insurance

Elcaro · 29 May 2019, 19:06

Hi chaps, I currently keep my 3.0 metre honwave ashore, but I've got the possibility of moving to a place on a pontoon, i.e. afloat (at some states of the tide anyway). I noticed that my insurance has a line where it says the boat will be kept ashore when not in use, so I casually emailed the insurers about keeping it afloat, expecting to pay a few quid more or whatever. They're still thinking about it. So I checked around in case I have to change insurers, only to find the entire insurance industry "having a cow" as Bart Simpson might say, about it being kept afloat.
As a lifelong home insurer and car insurer I am of course quite used to the fact that insurance underwriters must be smoking crack or something, but there are about two dozen other boats similar to mine on the pontoons - surely at least some of them must be insured? Next time I get down there I'll ask around but in the meantime, any recommendations for sensible insurance companies please?
TIA Terry.

Fenlander · 29 May 2019, 19:48

Yes... Craftinsure online have added that very extension to my smallcraft policy upon request. They will do it for short periods too but best value was adding to yearly policy for an extra £28 on a £50 policy. I'm happy with that.

It excludes Nov-March which suits my use.

Elcaro · 29 May 2019, 20:08

Fenlander, thanks. From your details it looks as if your boat is a bit bigger than mine if it's a 3.8. Mine is 3.0. The person I talked to - can't remember which company - said they wanted it kept ashore because of its size, i.e. small size.
I'll try Craftinsure - might be better to wait till tomorrow and speak to a human there!
Regards from Terry.

Fenlander · 29 May 2019, 20:13

Email is good for them too... usually a quick and personal response. They are very straightforward to deal with.

HDAV · 29 May 2019, 23:25

Check policy in detail, heard some interesting things about craft insure...

Fenlander · 29 May 2019, 23:41

>>>heard some interesting things about craft insure...

As in???

jambo · 30 May 2019, 00:05

Quote:

Originally Posted by Fenlander

>>>heard some interesting things about craft insure...

As in???

Don’t really know David but I have herd that it’s something to do with the way they calculate the value in your claim. I’m sure there’s a mention in another thread.

beamishken · 30 May 2019, 04:37

We insure 4 boats in our family and have done for 15 years ish. In that time we have made 3 claims, 2 in excess of £10k and one for my daughters sailing dinghy which should have been a total loss about 2.5k worth but craftinsure worked with us so the boat was repairable (and better condition than pre accident) all 3 claims were easy to submit and settled very reasonably
There is no problem with craftinsure's claims procedure

HDAV · 30 May 2019, 08:34

Quote:

Originally Posted by jambo

Don’t really know David but I have herd that it’s something to do with the way they calculate the value in your claim. I’m sure there’s a mention in another thread.

That’s what I had read, particularly when it came to valuing outboards. As with insurance the full document needs to be read and understood

Fenlander · 30 May 2019, 09:29

Oh they are very straightforward re OBs. On my smallcraft policy it's the new replacement price less 10% per year of age down to set deduction of 70% at 7yrs then it stays at that.

If my year old 10hp OB was stolen I'd be happy with that... a 20% deduction at two years old for my Suzuki 20hp I sold at that age would be more than I got for a trade in. So for new or newish smaller 4-stroke OBs it appears to work out near enough... well it does for me.

It might make you cough though if you'd paid top money for a 2006 15hp 2-stroke which now would be paid out at its fixed bottom value of £750. But in a way I can understand they wouldn't support the *overpaying* we all do if buying a 15hp 2-stroke around 15yrs old for £1250... overpaying I'd happily do if I wanted one tomorrow and found a minter.... but related to a new/nearly new 15hp those used prices make no sense.

I have no idea how it works out for larger OBs.

What I like about them is that it is so easy online and they are upfront about everything *before* you buy... for example as you input the basic details online it then comes up with a link to a sample policy for your boat type so you can read mooring restrictions, maximum speed allowed and outboard payout scales and all the other elements that matter.

Elcaro · 30 May 2019, 10:38

Hi all.
Fenlander, All, yes just heard back from my insurers saying because of the size of the boat they won't offer cover for it to stay afloat. This is the same story I've been getting from other insurers.
Don't know about boat insurance but in other spheres I get the impression there are a number of "insurance companies" but they all go back to a small number of underwriters. In the present situation of late-stage monopoly capitalism I would guess about two underwriters (going down to only one would make it a bit too obvious ....). But I digress comrades lol.
So I'll try craftinsure but I fear I'll get the same answer there.

What I totally don't understand is the presence of a couple of dozen boats similar to mine or even smaller moored to those pontoons, many with nice outboards. I could see you might just take a punt on a little SIB, but the engine too?

Weird.

I shall report back after contacting Craftinsure.

Regards from Terry.

Fenlander · 30 May 2019, 11:08

Be interesting to hear how you get on. Craftinsure say they are a privately owned underwriting company backed by Zurich.

Elcaro · 30 May 2019, 22:10

Fenlander, yeah I spoke to Craftinsure by phone and gave them my details for a quote.The person I spoke to said they'd be back within one working day. I'll let you know.
- Terry.

Elcaro · 31 May 2019, 13:01

Ah still waiting to hear ....

- Terry.

Poly · 01 June 2019, 08:48

Eclaro, it may well be that those other boats are not covered - possibly the owner hasn’t read the policy. I wouldn’t be surprised if some only have 3rd party cover, or no policy at all. Alternatively you might be able to cover it under a “rib” policy but it will cost you at least double what a sib policy would.

If you don’t mind paying then give John Friendship (member on here with that name) at Alan Thomas Insurers a call. He’s done some special things for me in the past like covering multiple craft on one policy, adding ability to keep on anchor overnight etc. BUT that won’t be the cheapest policy on the market.

Elcaro · 01 June 2019, 10:03

Hi Poly, thanks for your advice.
Hmm not heard back from Craftinsure but then if the answer is no I could imagine it not being worth anybody's while there to tell me, so I'm not holding my breath!
Actually I'm not at all happy that my current insurer has me in the right category in any case. I took this policy out years ago on a Wayfarer dinghy, then sold that and bought the SIB, and I/they simply changed the boat on the same policy. For example it's covered for racing! Don't know what I'd be racing, in a 3.0 meter SIB with a 2.5 engine!
So a fresh start might be a good idea anyway. Don't know if I'd get any refund though, have to check.
- Terry.

Fenlander · 01 June 2019, 10:48

>>>Hmm not heard back from Craftinsure

They offer a phone number so should deal with phone enquiries... however I always use email and looking back their response time has been about two hours to any query.

Elcaro · 07 June 2019, 12:49

Hi all, sorry for delay I got side-tracked into some other stuff. (painting house.)

Curtis Marine Insurance came back with a quote which I think I will take, As far as I can see I'll get a pro-rata refund from the current insurer.

- Terry.