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I'm struggling to find a good insurance company.

 

I've looked at Craft Insure but they don't cover contents which we would like as we have technology that needs to be covered.  We would also like to be covered for fire and other damage which they don't seem to cover. 

 

I've looked at GJW but as we have self fitted out they want someone to come and value the boat which we want to avoid due to covid, expense, and time constraints.

 

Can anyone recommend a company that will cover contents and fire damage etc. ?

 

Thanks in advance 🙂

Edited by katie_hannah
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14 minutes ago, katie_hannah said:

I'm struggling to find a good insurance company.

 

I've looked at Craft Insure but they don't cover contents which we would like as we have technology that needs to be covered.  We would also like to be covered for fire and other damage which they don't seem to cover. 

 

I've looked at GJP but as we have self fitted out they want someone to come and value the boat which we want to avoid due to covid, expense, and time constraints.

 

Can anyone recommend a company that will cover contents and fire damage etc. ?

 

Thanks in advance 🙂

Craft Insure do cover contents (at least they do on ours) and they cover Fire (at least they do on ours)

Our 'personal items' cover value is what we told them we needed.

 

It is understandable that they would want to have a professional value the boat as there are such huge differences of finish on a DIY boat. They have to ensure that you are not doing a 'fire insurance scam' claiming it is gold plated etc etc when it is just fitted out with a bit of plywood.

 

Due to the nature of the inland waterways you will find that many companies will apply some restrictions and requirements.

 

I have just had a renewal thru for my other boat and the letter explains the big changes in boat insurance in the last year with new limits being placed on insureres by Lloyds. This is the firat time in 200+ years that Lloyds have had to issue instructions and requirements limiting insurance but they have been subject to huge losses from unsustainable business due to fraudulent claims and catastrophic storms.

 

You could try www.traffords-insurance.co.uk

 

Edit to add - one of the big BIG changes is that insurers can no longer pay out on insured value, ONLY on estimated market value.

Edited by Alan de Enfield
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8 minutes ago, Alan de Enfield said:

Edit to add - one of the big BIG changes is that insurers can no longer pay out on insured value, ONLY on estimated market value.

 

I bet they would pay out on insured value if that was lower than estimated market value. Unless they use that as justification not to pay out at all, of course.

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3 minutes ago, Alan de Enfield said:

Craft Insure do cover contents (at least they do on ours) and they cover Fire (at least they do on ours)

Our 'personal items' cover value is what we told them we needed.

 

It is understandable that they would want to have a professional value the boat as there are such huge differences of finish on a DIY boat. They have to ensure that you are not doing a 'fire insurance scam' claiming it is gold plated etc etc when it is just fitted out with a bit of plywood.

 

Due to the nature of the inland waterways you will find that many companies will apply some restrictions and requirements.

 

I have just had a renewal thru for my other boat and the letter explains the big changes in boat insurance in the last year with new limiyts being placed on insureres by Lloyds. This si the firat time in 200+ yeasr that Lloyds have had to issue instructions and requirements limiting insurance  but they have been subject to huge losses from unsustainable business due to fraudulent claims and catastrophic storms.

 

Yiu could try www.traffords-insurance.co.uk

Thanks for your reply,  I'll have another look at the small print for Craft Insure.  I've been looking at so many policies I may have gotten a few mixed up 😅

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6 minutes ago, katie_hannah said:

Thanks for your reply,  I'll have another look at the small print for Craft Insure.  I've been looking at so many policies I may have gotten a few mixed up 😅

On my Craftinsure policy "Personal Effects" (rather than contents) up to an agreed value are covered.  

 

"Personal Effects. What is covered:

The personal effects of “name” are covered against loss or damage whilst on board or used in connection with boat name up to a limit of £x.

 

What is not covered:

• any single article valued at over £250 unless agreed in writing by us

• Wear, tear, gradual deterioration, damp, mould, moth, mechanical and electrical failure or breakdown.

• Breakage of items of a fragile nature unless caused by Caracol grounding, or being in collision, or due to fire, theft or attempted theft.

