Surveys and insurance requirements

[tehmarks]

To come back full circle, appreciating that perhaps my viewpoint is a bit naïve and unfair on insurers. The original point was that I'm not aware of other insurers being quite so onerous with their survey requirements, rightly or wrongly. Perhaps I am wrong, I obviously only buy one marine insurance policy per year, I am not an informed expert on marine insurance. But this doesn't seem to be the norm, and so I am looking for alternatives. I'm going to call Craftinsure and Towergate (current insurer) tomorrow and go from there.

[Tracy D'arth]

On 21/01/2021 at 18:25, Tracy D'arth said:

 Craft insure are reasonable and I believe Saga don't want a survey.

Update.  Found on YBW site,

 

""Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.""

[Alan de Enfield]

1 minute ago, Tracy D'arth said:

Update.  Found on YBW site,

 

""Just got a letter telling me they will no longer be offering boat insurance, but I will be getting a requote from Haven Knox-Johnston who they have either given their data to, or maybe sold their book to. Haven use the same underwriting syndicate
as Saga, Amlin Insurance SE.""

 

 

As I said previously, Lloyds have introduced new requirements and many have either refused to, or been unable to, meeet the requirements and have been stopped from selling marine insurance.

 

From my insurers :

 

"For the first time in over 200 years in the history of Lloyds, special measure have been imposed demanding that all Syndicates writing Yacht insurance submit a sustainable business plan, in the absence of which they would be precluded from writing this class of business. This is beacuse the market has spiralled down to a fudamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic (storm) claims. ........................................

............................. we continue to write yacht business but we are now instructed to increase rates. All insurers are following suit except those who are now precluded from writing yacht insurance ...............................

[KarinaValenzuela]

Maybe someone knows reliable surveyors in England?

[MtB]

How curious. 

 

Two consecutive, content-free first posts by two new members in an old, moribund thread.

 

Is that AI thing back again, practising writing forum posts? 

[David Mack]

22 minutes ago, MtB said:

Two consecutive, content-free first posts by two new members in an old, moribund thread.

Who joined the forum within 10 minutes of each other, although the second took a day and a half to post.

[Tim Lewis]

On 21/01/2021 at 20:21, JamesWoolcock said:

There are many folks prepared to carry out a survey, but do check that who ever is asking for the survey, will accept the surveyor you have in mind.

Your mate with a thickness tester will look round your boat for you once it's out of the water, but they may not be accepted by the insurer!!

 

Unlike most in the business,  he's a boater.

he has sold his boat 🙁

[alan_fincher]

3 hours ago, Tim Lewis said:

he has sold his boat 🙁

 

Apparently he could not get good insurance at an acceptable price! 😀

[LEO]

Saga no longer offers Marine Insurance - now handled bu Knox Haven...................

[Alan de Enfield]

2 hours ago, LEO said:

Saga no longer offers Marine Insurance - now handled bu Knox Haven...................

 

They were of of the brokers who failed the Lloyds new 'fitness test'

 

Letter from my broker explaining the changes in the boat insutrance market ............

 

 

"For the first time in over 200 years in the history of Lloyds, special measure have been imposed demanding that all Syndicates writing Yacht insurance submit a sustainable business plan, in the absence of which they would be precluded from writing this class of business. This is because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic (storm) claims. ........................................

............................. we continue to write yacht business but we are now instructed to increase rates. All insurers are following suit except those who are now precluded from writing yacht insurance ...............................

 

It goes on.

 

The cover on your policy remains unchanged except for the change that the 'Agreed Value' option is no longer available and the following is substituted :

 

If your craft is a total loss the MOST your insurers will now pay is the MARKET VALUE of this item up to the SUM INSURED in YOUR SCHEDULE  (their bold)

 

 

[LEO]

47 minutes ago, Alan de Enfield said:

 

They were of of the brokers who failed the Lloyds new 'fitness test'

 

Letter from my broker explaining the changes in the boat insutrance market ............

 

 

"For the first time in over 200 years in the history of Lloyds, special measure have been imposed demanding that all Syndicates writing Yacht insurance submit a sustainable business plan, in the absence of which they would be precluded from writing this class of business. This is because the market has spiralled down to a fundamentally unsustainable level of rates resulting in consistent attritional underwriting losses compounded by catastrophic (storm) claims. ........................................

............................. we continue to write yacht business but we are now instructed to increase rates. All insurers are following suit except those who are now precluded from writing yacht insurance ...............................

 

It goes on.

 

The cover on your policy remains unchanged except for the change that the 'Agreed Value' option is no longer available and the following is substituted :

 

If your craft is a total loss the MOST your insurers will now pay is the MARKET VALUE of this item up to the SUM INSURED in YOUR SCHEDULE  (their bold)

 

 

 Thanks, I found the change pretty painless, Saga aren't brilliant at any insurance really.