Yacht Insurance

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alldownwind

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I've been with Bishop Skinner for quite a few years, but this year GJW are quoting me identical cover for 80 quid less (ie. £240 instead of £320, on a 31-footer). Doesn't appear to include any first-year 'sweetener' either.
Had yachts insured for 12 years, never made a claim.
While not wanting to open flood gates on everyones' insurance experiences, are there any views on these two particular companies?
 
They are both agents owned by insurers. Bishop Skinner is owned by Axa and GJW is owned by Munich Re (via Syndicate 457 at Lloyd's). Difficult to comment on the overall premium level without knowing about boat age/value/location etc. My research this year produced reasonably consistent pricing with only a couple of outliers obviously charging a higher commission sine the ultimate insurer was the same. I would hazard a guess there is some kind of introductory discount in the GJW price in this case, but PM if yu want to discuss in detail.
 
BS are excellent. I have sadly had to make one claim, and it was dealt with by three emails and a couple of phone calls. Cheque arrived three or four days later.

It's when you've problem and need help that you appreciate prompt action IMO. I'm not saying other insurers aren't as helpful, but I KNOW BS are and that's good enough for me.

In your place I'd give Bill Southgate (at BS) a call and expalin your predicament!
 
GJW are fine however like all insurers try to minimise risk so you might find the standard terms they offer have things to say about single handed sailing and sailing after dark single handed....They are open to discussion on both points /forums/images/graemlins/smile.gif
 
Vote for Bishop Skinner.....always handled my policies well and nice folks too....pricing is as keen asn anyone I have asked for a quote and policy terms seem solid enough
Never had to claim thus far, though....touching wood frantically!! /forums/images/graemlins/smile.gif
 
Another vote for BS who dealt with a £2k claim within days AND offer the singlehanded cover that I require. And as they come 'RYA Recommended' you do have another lever if disatisfied.
 
I changed to GJW this year with a £70 saving & it included single handing & night sailing(but not single handed sailing at night).A local yacht surveyor deals with them regularly & he says they are reasonable people to deal with.I got three quotes & my existing insurer (Haven Knox Johnson) who I had been with for 10 yrs plus were the most expensive by quite a bit.I have never made a claim by the way.
PS If you are with GJW & introduce a friend they give you an introduction fee(£20 I think)
 
Re: Yacht Insurance contd.

I don't know if this is helpful or not but here is a synopsis:

There are six major insurers for small leisure craft - 3 Lloyd's syndicates (Watkins 457, Amlin 2001, Talbot 1183) and 3 companies (Axa, Royal Sun Alliance, Navigators & General/Eagle Star). Virtually everyone you see advertising is an agent or sub-agent for one of them and they make a living from the commission, so in the normal course of events, the fewer people there are in the distribution chain, the less commission there is to pay. The market is pretty competitive but has not yet reached the depths of household and motor, where your best (and also worst) quote can be obtained on a Friday. Several people have mentioned claims service and they are absolutely spot on - there is no point in saving £50 on your premium if you are going to get a bucketload of grief when you have a claim.
Two other points - no claims discounts are a bit of a gimmick and you may as well run a higher excess and not worry about losing the discount in the event of a claim (the excesses are paltry in the overall scheme of things); location is important, there are some areas insurers don't want to go, but rather than say that, they just quote a high premium and hope you don't accept.

Sorry this is long, but hope it provides an insight into the workings.
 
Yes B.S. are supposed to give discount for RYA members, and also if you have a YM ticket. I qualify on both counts, asked B.S. one year what about these discounts (not shown on renewal) and they said they were already factored in. Seemed a bit glib at the time but I stuck with them.
As someone else said, GJW don't cover single-handed as standard but they have already told me they will give me daylight cover for s/handed (didn't want night anyway) at no extra cost.
Seems to me that BS have been steadily racking up my premium for a while - a few years ago I got a quote from GJW and they were much more, but now I find they are so much cheaper. Time to stamp my feet I think!
 
Re: Yacht Insurance contd.

[ QUOTE ]
More BS: their policy DOES include singlehanded at night - that's why I switched.

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I have singlehanded night sailing cover with GJW, but they need to discuss such cover beforehand and ask for an equipment list. I think this is quite reasonable and an insurer that just rubber stamped singlehanded night sailing cover would concern me.
 
GJW

I'll soon be able to tell you - have an outstanding claim with GJW for a break-in and removal of all the electronics over the Christmas break.

One exclusion which may prove difficult, in common with most yacht insurance, is that of computers and related equipment - those they expect you to have covered by your house contents insurance - the same exclusion applies to mobile phones etc.
 
and further on marine insurance

GJW do cover for single-handing, both overnight and out of sight of land.

However, so did Navigator's and General, who were expert at deviously working exclusions to mitigate their pay-outs.

Having said that all insurers will endeavour to minimise their pay-outs... understandably

Lombard were probably the most pernickety - but quick on payment.

What you do need to be aware is that most of the people with whom we deal (St Margarets', Knox Johnson, Pantanaeius, etc) are brokers. As such they are entirely in the hands of their underwriters, who frequently pull out the rug from under their agents' feet - Pantanaeus suffered as did Yachtmaster from such unilateral changes by their principals, and the agents are the ones who suffer the damage to their commercial reputation, not the underwriters.

However, if you're dealing with GJW Direct, you are interfacing with the insurer (even if there is a Chinese wall between the two).
 
Re: Yacht Insurance contd.

[quoteI have singlehanded night sailing cover with GJW, but they need to discuss such cover beforehand and ask for an equipment list.

[/ QUOTE ]
Me too; they just doubled the excess whilst doing so.
Have positive experience of their claims process as well.
 
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