Insurance for Tranat

[angelssson]

Would appreciate any help finding an insurance company to cover a transat this year, all suggestions welcome.

[boatman61]

Type of boat, size, value... its getting so many won't give cover below certain value... apart for 3rd party liability.
Pantaneaus.. never remember the spelling...lol

[angelssson]

Originally Posted by boatman61

Type of boat, size, value... its getting so many won't give cover below certain value... apart for 3rd party liability.
Pantaneaus.. never remember the spelling...lol

Nic 38 ketch, £40,000.00
Thanks

[sestina]

For the past 12 years I was insured with Pantaenius till I found a serious hole in their rig cover which meant that 12% of my boat was uninsured.

I moved to Y Yacht Insurance | Insurance quote | Yacht Insurance quotes | Cheap Yacht Insurance quote. Cheaper to boot. Incidentally, the man behind Y yacht insurance used to be the MD of Pantaenius UK.

[Tim R.]

Originally Posted by sestina

For the past 12 years I was insured with Pantaenius till I found a serious hole in their rig cover which meant that 12% of my boat was uninsured.

I moved to Y Yacht Insurance | Insurance quote | Yacht Insurance quotes | Cheap Yacht Insurance quote. Cheaper to boot. Incidentally, the man behind Y yacht insurance used to be the MD of Pantaenius UK.

Can you please elaborate on the "hole" you found?

[sestina]

Sure Tim

Last March, we broke a mooring in the Exumas and ended up on the beach. Whilst being towed off, one of our spreaders was broken by the towline. Luckily the only other damage was to the bottom of the keel. We limped to Florida to have her fixed. In the course of the claim, Pantaenius made a 30% deduction because the spreader was over 10 years old “new for old deduction”.



Recently, I have discovered that this deductable applies for everything in the case of a “Partial Loss” as Sestina is over 10 years old. A back of an envelope calculation, should Sestina’s mast fall down is frightening. The costs of replacement approximate 12.5% of her total insured value. A very large sum to have uninsured all the time.

[boatman61]

Originally Posted by sestina

Sure Tim

Last March, we broke a mooring in the Exumas and ended up on the beach. Whilst being towed off, one of our spreaders was broken by the towline. Luckily the only other damage was to the bottom of the keel. We limped to Florida to have her fixed. In the course of the claim, Pantaenius made a 30% deduction because the spreader was over 10 years old “new for old deduction”.



Recently, I have discovered that this deductable applies for everything in the case of a “Partial Loss” as Sestina is over 10 years old. A back of an envelope calculation, should Sestina’s mast fall down is frightening. The costs of replacement approximate 12.5% of her total insured value. A very large sum to have uninsured all the time.

I think you'll find most if not all have an age limit on standing rigging and components... on average this is/was 10 years old for a fully comprehensive policy... after that its not considered worthy of new for old... also it discourages folk from being tempted..
Personally.. my claim after a lightening strike for new electronic's/lights in the Med had a Surveyor on board in 48hrs.. he told us to go buy replacements.. and we got full new for old settlement on blown equipment.. within 2 weeks..
I can't fault them.. and the folk at the Plymouth office were really helpful in advising me in a claim against another boat..
Service above and beyond the call....

[hellosailor]

Whether you are getting "replacement value" versus depreciated value for any goods, under any insurance policy, is something you need to scrutinize your policy for, as most insurers will offer policies both ways at different premium rates. A good insurance agent would point this out before recommending one policy or the other.

[sestina]

In the dim and distant past I used to insure the rig as a separate item. You added up what it would cost if you were sailng with all your biggest sails up at the the same time. Some catastrophe happened and all you were left with was the chainplates...

If you were racing there was a blanket 25% deductable. If cruising, the whole lot was covered. Maybe in the interests of simplicity the Underwriters have decided to lump everything together. Incidentally, my current insurers give full "all risks" cover, rather than "insured peril". Within the current context, sails over two years old, or under .75oz and aren't covered. Careful comparison of the small print is advisable.