Australia. Insurance when you are NOT in a marina?

[dennisail]

I want to get insurance on a 43 foot cat which at this stage will not be at a marina for cost reasons. It will be on either a pile or swing mooring in the Brisbane river. What if I have friends looking after it?

Any tips on getting insurance?

[ozsailer]

Hi Dennis,
having just gone through the process of searching for insurance for our new cat I can say that having this type of vessel on a mooring poses no problems with most insurance companies. Yes it is cheaper to have a boat in a marina but not a lot.
I deal with Club Marine and their price was as competitive as the cheapest. The one thing you will find with some insurance companies is that once you pass Bundaberg you will not be covered on a mooring if a Named storm comes your way. until a tropical depression is named and then rated as a cyclone you may be covered on a mooring dependant on which company you deal with. Club Marine will not insure boats on moorings in the Whitsunday area at any time. If you travel that way and anchor out you must inform the insurance company other wise you may not be covered.
Having people on board would not have a great bearing on the cost of your insurance. At some time everyone has to leave their boat. It may be more relevant if you have a alarm system of some kind on the boat.
One thing I have learned over the years is to read the product disclosure product and all the small print. It can be the case you are not insured for the amount you think you are or you have to pay a larger excess in certain circumstances. A friend in Townsville with a Bavaria 38 read the small print and while he was covered for cyclones his excess in case of total loss was near a quarter the value of the boat.
There are a lot of companies out there to insure you. The cheapest may not be the one most advantageous to your needs. Hope this is of some help

Greg and Sue

[cwjohm]

I second all that.

After exhaustive analysis Club Marine offered the best package.

[Factor]

Yep I have had no issue securing insurance for clients on moorings, in FNQ, provided not the Whitsundays and One or two other very isolated places.

[Reefmagnet]

I'm on a swing mooring in Shute Harbour and have full insurance, and my previous boat was over 40 years old. Took some doing at the time I can tell you. Ironically the young fellow that brought that boat to take to Sydney was quoted about 30% more to moor it somewhere down there then I was paying up here!

Not all a bed of roses however, as we aren't covered for named storms on the mooring at all and have a 25% excess anywhere else that's approved (including being out at sea!). No big deal, as we throw the old girl into a marina for the cyclone season anyway. Had her tucked up snug as a bug in a rug in Mackay Marina during Dylan a couple of weeks ago.

[Reefmagnet]

Originally Posted by Factor

Yep I have had no issue securing insurance for clients on moorings, in FNQ, provided not the Whitsundays and One or two other very isolated places.

Lol, when we brought our new to us boat from somewhere further south recently the broker said "I'll get you some insurance quotes, don't you worry about that! Where ya keepin' it?". The wife and I nodded to each other knowingly. "Shute Harbour" we said. He never called back.

[Factor]

The issue surrounding Shute and airlie is not so much that its is inherently more dangerous for your boat, just that there are so many other boats that can drag onto you etc.

[StuM]

Originally Posted by Factor

The issue surrounding Shute and airlie is not so much that its is inherently more dangerous for your boat, just that there are so many other boats that can drag onto you etc.

And a lot of them are in the hands of inexperienced charterers rather than experienced owners

[Teleman]

Originally Posted by StuM

And a lot of them are in the hands of inexperienced charterers rather than experienced owners

I'm pretty sure all bareboats would be called in by the charter base if there was a cyclone coming.

Absentee owners, slack/lazy owners, owners who can't afford the upkeep and are hoping for the insurance payout, owners who don't check their moorings annually, and many of them anchored/moored upwind from you.

Airlie has seen over 200 boats lost in the last 3-4 years. When the insurance declares it a total loss, all parts of the boat must be destroyed, including re-usable masts, deck gear, etc etc. This really pisses me off, as a broke wannabe boatbuilder.

[VirtualVagabond]

Originally Posted by Teleman

I'm pretty sure all bareboats would be called in by the charter base if there was a cyclone coming.

Absentee owners, slack/lazy owners, owners who can't afford the upkeep and are hoping for the insurance payout, owners who don't check their moorings annually, and many of them anchored/moored upwind from you.

Airlie has seen over 200 boats lost in the last 3-4 years. When the insurance declares it a total loss, all parts of the boat must be destroyed, including re-usable masts, deck gear, etc etc. This really pisses me off, as a broke wannabe boatbuilder.

First time I've heard this. In most parts of the world the 'wreck' becomes the property of the Insurance company and they try to salvage something, usually via auction. I know they are usually open to offers, even low ones just to get something and get it off their books.

Vic

[44'cruisingcat]

I don't think it's correct either.

[aclmck]

insurance companies certainly sold stuff after port hinchinbrook

[VirtualVagabond]

Might be an idea to talk to Northern Reef. www.edwardwilliam.com
They seem to take on some marginal stuff other insurance companies shy away from, such as ferrocement boats etc.
I used them because they were the only ones I could find who would give cover for us to do ocean passages without extra crew. (others get twitchy once you're over 50ft)
It's going to hurt this year because they like US$ and we're down about 12% on last time

Vic

[Teleman]

After cyclone Ului I was sniffing around Airlie trying to find usable mast, winches etc.
I was told that everything ended up smashed and dumped at the Proserpine tip, by order of the insurers.

I guess sorting and selling bits and pieces was too much trouble for the anticipated return?

[ozsailer]

Hi Dennis.
Just an update on insurance. I have just gone through a insurance cover note with Club Marine on our soon to be new catamaran. The boat is currently in the Whitsundays. The only restriction that is on the policy are the following :- The boat will not be covered on a mooring at Airlie Beach or Shute Harbour. 2) The boat will not be covered at anchor at Airlie Beach or Shute Harbour regardless of length of time or if people are on the boat at any time of year. 3) We are covered anchoring any where else. 4) When a tropical depression becomes a named storm you must take your boat to a cyclone rated marina or safe mooring IE creek with mangroves. You are covered in a tropical depression until it becomes a named storm. 5) In a named storm our excess is increased 100%. No biggy as our excess is only $1000. 6) As this is not our home port we have to advise the insurance company that we are in that area and intend to anchor then obtain their permission which then has to be endorsed on the policy.
It was quite a surprise to find out I would not be covered at Airlie beach while at anchor any time of year even in benign conditions. Looks like a trip to the marina to reprovision or have someone on the boat doing loops while we go and shop. . It is definitely worth reading the small print


Greg and Sue