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Old 04-12-2018, 08:49   #1
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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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Old 04-12-2018, 16:03   #2
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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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Old 04-12-2018, 16:13   #3
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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.
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Old 04-12-2018, 16:52   #4
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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.
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Old 04-12-2018, 17:04   #5
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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.
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Old 04-12-2018, 19:04   #6
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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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Old 05-12-2018, 01:48   #7
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Re: Insurance increase

Dale, try Pantaenius. They are not our insurer, but Dockhead has had excellent coverage from them.

Ann
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Old 05-12-2018, 06:09   #8
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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.
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Old 05-12-2018, 10:07   #9
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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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Old 06-12-2018, 16:42   #10
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Re: Insurance increase

Quote:
Originally Posted by belizesailor View Post

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
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


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Old 06-12-2018, 17:31   #11
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Re: Insurance increase

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Originally Posted by Sailmonkey View Post
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


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Just double checked. I did, and recently too: September 2018.
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Old 06-12-2018, 18:13   #12
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Re: Insurance increase

Quote:
Originally Posted by Suijin View Post
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.

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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Old 06-12-2018, 18:42   #13
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Re: Insurance increase

Quote:
Originally Posted by Suijin View Post
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.
Novamar also covers offshore boats.
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Old 06-12-2018, 20:15   #14
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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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Old 06-12-2018, 21:57   #15
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Re: Insurance increase

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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.
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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