else . . . . . . I just need THEFT of the yacht cover.

I'll ring my mate who works for Lloyds of London on Monday.

I can't go COMPREHENSIVE unless no survey is required as I can't easily haul out the boat for a full out of water survey.

There must be someone who does it or an insurance company NOT requiring a survey for COMPREHENSIVE cover. First person who comes up with them, I'll send them a "Prize"!

Bye for now

Steve/G4MJW (G4MJW is my Class "A" Amateur Radio Callsign from 1981, previously G8HRM (Class "B" from 1973)
 
You not going to be talking about a lor of money for insurance talk to a proper marine insurance Co explain problem they may accept a afloat survey and put some terms in til out of water can be done
 
Microyacht said:
. I just need THEFT of the yacht cover.

I'll ring my mate who works for Lloyds of London on Monday.

I can't go COMPREHENSIVE unless no survey is required as I can't easily haul out the boat for a full out of water survey.

There must be someone who does it or an insurance company NOT requiring a survey for COMPREHENSIVE cover. First person who comes up with them, I'll send them a "Prize"!

Bye for now

Steve/G4MJW (G4MJW is my Class "A" Amateur Radio Callsign from 1981, previously G8HRM (Class "B" from 1973)
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Try Lloyds - a mate did that for single-handed offshore racing. In asking only for cover from theft, you're asking for something very specific that the rest of us generally aren't interested in and the insurance companies generally aren't set up to provide.

There's loads of insurance companies do insurance of small boats without a survey. It's just not the route I've taken with my boat (I'm insured with Pantaenius) and I can't give a recommendation.

Really, start a new thread asking about insurance recommendations for small boats without a survey. It is quite common, I suspect your thread title is causing people just to pass by.
 
Thank you everyone. I am sure I (we) will sort it out. Really surprised that THEFT insurance is not offered on it's own or attached to 3rd party. I'm probably paranoid. Having just retired, my boat is going to be my home for a number of years . . . and it worries me that it could happen that after going inland for a while, upon my return, my boat (home) has been stolen.

I'll follow up on the suggestions online this evening and phone on Monday.

Thanks everyone.

Steve/G4MJW
 
Microyacht said:
Thank you everyone. I am sure I (we) will sort it out. Really surprised that THEFT insurance is not offered on it's own or attached to 3rd party. I'm probably paranoid. Having just retired, my boat is going to be my home for a number of years . . . and it worries me that it could happen that after going inland for a while, upon my return, my boat (home) has been stolen.

I'll follow up on the suggestions online this evening and phone on Monday.

Thanks everyone.

Steve/G4MJW
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Don't take this the wrong way but you are coming across as a bit fixated on getting on just 3rd party and theft which many have told you is not available.

Asking for a bespoke package from Lloyds will probably cost more than just buying the all risks. Swallow your pride and buy the cheaper but better package. 3rd party and theft is not available because no-one else really wants it so the fixed costs of establishing such a package will be born by you alone.

Ask around for insurance companies who will offer all risk for low value yachts without a survey and you will probably get a number of suggestions.

If you end up with better insurance because it can be cranked out in volume, be grateful that you got more than you expected and expend the effort on something more productive.
 
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