Insurance claim refused

[mattysupra]

As the thread progresses the worry levels increase to such an extent I just HAD to get out our policy and check the small print and here it is :

 

We will pay for loss or damage directly caused by :

* External accidental means

* Fire, expolosion, self-ignition and lightning

* Latent defects in the hull or machinery

* Salvage charges & other easonable costs in preventing or minimising a loss that is, or would have been recoverable under this policy.

 

etc. etc. etc.

 

We will not pay loss or damage claims for :

* Wear & Tear, deterioration and mildew

* Loss of or damage of motor and electrical machinery and batteries and their connections (with the exception of the shaft and propeller) and metalling UNLESS caused by being stranded, sinking from a peril insured against, burnt, on fire or in contact with any external substance (ice included) ........ etc.

 

No legal expert but it looks like this policy would have covered the OP and makes me feel 'happier'

 

Any comments on my interpretation ?

 

 

Seems better than 'my' boat policy, not sure if my parents terms etc are the same ?

Have a read of this -

 

http://www.lifesure.co.uk/policydocuments/marine/new/Haven%20Inland%20Policy.pdf

Edited February 15, 2012 by mattysupra

[Alan de Enfield]

Seems better than 'my' boat policy, not sure if my parents terms etc are the same ?

Have a read of this -

 

http://www.lifesure.co.uk/policydocuments/marine/new/Haven%20Inland%20Policy.pdf

 

From a laymans point of view it seems that there is a lot more 'not covered' than there is covered - and certainly a lot of what appears to be covered by CraftInsure doesnt seem to be covered by your policy.

[Guest]

Seems better than 'my' boat policy, not sure if my parents terms etc are the same ?

Have a read of this -

 

http://www.lifesure.co.uk/policydocuments/marine/new/Haven%20Inland%20Policy.pdf

 

Rubbish

 

- more exclusions than inclusions I would say...

[Alan de Enfield]

Matty - water under the bridge (so to speak) but what was the premium with your existing insurer ?

 

Just had a look at Craftinsure and for a £100,000 sea going cruiser for all UK & European waters, under 10 years old with a max speed of 30 knts the premium is £531 with a £320 excess.

[mattysupra]

From a laymans point of view it seems that there is a lot more 'not covered' than there is covered - and certainly a lot of what appears to be covered by CraftInsure doesnt seem to be covered by your policy.

 

 

Annoying thing is that in my case and im sure most other peoples, i applied online. Didn't bother shopping around. Simply took out a policy. O and i believe far from the cheapest if had of shopped around. Big name company so 'presumed' good cover.

 

As i did mine online i was giving the option to download the insurance cert. That i have done. I did not get a terms and 'pull your pants down' conditions. Either way i have already paid my money at this point.

 

Maybe i missed something and ticked a box not realizing that i would not be sent out the full terms? Could be my error? but i personally think its bad that your not sent this in the post.

 

 

Lesson learn't tho, but again if i didn't know this extra terms and conditions existed then im sure others will get caught out?

 

Matty - water under the bridge (so to speak) but what was the premium with your existing insurer ?

 

Just had a look at Craftinsure and for a £100,000 sea going cruiser for all UK & European waters, under 10 years old with a max speed of 30 knts the premium is £531 with a £320 excess.

 

 

Put it this way, my boats value is £35k. I paid £650 i think on mine. Basically due to i paid to be with a big name company. I never shopped around.

 

So not like you can say i shopped around for a cheap quote!

 

As for my parents boat ( the one with the fire ) i would presume more money.

[Alan de Enfield]

 

Put it this way, my boats value is £35k. I paid £650 i think on mine. Basically due to i paid to be with a big name company. I never shopped around.

 

So not like you can say i shopped around for a cheap quote!

 

As for my parents boat ( the one with the fire ) i would presume more money.

 

I did the £100,000 valuation as that is what you said was your parents's boat value.

 

With a boat value £35,000 but all other criteria the same YOUR premium would be £265 or if your boat was up to 20 years old it would be £288.

 

I have no vested interest in Craftinsure apart from being a customer.

I have no knowledge of how they pay out in the event of a claim

I do resent paying more for insurance than I need to - its about the only thing you ever buy that you never want to use ***

 

*** Edit - maybe a coffin could be included in this short list !!!

Edited February 15, 2012 by Alan de Enfield

[mattysupra]

I did the £100,000 valuation as that is what you said was your parents's boat value.

 

With a boat value £35,000 but all other criteria the same YOUR premium would be £265 or if your boat was up to 20 years old it would be £288.

 

I have no vested interest in Craftinsure apart from being a customer.

I have no knowledge of how they pay out in the event of a claim

I do resent paying more for insurance than I need to - its about the only thing you ever buy that you never want to use ***

 

*** Edit - maybe a coffin could be included in this short list !!!

 

 

Thanks for the heads up.

 

I think i will be cancelling my current policy and going else where. Possible this craftinsure.

 

 

And to think that going with a big name and paying the extra (double in the case) will give you best cover.

[Radiomariner]

Matty, your parents policy does give their definition of Latent Defect: :-

 

Latent Defect means any hidden flaw, weakness or imperfection that cannot

be identified by reasonable inspection. It does not include any item that is

damaged or less effective due to use, wear and tear or similar.

 

If that is similar to your policy, the second part of that definition would put you in the clear.