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Craftinsure renewal 21.5% increase


PaulD

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19 minutes ago, PaulD said:

Just received my Craftinsure renewal notice. 21.5% increase from last year !!

 

No claims in 15 years with them.

 

is it just me ? 

What is the age of the boat?? Mine rose when I passed the 25 year mark even though the survey was brilliant.

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I have mentioned this a time or two in the last few months, the marine insurance industry is going thru turmoil at present, with the instruction from Lloyds of London that the industry is unsustainable at present levels and following some huge claims Lloyds are changing the requirements from brokers offering marine insurance.

 

They have told each 'provider' that they must produce a business plan showing that their business is sustainable and profitable, the Business plan must be approved by Lloyds before they are allowed to trade.

 

Several providers have already had their licence to trade rescinded.

 

As one example It now seems that all business will be only accepted on a 'market value' instead of 'agreed value'.

I have had 'agreed value insurance' for many years and this all came to light when I noticed that my renewal said 'market value' only, on the instruction of Lloyds.

 

I have previously posted extracts from the letters explaining all the wherefores.

 

"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)

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1 minute ago, MtB said:

I'm not sure what any of Alan's post has to do with insuring inland canal craft.

 

We don't get many "huge claims" for total losses from catastrophic storms down here on the K&A in Wiltshire. I dunno about up your way Alan.

 

 

 

Ah so inland boats are not insured via. marine brokers?

 

If not how are they insured?

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1 hour ago, PaulD said:

Just received my Craftinsure renewal notice. 21.5% increase from last year !!

 

No claims in 15 years with them.

 

is it just me ? 

Just got my renewal and it's gone down  5% . I've been with Craftinsure since 2008 with no claims.  Well pleased.

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23 minutes ago, Alan de Enfield said:

I have mentioned this a time or two in the last few months, the marine insurance industry is going thru turmoil at present.............

Yet Again!!!!

 

 

i changed insurers last year and obtained good cover at a reasonable price.

Previous loyalty to one insurer was rewarded by ever increasing premiums.

I should expect to receive a renewal invitation in the next couple of weeks . If  there is a significant increase I will be making enquiries elsewhere.

 

 

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40 minutes ago, Goliath said:

Just last week renewed with Collidge and Partners,

Insurance premium is the same as last year,

but their admin fee has gone up £2.50, from £30 to £32.50.

 

 

No admin fee with CraftInsure.

 

The whole admin fee thing stinks. 

 

Its just a way of quoting artificially low premia. 

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8 hours ago, nicknorman said:

Yes ours had a big increase. Quite annoying. But I got a few other quotes, they were still the cheapest. 

 

Me too.

7 hours ago, Flyboy said:

Just got my renewal and it's gone down  5% . I've been with Craftinsure since 2008 with no claims.  Well pleased.

 

My craftinsure premium had gone down year after year over the past 15 years until the latest one which went up. Never claimed from them.

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7 hours ago, The Happy Nomad said:

 

Ah so inland boats are not insured via. marine brokers?

 

If not how are they insured?

 

Exactly. When your car insurance goes up it does so whether or not you're living near accident hotspots or a crime ridden area full of uninsured drivers. The people in those areas will pay more but the rest of us will be subsiding the industry for those who make the claims. That's how it works. I'm sure it's the same in the marine insurance industry.

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We await our insurance renewal with interest. Due later this month. We are with Collidge and we had the boat revalued last September but opted to keep the insurance at the old value till the renewal. The insurance on our Sea Otter (also with Collidge) hasn't changed for donkeys years, so we are hopeful!

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10 hours ago, The Happy Nomad said:

 

Ah so inland boats are not insured via. marine brokers?

 

If not how are they insured?

It's little to do with brokers; they are not insurers

3 hours ago, blackrose said:

 

Exactly. When your car insurance goes up it does so whether or not you're living near accident hotspots or a crime ridden area full of uninsured drivers. The people in those areas will pay more but the rest of us will be subsiding the industry for those who make the claims. That's how it works. I'm sure it's the same in the marine insurance industry.

The  insurance industry is well-versed in assessing risks - and overcharging lower risks in order to subsidise higher risks is not a good business practice.  Other insurers will either decline or charge more for the higher risks - and reduce premia for the lower risks, leaving your company with the uneconomic customers.  

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13 hours ago, MtB said:

I'm not sure what any of Alan's post has to do with insuring inland canal craft.

 

We don't get many "huge claims" for total losses from catastrophic storms down here on the K&A in Wiltshire. I dunno about up your way Alan.

 

 

 

It was a bit windy on the Coventry the other day, blew one of Mrs Hounds garden ornaments over... 🤣

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2 hours ago, Tacet said:

It's little to do with brokers; they are not insurers

 

Yes I know this, hence I said - "Ah so inland boats are not insured via. marine brokers?"

 

I think you misunderstood the point I was making.

 

 

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