• Loss of cash, travellers cheques, credit or debit cards, postage stamps, and any other negotiable instruments or documents with a monetary value or cost to reinstate.

• Loss or damage to jewellery, antiques, works of art, software, spectacles, or mobile phones. 

• Theft unless following forcible and violent entry or exit, or following forcible and violent removal from the exterior of your boat."

Edited by alias
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1 hour ago, katie_hannah said:

 

I've looked at GJW but as we have self fitted out they want someone to come and value the boat which we want to avoid due to covid, expense, and time constraints.

In my experience any insurer will want a valuation. If you have just bought the boat you may get away with declaring the purchase price, but you won't be able to insure for a higher value if you bought at below market price. 

One insurer did say that they might allow you to up the value by 10% per annum on renewal if you could argue that the type of boat was no longer depreciating (it was a historic ex working boat in this case). But only if you upped the value every year. You couldn't claim several years' uplift in one hit without a professional valuation.

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1 hour ago, Machpoint005 said:

 

I bet they would pay out on insured value if that was lower than estimated market value. Unless they use that as justification not to pay out at all, of course.

Marine insurance is generally on an agreed (in advance) value basis rather than being agreed at the time of the loss hence their wish for valuation. Have you tried Towergate Mardon?

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18 minutes ago, Phoenix_V said:

Marine insurance is generally on an agreed (in advance) value basis rather than being agreed at the time of the loss hence their wish for valuation. Have you tried Towergate Mardon?

Indeed it was, but the letter from my insurers says that Lloyds will not now allow that, any current policies can continue but from renewal must be based on market value.

Several insurers have 'been precluded from offering boat insurance' but are allowed to continue until the old policies expire.

 

I have always had an 'agreed value' insurance policy but the T&Cs on the new policy state :

 

The amount Your Insurers will pay under Section 1. 1.17 If Your Craft is a Total Loss:

i) Your Insurers will pay the lower of:

• the Sum Insured noted in Your Schedule; or

• the most recent value of Your Craft contained in professional valuation from an independent qualified Marine Surveyor or qualified Yacht Broker; or;

• the advertised price or agreed sale price if Your Craft has been offered or advertised for sale, publicly or privately, or has been or is subject to a purchase agreement, within the twelve months prior to being declared a Total Loss; or ii) Your Insurers will provide You with a replacement craft, trailer, tender or dinghy as similar in age, type and condition as possible to the item which is the subject of the claim.

 

1.18 For a partial loss of Your Insured Property Your Insurers may elect to: i) pay for the cost of repairs; or ii) pay for a replacement part and the costs connected with the replacement; or iii) make a cash payment based on the cost of an equivalent replacement.

1.19 For salvage, towage and assistance charges Your Insurers will pay expenses necessarily incurred.

1.20 For sighting costs Your Insurers will pay the costs incurred provided Your Insurers have agreed them in writing beforehand.

 

They have made a specific note in the renewal documents (their BOLD) 

"If your craft is a total loss the most your insurers will now pay is the market value of this boat up to the sum insured shown in your schedule"

Edited by Alan de Enfield
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1 hour ago, Alan de Enfield said:

Craft Insure do cover contents (at least they do on ours) and they cover Fire (at least they do on ours)

Our 'personal items' cover value is what we told them we needed.

Phew, I'm glad you responded that reply so quickly!  The OP nearly had me rushing to read my own Craftinsure small print! :detective:

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2 hours ago, alias said:

• Theft unless following forcible and violent entry or exit, or following forcible and violent removal from the exterior of your boat."

Am i reading that correctly, if they broke in the insurance won't pay out? If you left your doors wide open then the insurance would pay out?

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I'm with Craftinsure, they accepted my policy at the price I paid for boat, and a £4K increase sfter six months, I had receipts for about £3K, but did not offer and was never asked. I intnd to increase valuation in line wth recent increases.

I am covered for fire etc and for some contents.

Edited by LadyG
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3 hours ago, Machpoint005 said:

 

I bet they would pay out on insured value if that was lower than estimated market value. Unless they use that as justification not to pay out at all, of course.

 

If an item  is under insured the insurers would  pay the appropriate percentage .

