petem
Well-Known Member
I increased the value whilst it was still 'Y' so maybe they've become a bit fussier. Still, I know lots of brokers so an increased broker valuation wouldn't have been a big deal.
Topsail Renewal
- Thread starter jrudge
- Start date
Portofino
Well-Known Member
Just spoke to Curtis .
What it is there online pro forma had a initial box of the bos price you populate then another optional box opens which asks what you want to insure it for the market value .
The system will throw up and reject excessive numbers entered inthis market value box , but allow for a premium uplift as Pete says to be collected .If I understand him correctly.
How ever in the event of a total loss claim the underwriters will request ALL supporting documentation to that box figure or both boxes if you have voluntarily populated the market value and the system did not reject it at renewal.
This brings in a professional valuation doc …..which is where I am. It trumps a self populated on line drop down box .
Its a bit cheeky imho to configure a renewal box allow punters to self value(within limits )and take the higher premiums for the uplifts .Then at a total loss pass the thing over to the underwriters , which they would do anyhow and let them untangle the value .
Far better to know before hand what currency is gonna be used by the underwriters in the event of a total loss , best accept from what’s out there be it Bos , reputable broker valuation or indeed a proper insurance valuation off the back of a insurance survey the very underwriter in question requested .
Extra layers of armour in your favour in the event of a claim .
markc
Well-Known Member
My policy via Curtis has an 'Agreed Value' endorsement
benjenbav
Well-Known Member
I think the key word is “agreed”. If the underwriter and insured can agree a value the figure can be included. If the underwriter doesn’t have data to support the insured’s figure it is unlikely to write the policy on agreed value terms. The source of the supporting data could be various and might or might not require an independent revaluation.
DavidJ
Well-Known Member
Not quite the same situation but I wanted to change from Topsail and got a quote from Craftinsure (as well as others) for my 2002 S37 value £95k
Realised that S34’s we’re selling for that so asked for an increase to £120k
Craft insure said no problem as long as as the original price paid is not exceeded.
Momac
Well-Known Member
By original price do you mean the price you paid or the price the original owner paid when the boat was new ?
petem
Well-Known Member
The policy terms and conditions trump everything unless you have made some kind of deliberate misrepresentation.
From what you say, Curtis seem to be making this rather
summary of cover (craftinsure.com)
Not sure if this is significant.
From what you say, Curtis seem to be making this rather
The Craftinsure website says...
summary of cover (craftinsure.com)
- Loss or damage to the vessel and associated equipment as agreed up to the total value insured due to external accidental means, fire, explosion, negligence, malicious acts and other causes specified in the policy.
Not sure if this is significant.
Momac
Well-Known Member
Insurers will never pay more than the sum insured.
petem
Well-Known Member
No, but they can pay less than the Sum Insured, which was my point.
Croftie
Well-Known Member
Not in my Craftinsure POLICY, part of the relevant clause says
"In the event of total loss or constructive total loss, we will pay £xx,xxx or at our option, provide a replacement boat of a similar age, size and type."
Ok so I know a few will baulk at " or at our option, provide a replacement boat of a similar age, size and type." but I doubt they could be bothered doing that rather than just writing a cheque.
petem
Well-Known Member
Let's say I bought a 2001 T34 for £125k (market value at the moment) and it suffers a total loss. The insurer might threaten to replace it with the cheapest similar one on the market (currently £83k). I'm unlikely to accept the lower priced vessel and more than likely they'd use that to negotiate down the amount that they pay me.
DavidJ
Well-Known Member
As it happened, I bought the boat new in 2002 so I refer to that price (which wasn’t much more in £ terms than the value today)
Portofino
Well-Known Member
If they discover the value is artificially inflated , correct Pete , which is my point .
Harder for them to argue against a insurance valuation / report they insisted on as a condition which marries up with the policy .
Theres no down sides to occasionally having a timely insurance survey .More so in a rising market .
Momac
Well-Known Member
It seems insurers will not agree a value greater than the sum the insured paid for the boat. At least not without a survey.
Momac
Well-Known Member
Yes. And they will pay less if they can get away with it.
To correct myself from earlier - they will never pay more than the sum insured less the relevant policy excess.
Portofino
Well-Known Member
Underwriters .instead of “insurers “ - Agree that’s what I found out many times when discussing uplifting the value with brokers .
It the underwriters who will gig deep into the real value .If you only have a bos and nothing else then that’s a starting point .
I have indeed a survey which the underwriters requested which supports the value insured .
That new value is 40% greater than the bos .It’s the only way to uplift it and stand any chance of a acceptable payout .
At the end of the day we all seem to have the same N+G ( Zurich) underwriters . Arguably sightly differently banded about by various insurance brokers .
Hooligan
Well-Known Member
Not true. True IF you have a total write off. In that case you will either get what you can negotiate with the insurer OR if you have agreed a value - which you can do but you pay more for this - they will pay you that value. However if you have a catastrophe and there is the issue of whether you write off or repair, then it is different. So if you can persuade the loss adjuster that you wish to repair the boat then the insurer has to accept the full cost of the repair even if that cost ends up being higher than the sum insured. This is what happened in my case - excess cost was almost 20%.
IMHO i do not believe that negotiating an agreed price, which will cost you more, makes any sense in a market where second hand boat prices are rising or stable. This is because when you come to negotiate with the insurer re the write off value it will all boil down to evidence in the second hand market. So in the current market it seems to me that the insured is in a better place as second hand prices are firm. The most important thing is not to underinsure.
Plum
Well-Known Member
I've just had my insurance renewal invitation from Topsail Insurance: same price as last year! Got online quotes from GJW, Craftinsure and Haven Knox. Topsail was lowest price.
www.solocoastalsailing.co.uk
www.solocoastalsailing.co.uk
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Seastoke
Well-Known Member
I have just had my renewal from topsail good price but I asked about being on anchor , and they said we must have someone on anchor watch or have an alarm , does anyone else have this in their policy
markc
Well-Known Member
Nope