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insurance survey - options?

Posted: Thu Sep 14, 2017 10:47 am
by Katouf
Having retired from paid work early this year, I have now become what Jolly Roger refers to as a PBO (poor bl...y owner) as well as a practical boat owner. Have just renewed my insurance with a good broker and found that the insurers will require a full out-of-water survey by next year's renewal, ie it will need to be surveyed between November and April when Katouf is relaunched for next season.
She is currently insured for GBP 9000 and 3rd Party GBP 3 million. While the Third Party is common sense, what is the point of insuring an aged Centaur, 1971 vintage, in almost original condition but good for her age. Or to put it another way, could you justify a costly survey in order to get full insurance or is it possible to get by with no survey and just 3rd Party.
I do all my own work wrt to maintenance and keep a good record of work carried out. Katouf may not be the prettiest but she is very good for her age (a bit like her owner!)
I'm still married but SWMBO would hit the roof if I gave her a bill for the survey by a professional.
Are there any insurers who will accept self reporting for just 3rd Party - after all, I'm not going sailing in a yacht that is in bad condition and risk lives.

Katouf
Location: Chalkwell, Thames Estuary

Re: insurance survey - options?

Posted: Thu Sep 14, 2017 12:51 pm
by Jolly Roger
As a PBO and presumably a WOA member, I have to ask why you use an insurance broker rather than the WOA insurance policy. It is underwritten by Navigators and General Insurance and has additional extra benefits compared to the standard policy, plus you get a discount and the Association also gets a small amount of revenue to help keep the membership fees so low. http://www.westerly-owners.co.uk/insurance.php

Not sure if they will require an insurance survey for the WOA policy, but certainly worth asking them. They do have a stand at the two main boat shows.

Just checked N&G do third party insurance without a survey. https://www.navandgen.zurich.co.uk/en-g ... hird-party

Re: insurance survey - options?

Posted: Thu Sep 14, 2017 4:35 pm
by Katouf
The north bank of the Thames Estuary, ie Shoebury, Southend, Westcliff, Leigh-on-Sea, is a no-go area for most insurance companies - not sure about N&G. Locals tend to use Nautical Marine Insurance who are local to the area and appreciate the risks pertaining to certain areas such as east of the pier.
That was the reason for not using WOA insurance and yes, I am a member and have been since 2005.
Will contact N&G and see what they can do.

Katouf

Re: insurance survey - options?

Posted: Thu Sep 14, 2017 8:11 pm
by Fulmar433
I was with Nautical as a broker for N&G until last year when they suddenly changed to "various underwriters at Lloyds" and restricted my single handed sailing to daylight hours. I contacted N&G direct and got better cover, 24hrs single handed, club racing, no restrictions on in commission period (drying swinging mooring on the Medway) and saved £50. My Fulmar is now 26 years old and I haven't had to have a survey yet (renewed in August). I think it is normally 25 years with some companies. Give them a try.

Re: insurance survey - options?

Posted: Thu Sep 14, 2017 11:42 pm
by Jolly Roger
Thinking further about just having 3rd party, you should also consider the risk to your finances. If your boat was wrecked, not only do you loose all your capital in the boat, but might have further costs in wreck removal. Can you afford to do that?