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04-12-2018, 07:49
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#1
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Registered User
Join Date: Jan 2012
Location: Australia
Boat: Catalina 470
Posts: 4,578
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Insurance increase
Time to renew insurance. I've never made a claim, yet my premium has gone up 27%,time to rethink this.
Below is part of an email reply from my insurer :
I need to start off by saying that the marine insurance market is rapidly changing. For years, this book of business has never made money from insurers. Following Cyclone Debbie and Hurricane Irma, insurers have reported phenomenal losses. One insurer alone posted close to a £1bn loss for their last financial year.*Within the last few weeks, four insurance companies have pulled out of writing marine business in its entirety.
*
With the above in mind, insurers are being more stringent with their offerings and we recently had a meeting where our guidelines were changed to reflect these hard times.
I'm considering going third party liability only instead of full comphrensive. The company I've been using dosent offer this.
For you guys that only go liability insurance, who do you use? , specially if your Australian.
Cheers Dale.
*
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04-12-2018, 15:03
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#2
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Registered User
Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 13,480
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Re: Insurance increase
Yes, the marine insurance market is changing dramatically. A combination I think of huge losses and using those events as an opportunity to make changes even if actually unrelated.
The big jump in premium motivated me to finally go liability only. Other influencing factors were an aging, and relatively inexpensive, boat.
Im not in Oz, but I found liability only coverage thru IMIS/Gowrie. They book lots of international cruising vessels so I expect they could book something in Oz.
https://www.gowrie.com/Marine-Insurance/IMIS.aspx
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04-12-2018, 15:13
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#3
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Elvish meaning 'Far-Wanderer'
Join Date: Jan 2008
Location: Boat - Greece - Me - Michigan
Boat: 56' Fountaine Pajot Marquises
Posts: 3,489
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Re: Insurance increase
I'm with IMIS and can say they are excellent with customer service. I haven't had a claim but feel confident they would be there for me.
It's real tough to get covered in the hurricane zone now.
__________________
Our course is set for an uncharted sea
Dante
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04-12-2018, 15:52
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#4
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CLOD
Join Date: Jul 2007
Location: being planted in Jacksonville Fl
Boat: none
Posts: 20,364
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Re: Insurance increase
I got my renewal notice a couple of days ago. I was shocked, shocked I say, to find my cost didnt increase at all this year.
__________________
Don't ask a bunch of unknown forum people if it is OK to do something on YOUR boat. It is your boat, do what you want!
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04-12-2018, 16:04
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#5
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Registered User
Join Date: Sep 2006
Posts: 9,398
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Re: Insurance increase
Dale, it can pay to shop around.
When we got our renewal it had a 20% increase in premium AND they changed from agreed value to market value. And that was on top of a similar rise last year.
I believe they rely on people just thinking it's too much hassle to change, we had to get a survey done.(highly recommended Drew "Fore and Aft" on this forum for people in Qld)
This is also pretty much a given with car insurance. People just pay their renewal. Many or most insurers offer better premiums to new customers than existing ones.
__________________
"You CANNOT be serious!"
John McEnroe
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04-12-2018, 18:04
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#6
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Marine Service Provider
Join Date: Dec 2009
Location: Working in St Augustine
Boat: Woods Vardo 34 Cat
Posts: 3,865
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Re: Insurance increase
Im not in Oz, but I found liability only coverage thru IMIS/Gowrie. They book lots of international cruising vessels so I expect they could book something in Oz.
https://www.gowrie.com/Marine-Insurance/IMIS.aspx[/QUOTE]
What are you paying for that, essentially international liability? Does it cover salvage?
Haven't had full coverage on a yacht since 2002? I reckon if you keep purchase price under 10% of you assets. You're sweet.
Of course the larger the pie the more important the liability cover
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05-12-2018, 00:48
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#7
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Moderator
Join Date: Nov 2011
Location: aboard, cruising in Australia
Boat: Sayer 46' Solent rig sloop
Posts: 28,438
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Re: Insurance increase
Dale, try Pantaenius. They are not our insurer, but Dockhead has had excellent coverage from them.
Ann
__________________
Who scorns the calm has forgotten the storm.
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05-12-2018, 05:09
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#8
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Registered User
Join Date: Feb 2013
Location: Bumping around the Caribbean
Boat: Valiant 40
Posts: 4,625
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Re: Insurance increase
Here in the US if you want insurance to cover you out of country your choices are basically Pantaenius or IMIS. And the premium goes down *dramatically* if you just go with liability.
