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Post by pipemma on May 21, 2019 8:53:15 GMT
Another cry for help here folks.... I struggling with boat insurance this year. Premium has gone up by £200 - PITA but it is what it is. However, the excesses they want to impose have been increased by 500% with no change in risk. The broker tells me half the previous providers have pulled out of the market and the remaining ones are trying to recoup their losses from the 2017 hurricanes and to make sure all claims are covered by premium income. Specifically, they are imposing terms of £2500 excess for private & skippered use and £5000 for bareboat - the latter is more than charter fee and security deposit combined.
Obviously at those sort of figures I'm going to have to forget about bareboat charters, but £2500 excess seems rather excessive for even private use Anyone else had problems with getting cover this year - either at all or at the right terms? The boat is Greek registered, in Greece, under a Greek-registered sole tradership
I tried Topsail but because I personally live in Switzerland, their "account executive" (=grunt I suppose) is adamant they are not licensed to cover Swiss residents - even though everything to do with the boat is in Greece Any recommendations where else I could try?
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Post by Bora on May 21, 2019 9:29:47 GMT
With just private pleasure my 469 costs 1150 GBP for the mediterranean with an excess of 700GBP. Thats through Navigator & General.
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Post by MalcolmP on May 21, 2019 11:28:33 GMT
Shame Topsail can't help. They are expensive but sure that www.pantaenius.com/uk-en/ who I believe are German based and have good reputation should be able to cover you, but maybe that's who you are with already...
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Post by alenka on May 21, 2019 12:19:32 GMT
Been with GJW for last six years. No increase in Premium this year.
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Post by ohana on May 21, 2019 21:15:51 GMT
Try Y Yacht in Plymouth UK - have the best cover terms and prices. Just a contented customer. If you google yacht insurance, you will find some helpful threads on the YBW website, with wise posters giving good advice (especially JFM)
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Post by vasko on May 21, 2019 21:32:57 GMT
Depending on price of boat try: yachting24
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Post by ianpowolny on May 22, 2019 12:52:19 GMT
Affinity is insured through Bishop Skinner/Jelf for £640 for Spain and Portugal Atlantic coast. Excess is generally £450. This is of course on a 2008 boat. I expect you have a higher Hull & Equipment value.
You might also try theinsurancecentre.net based in Malaga.
Ian
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Post by rob57 on May 22, 2019 21:04:17 GMT
My boat is 43', UK reg but based in Greece and insurance covered us to sail her from UK to Greece 2 years ago. Premium has gone DOWN this year. Underwriters are MS Amlin - £517. Through Bay Marine Brokers in Cardiff.
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Post by pipemma on May 23, 2019 10:56:28 GMT
Hmmm. Representations to the underwriters have come up with the following:
Still think they're taking the P. My chief instructor in Gib is getting £800 premium for b/b & racing with £500 excess - albeit on a 2004 Bav 36 & 37 but still gives a proportionate ballpark
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Post by alenka on Jul 9, 2019 8:35:49 GMT
Just had my renewal invitation come through the GJW.
£100 CHEAPER than last year!
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Post by jy51 on Jul 9, 2019 17:04:22 GMT
Another cry for help here folks.... I struggling with boat insurance this year. Premium has gone up by £200 - PITA but it is what it is. However, the excesses they want to impose have been increased by 500% with no change in risk. The broker tells me half the previous providers have pulled out of the market and the remaining ones are trying to recoup their losses from the 2017 hurricanes and to make sure all claims are covered by premium income. Specifically, they are imposing terms of £2500 excess for private & skippered use and £5000 for bareboat - the latter is more than charter fee and security deposit combined.
Obviously at those sort of figures I'm going to have to forget about bareboat charters, but £2500 excess seems rather excessive for even private use Anyone else had problems with getting cover this year - either at all or at the right terms? The boat is Greek registered, in Greece, under a Greek-registered sole tradership
I tried Topsail but because I personally live in Switzerland, their "account executive" (=grunt I suppose) is adamant they are not licensed to cover Swiss residents - even though everything to do with the boat is in Greece Any recommendations where else I could try?
Unfortunately everything you say about the underwriters trying to recoup losses is true. I believe GJW have opened an office in Europe to bypass the pending Brexit problems, so can't see a problem with an EU registered boat even though you reside in Switzerland ! I have insured my Yacht 51 with them, a good deal with good cover.
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Post by alenka on Jul 24, 2019 12:41:26 GMT
In earlier post I pointed out that GJW had dropped my policy cost by £100 this year. I have just renewed online and found they will take payment by DD over 10 months at no extra cost... 0% interest!
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Post by heatherina on Jul 24, 2019 17:26:22 GMT
We are with GJW as well, 0% interest over the year.
We now insure with GJW through Premier Marinas, so extra benefits and extended cruising area.
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Post by pipemma on Aug 16, 2019 11:26:38 GMT
An update from me: I tried GJW and the others mentioned; most refused to even entertain the idea of Greek-flagged yacht with Swiss-resident beneficial owner. Y came up with a good quote but refused to cover bareboat, wanted photos of practically every part of the boat, and an official rigging check which, in Greece, costs around €250-300 - if you can get Waypoint to get off their arses to do it (cynical, moi?). Pantaenius and Bavaria would provide the cover with €2000 excess, but it would have cost another 400-500 in premium, so same as existing insurer. By this time it was well into June/July and, frankly, I'm just too tired! So I decided to stay with the existing insurer for this year but cancel the bareboat cover to bring the excess down to £750 for private and pleasure use and £1500 for skippered charter and instruction. I don't quite see how a charter skippered by a qualified professional is higher risk than P&P which could be skippered by a new Day Skipper with an ICC, but there you go. Will start investigating much earlier next year! And both my existing insurer and Y have said they've put it in their diaries to get in touch in early March.
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Post by alenka on Aug 16, 2019 12:39:18 GMT
As I mentioned earlier my policy came down £100 this year with GJW.
I spoke to them at the boat show a couple of years ago and asked if the hurricane damage would put up premiums and they said not as they don't insure boats cruising that part of the world.
I am guessing the cheap policy I enjoy is down to the fact that they only take on the simple to sort stuff.
Greek registered boats, with Swiss owners and chartered out does seem to me a recipe for all sorts of complications hence probably why you are being rejected by so many.
Changing subject. A friend who has his boat with another company thought he had a better deal than me as his policy was several hundred pounds cheaper - when we divided the hull value by the premium cost we found we were both paying around the same per thousand. Something to bear in mind.
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