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Insurance value for narrow boats


haggis
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There was a thread recently on increasing the amount a boat is insured for following the increase in second hand boat prices and I finally got round to doing something about it!  Both boats are insured with Navigator and General through Spenser Neilly (used to be Collidge and Partners). 

I am fairly certain that they would insure the boats for whatever figure I wanted to give them  but I wanted to know what figure a pay out would be based on in the event of a major claim. For example, I could say that Kelpie  was worth £100 and they would happily insure her and let me pay a higher premium BUT in the event of a major claim I am fairly certain that any pay out would not be based on that figure as it is not her true value. 

I contacted the broker and this was the reply 

"I can advise that in order for us to increase your vessel values, we would need to see a valuation from a Surveyor on their headed paper, at which point we will be able to increase the value for you ".

Interesting as this is not what others have been told.

 

haggis

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3 hours ago, haggis said:

There was a thread recently on increasing the amount a boat is insured for following the increase in second hand boat prices and I finally got round to doing something about it!  Both boats are insured with Navigator and General through Spenser Neilly (used to be Collidge and Partners). 

I am fairly certain that they would insure the boats for whatever figure I wanted to give them  but I wanted to know what figure a pay out would be based on in the event of a major claim. For example, I could say that Kelpie  was worth £100 and they would happily insure her and let me pay a higher premium BUT in the event of a major claim I am fairly certain that any pay out would not be based on that figure as it is not her true value. 

I contacted the broker and this was the reply 

"I can advise that in order for us to increase your vessel values, we would need to see a valuation from a Surveyor on their headed paper, at which point we will be able to increase the value for you ".

Interesting as this is not what others have been told.

 

haggis

As 'Petra' is an old (98 ) Dutch barge she has to have periodic surveys and valuations as required by my insurers ( GJW ). 

The valuation is to ensure that the insurance cover is sufficient to cover total loss and must be carried out by someone qualified to do so in order to prevent fraud.

Interestingly, my son recently asked them for a quote for his narrow boat and when he said he wanted to insure it for more than he paid for it, which was less than the market value, he was asked to justify the higher value.

 

Keith

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Just done exactly this with Craftinsure, accepted the new value on my say so, confirmed that the pay out if a total loss would be the sum insured, unless the boat was substantially under or over insured at the time.

They accepted the increase was due to the rising cost of replacing the boat.

No hassle, no forms, no survey.

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1 hour ago, Tracy D'arth said:

Just done exactly this with Craftinsure, accepted the new value on my say so, confirmed that the pay out if a total loss would be the sum insured, unless the boat was substantially under or over insured at the time.

They accepted the increase was due to the rising cost of replacing the boat.

No hassle, no forms, no survey.

I don't think I would give much for my chances of winning the argument with an insurance company about whether the value I had given was too high or too low and I think we are going for the valuation when  she is out of the water later this year.  

 

haggis

 

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It's only a matter of time before someone offers Gap insurance for boats.

 

I know of someone who has had a high end boat built.  They were being quoted £900 - £1000 as a first time owner.

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Ive just renewed my insurance with GJW....upped it by £6k to go some way for the increased costs of replacing plus cover some improvement work for a very modest increase in premium and all done online...no  new survey/valuation etc required and all in all a competitive quote for a liveaboard with contents insurance. I maybe should have gone for £10k increase but looking around my new valuation seems about right for age/hull/fitout etc.

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