Underwater Gear Insurance

Jeff Pike · 11 August 2006, 21:18

Hi guys,

I know a lot of you insure with Porthcawl insurance. Just had a quote through from them to compare with my existing insurance (up for renewal).

Much cheaper & seems a better cover. Just want to check - policy wording specifies: impact between vessel and any dock, harbour equipment, land conveyance or aircraft or anything falling from an aircraft. Also specifies breakage of shafts. Also fortuitous accidents.

Exclusion includes damage to engine or other machinery unless caused directly by stranding, collision or impact (amoung others).

No specific mention of the leg or propeller - if impact with submerged object or object in water. Anyone know if this is covered? Do I need a specific clause? Can it be insured? Is it covered under the machinery wording?

What do you reckon?

Jeff

Jeff · 11 August 2006, 21:36

Hi Jeff
Ring Steven at PIC - he will tell you the correct interpretation of the policy wording.
I had the very unfortunate incident of hitting a submerged object (still do not know what!!! - except it wasn't rocks) and whilst it didn't damage the engine it did enough damage to the hull that I have just had it written off.
I am now awaiting completion of a new hull.
The assessor seemed slow at finalising and sending off the report but the claim was settled in full - PIC's policy is a "specified value" and I have received the full insured £'s
Never want to have to claim again - but my experience is that it is a good policy.
You only find out whether your premiums are worthwhile when you have to make a claim

Jeff

Poly · 11 August 2006, 21:37

Quote:

Originally Posted by Jeff Pike

Hi guys,
Exclusion includes damage to engine or other machinery unless caused directly by stranding, collision or impact (amoung others).

No specific mention of the leg or propeller - if impact with submerged object or object in water. Anyone know if this is covered? Do I need a specific clause? Can it be insured? Is it covered under the machinery wording?

What do you reckon?

Jeff

Personally I would say it is covered as that is damage caused directly by collision or impact. Give (steve?) at Porthcawl a ring - he should be able to advise - and I found him very helpful. Unlike your average broker he obviously knows his way around a rib.

[edit - sorry posted at same time as jeff]

Jeff Pike · 11 August 2006, 21:45

Cheers Jeff & Polwart, will give them a ring in the morning. Good to know they pay up. As long as they can confirm this I will be switching to Porthcawl.

Jeff - sorry to hear about the collision. Hope the new hull is OK

Jeff · 11 August 2006, 22:02

Hi Jeff
I am sure Steven will set your mind at rest - I am "certain" its covered ; let us all know.
Oh ........ my newey ...............Its like being an expectant father .................

........ and I have never had any

Jeff

Jeff Pike · 11 August 2006, 22:09

Will keep you posted. Where do you do your diving?

Jeff · 11 August 2006, 22:16

Bridlington (when desperate - though last w/e I was out there for only the 2nd time this year>>> 8-10m viz ?!?) ........... but usually the Clyde, Dunbar and Oban areas.
..... Chesterfield is really handy for the coast !

Jeff

Jeff Pike · 11 August 2006, 22:24

Launch at South Beach, Brid? Thats where I keep my RIB now. I dive at Farnes & St Abbs (apart from usual inland sites). Not tried off Brid yet - much there?

Jeff Pike · 14 August 2006, 23:08

Checked with Porthcawl Insurance today. Like for like 'Specified Value' quote is cheaper than my existing cover by about £45. BUT - for the policy offered to me the excess is £100 more than my existing cover @ £250.

The sting in the tail is that although damage to the leg, propeller and I understand hull is covered - the excess is doubled if you claim for this. That is an excess of £500 per claim. This would make anything but the most damaging of collisions impractical to claim for.

I then went back to my exsting insurer & advised them I had a cheaper quote. Lo and behold the cost has come down to match. Any damage to underwater hull, leg or prop has a £150 excess, the same as any other claim on the policy and without any additional loading.

Worth asking the question as it is not clear from the policy wording about the additional excess. I bet there are loads of policies out there with lots of different insurers that have loadings like this.

Richard B · 14 August 2006, 23:35

Yep - you've been through the same process as us last year... Porthcawl do good business, but the devil is in the detail!