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2 hours ago, Alan de Enfield said:

Indeed it was, but the letter from my insurers says that Lloyds will not now allow that, any current policies can continue but from renewal must be based on market value.

Several insurers have 'been precluded from offering boat insurance' but are allowed to continue until the old policies expire.

 

I have always had an 'agreed value' insurance policy but the T&Cs on the new policy state :

 

The amount Your Insurers will pay under Section 1. 1.17 If Your Craft is a Total Loss:

i) Your Insurers will pay the lower of:

• the Sum Insured noted in Your Schedule; or

• the most recent value of Your Craft contained in professional valuation from an independent qualified Marine Surveyor or qualified Yacht Broker; or;

• the advertised price or agreed sale price if Your Craft has been offered or advertised for sale, publicly or privately, or has been or is subject to a purchase agreement, within the twelve months prior to being declared a Total Loss; or ii) Your Insurers will provide You with a replacement craft, trailer, tender or dinghy as similar in age, type and condition as possible to the item which is the subject of the claim.

 

1.18 For a partial loss of Your Insured Property Your Insurers may elect to: i) pay for the cost of repairs; or ii) pay for a replacement part and the costs connected with the replacement; or iii) make a cash payment based on the cost of an equivalent replacement.

1.19 For salvage, towage and assistance charges Your Insurers will pay expenses necessarily incurred.

1.20 For sighting costs Your Insurers will pay the costs incurred provided Your Insurers have agreed them in writing beforehand.

 

They have made a specific note in the renewal documents (their BOLD) 

"If your craft is a total loss the most your insurers will now pay is the market value of this boat up to the sum insured shown in your schedule"

Policy can be either agreed value (which used to be the norm and still is outside the Lloyds market) or unvalued that is to say value is agreed if and when there is a loss just like with a car insurance. Yours seems to be based on an agreed value provided by  a surveyor or sales agreement  BEFORE the loss.

from the Marine Insurance act 1906

 

(1)A policy may be either valued or unvalued.

(2)A valued policy is a policy which specifies the agreed value of the subject-matter insured.

(3)Subject to the provisions of this Act, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial.

(4)Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
28 Unvalued policy.

An unvalued policy is a policy which does not specify the value of the subject-matter insured, but, subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner herein-before specified.

 

https://www.legislation.gov.uk/ukpga/Edw7/6/41

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5 minutes ago, Phoenix_V said:

Policy can be either agreed value (which used to be the norm and still is outside the Lloyds market) or unvalued that is to say value is agreed if and when there is a loss just like with a car insurance. Yours seems to be based on an agreed value provided by  a surveyor or sales agreement  BEFORE the loss.

from the Marine Insurance act 1906

 

(1)A policy may be either valued or unvalued.

(2)A valued policy is a policy which specifies the agreed value of the subject-matter insured.

(3)Subject to the provisions of this Act, and in the absence of fraud, the value fixed by the policy is, as between the insurer and assured, conclusive of the insurable value of the subject intended to be insured, whether the loss be total or partial.

(4)Unless the policy otherwise provides, the value fixed by the policy is not conclusive for the purpose of determining whether there has been a constructive total loss.
28 Unvalued policy.

An unvalued policy is a policy which does not specify the value of the subject-matter insured, but, subject to the limit of the sum insured, leaves the insurable value to be subsequently ascertained, in the manner herein-before specified.

 

https://www.legislation.gov.uk/ukpga/Edw7/6/41

I know that and have always had an agreed value policy - but irrespective of the 1906 Act the option has now been withdrawn by Lloyds.

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2 hours ago, Quattrodave said:

Am i reading that correctly, if they broke in the insurance won't pay out? If you left your doors wide open then the insurance would pay out?

I read that sentence as having the opposite meaning to what you suggest.

  • Greenie 2
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1 hour ago, LadyG said:

I'm with Craftinsure, they accepted my policy at the price I paid for boat, and a £4K increase sfter six months, I had receipts for about £3K, but did not offer and was never asked. I intnd to increase valuation in line wth recent increases.

I am covered for fire etc and for some contents.

You wont know until you claim.

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