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Insuring older boats and survey requirements


Troyboy

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For 32 years I have owned a 1981 Peter Nichols 45 ft narrowboat and have been with the same insurance brokers originally St Margarets now Nautical Insurance Services Ltd. When I renewed my policy recently I was informed that next year the insurers require a full out of water survey and valuation . My boat is booked to come out of the water in 3 weeks time for blacking [ I do it every two years ] and I have been quoted £450 for an Insurance survey and £270 for a hull only survey. I am in two minds about  selling my boat so am tempted to go for the hull only survey to give me peace of mind and I believe some insurers are happy with that . What experience have others had regarding insuring older boats ? I know I could opt for third party only but I prefer to have comprehensive cover . I seem to recall reading that Saga didn't require a survey but things may have changed. I should add that I did have to provide a survey about 8 years ago . Looking back I notice that up to 2016 the insurers were shown as Navigators and General but now they are shown as Certain underwriters at Lloyds Crb. 

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Isure4boats don't require a survey for boats up to 40 IIRC.

 

I'm with Craftinsure and when my boat turned 30 I contacted them about the survey requirement and they agreed to waive it for a slightly increased premium, I think it was about £25 a year extra.  

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I am with Euromarine and fully comp,  and have been for years with the original survey (when it was last blacked in 2005)  - premiums a bit pricey, but not  when you add in the cost of and out-of-water inspection and valuation necessary to insure elsewhere.    Just laziness on my part. No doubt lack of blacking will affect the price when I sell it - but then I will be too old to worry - or care.

And no doubt there is a some 'clever' small print in the policy to avoid paying out, if lack of proper maintenance is carried out -  and in the absence of regular blacking and surveys, their decision based on their opinion of what is 'proper'.....has anybody had experience of making claims for loses under fully comp policy.... when say.... the boat sank due leaks in the hull caused by rust.

 

For the OP, a survey means you can 'shop' around for a better fully comp price  - which I understand is not just replacement cost in a 'write-off case', but as much to do with the cost of recovery and restoration. Where unlike cars, 'third party fire and theft'  are a normal package, but usually boat insurance excludes the 'fire and theft' bit' - obviously because that is the most likely risk.

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Our old boat was built in 1981 and when our insurance company started asking for out of water hull surveys I looked around, and discovered that SAGA insure older boats (with older owners), and apart from Springers do not require an out of water survey. They are worth a try.

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Just a thought - when this issue arose with my boat I simply contacted Craftinsure and told them if they insisted on a full out of water survey I would switch to another insurer that didn't.  It did the trick even if I did have to pay a slightly increased premium, so if you are happy with your current insurer why not try the same approach?

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11 minutes ago, Troyboy said:

Thanks to everyone that has replied, I've decided to have the hull only survey as I think the time has come to sell the boat and an up to date survey might help the sale. 

In my opinion you should let the buyer have the survey as they won't know if the surveyer is a mate of yours, and get a quote from saga or insure4boats who I am with that don't require a survey of valuation.

Neil

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late to this but just adding what I got when inquiring about insurance on a different boat through GJW (I had mentioned that the boat would have a hull survey & thickness readings prior to purchase)

 

Quote

We would want to see a FULL out of water survey (not just a hull survey) and 
valuation report by a qualified, professionally indemnified marine surveyor 
on a vessel of 30 years old or more.  The survey must also include hull plate thickness readings.

 

Edited by Jess--
fixing quote
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