Poignard
Well-Known Member
Ah but have you got a CQR? ?
Yacht survey for insurance purposes
- Thread starter Crinan12
- Start date
Little Dorrit
Well-Known Member
It's a shame that meerkat company don't offer a yachting insurance comparison.
Poignard
Well-Known Member
A meerkat on a boat advert should be fun! ?
Concerto
Well-Known Member
I would be highly surprised if a meerkat could not swim.
More likely that land based underwriters cannot fathom an unregistered moveable item that might sink, especially if only made in limited quantities with lots of owner maintenance and might also be decades old. That does not fit with computers and their neat little boxes.
Tranona
Well-Known Member
I guess "recognised" is perhaps a better term - in other words someone who is acceptable to the insurers. In fact the rigger doing my mast has a BSc in Yacht Manufacturing and Surveying and has been in business as a rigger for over 10 years plus has professional liability insurance. I am sure there are many others with similar formal and experiential backgrounds. Equally there is nothing to stop anybody setting themselves up as a rigger, indeed there is no reason why you cannot do your own rigging. Whether this is acceptable to insurers is another matter.
pandos
Well-Known Member
Yes....(in the garden)
I think marine insurance has been around for a long time....and I'd say the risk of loss is diminishing....so probably not a lack of box ticking.... More likely it's smal damage being repaired by yards at high costs....
Momac
Well-Known Member
Poignard
Well-Known Member
Thanks. I wasn't notified of that by the company.
[70521]
Well-Known Member
All about transferring risk. Somebody other than you has looked at/checked your rigging.
I recently had my rigging replaced and just inspecting the mast with an experienced rigger and seeing what he was looking for and identifying stuff that had happened since the last replacement was an education.
doug748
Well-Known Member
My boat is over 40 years old, and my insurers have never asked for a survey but I have been with them a long time and they are expensive (Pant's). This comment could well jinx me for next year. 
On another tack. I have been generally easing down my agreed value over the years and recently saw a similar boat, arguably less well equipped, sell on an asking price 10 grand more. I am underinsured, against a total loss, on present day prices.
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On another tack. I have been generally easing down my agreed value over the years and recently saw a similar boat, arguably less well equipped, sell on an asking price 10 grand more. I am underinsured, against a total loss, on present day prices.
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Concerto
Well-Known Member
Recently I talked to Navigators and General about raising the agreed value of Concerto due to the rise in secondhnd values, but they would only raise it by 10% without a survey or written valuation by a broker. So you may have to raise your agreed valuation over several years if you do not want to incur some fees.My boat is over 40 years old, and my insurers have never asked for a survey but I have been with them a long time and they are expensive (Pant's). This comment could well jinx me for next year.
On another tack. I have been generally easing down my agreed value over the years and recently saw a similar boat, arguably less well equipped, sell on an asking price 10 grand more. I am underinsured, against a total loss, on present day prices.
Tranona
Well-Known Member
Agree totally. The agreement I have with the rigger is that he will go over it with me and advise what needs doing. i will strip off all the old wires, he will make replacements which I well fit next spring then he will check it all over, step the mast and set it up. Have followed this procedure on 3 previous rig replacements.
Tranona
Well-Known Member
On my old Eventide I insured continuously with Bishop Skinner since the 1990s based on a 1992 survey after a major refit with the same valuation. No claims in that period but in 2018 advised survey required before going afloat because new rules (for them) of 30 years and above. Sold the boat without a survey and new owner sailed it away. If I had kept the boat I would have stuck with third party because despite its condition and level of expenditure in the latest refit I sold it for £4k - a good price for such a boat, and to get a clean survey I would need to replace the 1992 rigging.My boat is over 40 years old, and my insurers have never asked for a survey but I have been with them a long time and they are expensive (Pant's). This comment could well jinx me for next year.
On another tack. I have been generally easing down my agreed value over the years and recently saw a similar boat, arguably less well equipped, sell on an asking price 10 grand more. I am underinsured, against a total loss, on present day prices.
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On values, I reviewed the insured value on the Bavaria as it was still at the purchase price from 2015, but watching prices rising steadily decided to keep it the same rather than reduce. Just about to go on the market and asking price (based on what the last 2 similar boats sold for) will be not far off the insured value.
On my recently purchased Golden Hind I had a survey after I bought it (which did not find anything much I did not know about) and the surveyor valued it at middle of the asking prices for others and same as the last one sold for, (which was more than I paid) and insurers agreed. Condition from insurers before going into commission is complete all recommendations that are not cosmetic. Inevitably that will require rig replacement, but I shall also be spending substantially more on the refit and upgrading. When it is ready the surveyor will inspect work done and I will compile a list of expenditure, plus evidence of what the couple of top condition boats are asking to justify an increased insured value. Bit tricky as these boats vary so much in condition and price from £4k to nearly £30k with most over the last couple of years around £20k.
As to whether it is worth trying to raise your insured value will depend on their conditions. If it is just a broker or surveyor valuation then yes. However if they ask for a survey as well I suspect you will be looking at over £2k - £400 for the survey and at least replacement rigging unless you have documentary evidence it is less than 10 years old.
Not an easy call.
Elessar
Well-Known Member
My boat is over 40 years old, and my insurers have never asked for a survey but I have been with them a long time and they are expensive (Pant's). This comment could well jinx me for next year.
On another tack. I have been generally easing down my agreed value over the years and recently saw a similar boat, arguably less well equipped, sell on an asking price 10 grand more. I am underinsured, against a total loss, on present day prices.
.
I’m afraid you are possibly not just underinsured for a total loss, you risk being underinsured full stop.
Let’s say your boat is worth £10k and you insure it for £5k, they could potentially pay 50% of any (lower) claim.
I’m not an expert on policy wording but that’s definitely true with some insurance.
doug748
Well-Known Member
Indeed but I don't think it will be a problem in practice, in this case.
It is the total loss that concerns me more. However the time beckons where I may consider going 3rd party esp if I am ever asked for an expensive survey.
awol
Well-Known Member
For goodness sake! Your boat is an appreciating asset, a classic desired by all with any aesthetic sensibilities and so good YM awarded it a higher score than some low price AWB. You should be increasing its value.
Tranona
Well-Known Member
The "low priced" AWB has increased in value by about 20% in the last year and will sell for little less than it cost new 6 years ago having given an enormous amount of trouble free pleasure. Absolute bargain for both the current owner and the next one.
pandos
Well-Known Member
You may be deemed to be self insuring for a portion of any claim. This could be expensive in the case of a 3rd party or pollution claim...(obviously this might not be straight forward if the brown stuff hit the fan) Much would depend on the phrasing of the policy document and any claim form that you might submit.
When I insured mine for a value of more than 10,% on top of the purchase price, they initially refused but when I raised it with them that they would not regard me as self insuring the marginal portion, they agreed to cover my full valuation as an agreed value (with a pro rata increased premium,,)
Tranona
Well-Known Member
Third party claims are not connected to the insured value of the boat. The third party insurance part of the contract indemnifies you from third party claims against you if you are found negligent. You do not make claims under this part of the policy - the third party does. Claims for damage to your boat is covered by the all risks part of the policy and is indeed subject to conditions, most obviously the excess.