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Boat insurance


Steve Manc

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A lot depends on what you want, and I suspect "you get what you pay for" is probably true. Trouble is you don't know what youv'e got till you try to make a claim.

How the company will value your boat should you suffer a major loss is a big factor.

 

Last year I moved from Towergate to Velos. Velos are not one of the "big names" but are a specialist broker usually doing "marine trades" insurance. If you are in a marina then they probably insure your marina. They also do boat insurance.

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Craftinsure, premium this year was £196.56 for a 57fter built in 2007

 

Just checked emails, last year was £216.22 with the same details/value of boat

 

 

Edited by Hudds Lad
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Haven Knox-Johnston £187.  Policy looks good, though I’ve never needed to claim so far. And no need for a survey for a few more years on my 1989 boat. 
 

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35 minutes ago, Bob Chamberlain said:

Haven Knox-Johnston  Really good to deal with

 

Have you claimed from them though?

 

Most, if not all insurance companies are 'really good to deal with' when they are taking your premium off you.

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  • 6 months later...

Has everyone read this week Boaters Update from CRT?  A very interesting topic of people being under insured. 

 

This is the message:

The importance of boat insurance small print

I’m sure we’ve all done it at one point or another. You get handed what feels like War and Peace to sign and skim the small print before adding your signature. While it would be great for us all to have access to a contracts lawyer to pick over the detail, we generally take the path of least resistance and sign.

 

Most of the time this act of abandonment doesn’t come back to bite us but River Canal Rescue, the breakdown and emergency assistance firm, suggests that boaters might want to take more care when it comes to insuring their boat.

 

It is calling for boaters to check their Terms & Conditions if they have a third-party insurance policy, as many will leave them unable to recover costs for a vessel refloat, removal and pollution management if their boat sinks.

 

RCR says it’s aware of a number of insurance companies that are capitalising on the demand for cheap policies by modifying their terms & conditions, including removing some common third-party risks or adding them as optional extras.

 

This, says managing director, Stephanie Horton, is causing major problems for owners, who due to unclear Policy Information Documents, are unaware they’ll be left to foot the bill for vessel refloat, pollution management and environmental damage claims, should their vessel sink.

 

“While most third-party policies will support ‘salvage’ – vessel sinking – claims, as there’s a risk you may cause damage to the environment and other vessels, do not take this for granted. Boat age is another issue; although a standard policy covers specific age-ranges, insurers can exclude certain vessels, or will only insure with a survey, not a BSS certificate, so it’s important to check.” RCR is also concerned about claims handling, saying a number of insurers fail to appreciate boaters’ circumstances or support them during what is usually a very traumatic event.

 

Stephanie continues: “The emphasis is generally on claimants to limit further damage, organise estimates, report on what’s happening and pay for the work. Most insurers don’t take into account if you’re on holiday, you cannot progress the claim as you would if at home, and if you’re a liveaboard, and have just lost everything including your bank cards, phone and personal possessions, you’re not in a position to take any of the above actions.

 

“Before buying insurance, check the policy exclusions and optional extras, and ask how your claim will be processed if your vessel sinks or is at risk of sinking - is there a 24 hour helpline and online support?”

 

To help boaters navigate third-party policies and claims handling procedures, RCR has compiled two insurer comparison tables. Where possible its team checked all available policy documents, but this may not cover everything, so use only as a guide. Similarly, the claims handling data is based on general claims, and each case may be different.

 

RCR and its subsidiary, Canal Contracting, report that they respond to hundreds of incidents resulting in insurance claims every year and regularly witness insurance policies failing to meet customer expectations and variations in insurer claims handling. Its Incident Care team helps boaters manage insurance claims and reduce risks following an emergency – call 01785 785680 to find out more.

 

The attachment RCR findings.

Screenshot_20231118-231141.png

  • Greenie 1
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