Valued

[Dar Kuma]

So at the moment I'm trying to get insurance for my boat, I have the survey which the insurance now have but now they want a full valuation of the boat by a broker.

has anyone else had to have a valuation, it just seems that everytime I try and do something I have to jump through hoops to get it done while others don't.

 

getting a firearms certificate is easier than this....

[Naughty Cal]

Our surveyor put a value of the boat in his report which has satisfied the insurers for the last five years.

[Guest]

So at the moment I'm trying to get insurance for my boat, I have the survey which the insurance now have but now they want a full valuation of the boat by a broker.

has anyone else had to have a valuation, it just seems that everytime I try and do something I have to jump through hoops to get it done while others don't.

 

getting a firearms certificate is easier than this....

 

No - Craft Insure accepted our assessment of the value of the boat and we base this on the value the surveyor put on it three years ago with a bit of depreciation for each year.

 

Did the survey not give an indication of the value and would they not accept this.

[Dar Kuma]

same here NC but I guess they havn't reaad the survey report ?

 

the surveyor put in a rough value estimate yet they are asking for a valuation.

Edited October 3, 2013 by Dar Kuma

[Guest]

same here NC but I guess they havn't reaad the survey report ?

 

they are asking for a valuation.

 

which company are we talking about - tell 'em to stuff it and find another company there are plenty around.

[Naughty Cal]

Tell them to read the report

[Dar Kuma]

 

which company are we talking about - tell 'em to stuff it and find another company there are plenty around.

haven knox-johnston, Loool

[Pykebird]

That seems strange, I too am with these guys who have been nothing but very helpful! I even told them boat was coming and did they want to see the survey as she is getting on and they said no thanks!

[koukouvagia]

Whenever I've had a BSS the surveyor would say, "I'd insure your boat for £xxxxx" This figure has never been queried by my insurer.

 

When I had to have a full hull survey on the butty, the report had a sentence which said, "I consider the boat to have a market value (subject to full survey) of £xxxxx, this being the likely sale price with a willing buyer, willing seller, vacant possession and no mooring."

 

As others have said, get another insurer.

[Dar Kuma]

thanks guys

[Mike Todd]

Take care: if you need to make a claim then the value insured will be the maximum value - if they can claim that it is worth less at the time of the incident then that value will be used and you will have over-paid on your premium to ne avail.

[Ex- Member]

Our insurers required a valuation because when the boat was first purchased in 2004 as a steel shell it's value when engine was fitted was about 30k 9 years on and the boat fit out now "finished" of course it's value is much higher, they clearly needed some kind of assurance the boat was the value we requested it to be insured for. Fortunately it was.

 

We were also surprised at how reasonable the premium was at just over £300 considering the boat value and including 10k personal stuff.The company Euro Marine who insured us previously also gave us a NCD from when we were previously insured from 2005 til 2007 which I thought very generous considering such a time gap.

[David Mack]

same here NC but I guess they havn't reaad the survey report ?

 

the surveyor put in a rough value estimate yet they are asking for a valuation.

They insurers may not have actually read the surveyor's report. I would respond pointing out that the sureveyor has included a valuation of approximately £x in his report. If they want something more precise I would be minded to ask the surveyor for a letter giving this. You should be able to get a letter for little or no cost.

[Starcoaster]

Do they perhaps think that you are trying to insure it for significantly more than the on-paper value looks to them, based on the boat's spec?

[Dar Kuma]

currently I don't think the on paper value concides with the realistic price the boat is worth, you all know what insurance companies are like

they are offering me the smallest insurance they have which won't cover sufficiently.

[Starcoaster]

So what it says it's worth on paper is rather less than what you think it is worth/wish to insure it for, am I reading that right?

[Dar Kuma]

whats anything worth on paper, its irrelivant, they have the survey which tells them subsequent worth, getting yet someone else to do a full boat valuation is taking the piss.

 

as seen in this thread no one else is having to go through this pointless exercise.

[Starcoaster]

I'm not sure what difference you mean between value on paper and value it says on the survey? Are you trying to insure it for the same/a similar amount to what it says on the survey?

[DeanS]

whats anything worth on paper, its irrelivant, they have the survey which tells them subsequent worth, getting yet someone else to do a full boat valuation is taking the piss.

 

as seen in this thread no one else is having to go through this pointless exercise.

 

I've insured 2 boats over 2 years, and each time I just filled in the form on their website, and paid the fee, and that was it. It does sound like you're with the wrong insurers, HOWEVER, I've never had to make a claim. I'm with Craftsure and before that with someone else. (InsureMyBoat I think)

[Dar Kuma]

at Starcoaster yes, cause I know I wouldnt get anything close to this with what they would give me if anything was to happen.

[Starcoaster]

I think then if i have understood correctly, the insurer are probably querying it because the surveyor's price or the price you pay is the only price they will insure at.

I think you'd have to start from scratch with a new insurer and avoid letting them know the purchase price or the surveryor's value assessment for them to insure at the rate you want.

Even so I'd be a bit worried they'd try and wriggle out of a claim or pay less if something happened and they flagged the discrepancy.

[Paul C]

It looks like its actually in YOUR interest to get a proper valuation here. If you perceive the value of your boat much higher than 1) its purchase price or 2) the surveyors rough valuation, then you need to get to the bottom of why you believe this is so.

 

As to the original question: yes - many insurance companies as a matter of course, ask for an official valuation. Its just a sensible policy rather than an accusation that the owner is trying to constantly swindle more money out of insurers.

 

At the end of the day, they are only there to insure the value of the boat.

[Dar Kuma]

yes i know, but to get things done i really want insurance first, and you try buying a half decent narrowboat for 8 grand.

[Paul C]

Sorry, I'm confused (I've not read all the other posts of yours in other threads). Do you currently own the boat? Do you have insurance on it? Or are you in the process of buying one but don't yet own it?

[Troyboy]

Having watched Claimed and Shamed a few times on BBC 1 TV I'm not surprised that insurance companies are asking a few more questions and wanting proof of values . I've never had any problem insuring my boat .