__________________
"Having a yacht is reason for being more cheerful than most." -Kurt Vonnegut
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05-12-2018, 09:07
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#9
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Registered User
Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 13,480
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Re: Insurance increase
Another option to consider is to under insure. Hull value is a major component of the premium. So you can reduce the hull value coverage to a level you are comfortable with potentially taking a hit on and reduce your premium.
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06-12-2018, 15:42
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#10
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Registered User
Join Date: Sep 2009
Location: Houston
Boat: ‘01 Catana 401
Posts: 9,626
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Re: Insurance increase
Quote:
Originally Posted by belizesailor
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You got liability only from them? They told me no!!
Reply from Gowrie
---------------------------------------------------------------------------------
Good afternoon Matt,
Thank you for your interest in marine insurance with us! Unfortunately we do not write liability only policies. I would recommend contacting Progress or Geico directly. Pleae let me know I can help you with any future insurance needs. Thanks again, happy holidays Matt!
All the best,
Bobby
Bobby Tambasio
Gowrie Group
Yacht Insurance Specialist
bobbyt@gowrie.com
p: 860.399.2836 c: 203.464.1657 f: 860.399.3615
Gowrie logo seethrough
Insurance • Benefits • Finance
70 Essex Road, Westbrook, CT 06498
www.gowrie.com
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06-12-2018, 16:31
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#11
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Registered User
Join Date: Dec 2010
Location: W Carib
Boat: Wildcat 35, Hobie 33
Posts: 13,480
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Re: Insurance increase
Quote:
Originally Posted by Sailmonkey
You got liability only from them? They told me no!!
Reply from Gowrie
---------------------------------------------------------------------------------
Good afternoon Matt,
Thank you for your interest in marine insurance with us! Unfortunately we do not write liability only policies. I would recommend contacting Progress or Geico directly. Pleae let me know I can help you with any future insurance needs. Thanks again, happy holidays Matt!
All the best,
Bobby
Bobby Tambasio
Gowrie Group
Yacht Insurance Specialist
bobbyt@gowrie.com
p: 860.399.2836 c: 203.464.1657 f: 860.399.3615
Gowrie logo seethrough
Insurance • Benefits • Finance
70 Essex Road, Westbrook, CT 06498
www.gowrie.com
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Just double checked. I did, and recently too: September 2018.
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06-12-2018, 17:13
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#12
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Marine Service Provider
Join Date: Sep 2012
Location: Virgin Islands
Boat: PDQ 36, 36'5", previously Leopard 45 cat and Hunter 33 mono
Posts: 1,345
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Re: Insurance increase
Quote:
Originally Posted by Suijin
Here in the US if you want insurance to cover you out of country your choices are basically Pantaenius or IMIS. And the premium goes down *dramatically* if you just go with liability.
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For what it is worth, Pantaenius were very difficult after Irma, here in the BVI.
I was/am insured by Royal Marine, out of Ft. Lauderdale, and operate in the Caribbean, 12 months per year.
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06-12-2018, 17:42
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#13
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Registered User
Join Date: Jul 2005
Location: Bellingham
Boat: Outbound 44
Posts: 9,319
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Re: Insurance increase
Quote:
Originally Posted by Suijin
Here in the US if you want insurance to cover you out of country your choices are basically Pantaenius or IMIS. And the premium goes down *dramatically* if you just go with liability.
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Novamar also covers offshore boats.
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06-12-2018, 19:15
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#14
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cruiser
Join Date: Jan 2012
Location: Pangaea
Posts: 10,856
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Re: Insurance increase
Dale,
The rate quotes are based on your cruise plan submitted. Aren’t you presently circumnavigating the African continent? Don’t you think this might have something to do with your increased premium? I’m surprised it didn’t double or triple.
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06-12-2018, 20:57
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#15
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Registered User
Join Date: Jan 2012
Location: Australia
Boat: Catalina 470
Posts: 4,578
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Re: Insurance increase
Quote:
Originally Posted by Kenomac
Dale,
The rate quotes are based on your cruise plan submitted. Aren’t you presently circumnavigating the African continent? Don’t you think this might have something to do with your increased premium? I’m surprised it didn’t double or triple.
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Hi Ken, my insurance was already more expensive than coastal due to sailing off shore, I'd already worn and was happy to wear the increase BUT another 27% on top of that is getting abit steep.
The increase is related to the carribean hurricane damage and the cyclone Debbie according to my broker, it's not related to where I'm cruising.
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