Insuring Aus registered boat

[Pinto]

Originally Posted by JAFO

Hmmm.. So, I wonder.. as a dual citizen (Aussie & UK) do I have a little more wiggle room than a plain Aussie citizen? Because frankly, if I can register my upcoming build outside of Australia, that would my preference.

I agree with that as an Aussie - it's law that a boat owned in a foreign land must be Aussie registered if the owner is Australian - that's clear.

as for a dual citizen -- well ---------- hmmmmm ??


I have begun the registration process for my boat now - here in Australia - the process will be completed in England - seems fuss free. Good team easy to deal with - I think there's only 4 of them - they are now located in Coffs Harbour - they must have only shifted in the last few weeks.

[JAFO]

Originally Posted by Leakie Marine

Hi Mr B,
I just got a quote from them and the price is $1k less than the big firms! $1500 for $125k, 1k excess with racing cover.

It would be helpful if you said just who "them" is.. New Wave Insurance? Or someone else?

[Fore and Aft]

Mr B it will be interesting to see what happens when some serious claims start being made on New Wave insurance. Back when YOUI used to insure boats without a survey if a major claim was made in my area I would get a call to go survey the boat and then often my report was used to reject the claim.
People are just dreaming if they think an insurance company is going to pay out on an old rig or a boat that has sunk due to neglect. I asked YOUI about this and they had a clause that said the boat had to be kept in a "Seaworthy Condition" what defines that is up to the insurance company. I imagine New Wave will use the industry standard of a rig less than ten years old and a hull and fittings that have been reasonably maintained.......Time will tell I suppose.
I am insured with Top sail, $1000 on an agreed value $50,000 policy. I know they will pay as I have dealt with them regarding other boats that have sunk.

I got a quote from New Wave and there quote was $1140, no survey and no idea if they will pay out!
Cheers

[Mr B]

Originally Posted by Leakie Marine

Hi Mr B,
I just got a quote from them and the price is $1k less than the big firms! $1500 for $125k, 1k excess with racing cover.

How have your found them so far?

I havent made a claim, So I dont know,
I havent heard from them since I took it out,
Yaringa Marina accepted their insurance policy with out comment,
And they were the Cheapest by a long way,

But I am now fully insured with New Wave,
$1600-00 for $150,000-00, Agreed Value, $1000-00 Excess,
The grand excess is to stop trivial claims, Which keeps the costs down,
No survey, So that in itself saved me the best part of $1000-00.
I dont have racing cover as I dont race,
Im just a cruiser,

Very professional in their attitude, They did ring me to chat about the policy,
Which I thought was good of them,
And the repairs I did to my boat, EG; Two new hulls and a lot thicker than the original Hulls, 5mm to 13mm thick,

Cheers, Brian,
PS; It goes back in the water Wednesday,

[TabbyCat]

If you are an Australian Citizen with and Australian registered boat and an Australian mailing address, the only company that I know of that can quote is Pantaenius Australia. It's not the insurance companies deciding this, it's the protectionist insurance laws in Australia causing this.

If you'd like a quote on a UK registed boat that will not be navigating in Australia, and you have access to a non-Australian address (OZ citizenship is OK) let me know, and you can compare it to see if it's worth re-thinking your registration choice.

[Wotname]

^^ thanks Susan, the insurance aspect is interesting, do you know what the insurance Act(s) is/are that stipulate this. I'm not doubting you, I would just like to read the Act(s) involved.

As for the overseas ownership, navigation and registration question, it is my understanding (perhaps wrong) that your suggestion contravenes the Aussie Shipping Act. Again, let me repeat - I might be wrong. Regardless, as others have stated, I think the government just doesn't care much what recreational boats do when they are away from our shores.

[Pinto]

Originally Posted by TabbyCat

If you are an Australian Citizen with and Australian registered boat and an Australian mailing address, the only company that I know of that can quote is Pantaenius Australia. It's not the insurance companies deciding this, it's the protectionist insurance laws in Australia causing this.

If you'd like a quote on a UK registed boat that will not be navigating in Australia, and you have access to a non-Australian address (OZ citizenship is OK) let me know, and you can compare it to see if it's worth re-thinking your registration choice.

Topsail has covered me

Thanks

[Pinto]

Originally Posted by TabbyCat

If you are an Australian Citizen with and Australian registered boat and an Australian mailing address, the only company that I know of that can quote is Pantaenius Australia. It's not the insurance companies deciding this, it's the protectionist insurance laws in Australia causing this.

If you'd like a quote on a UK registed boat that will not be navigating in Australia, and you have access to a non-Australian address (OZ citizenship is OK) let me know, and you can compare it to see if it's worth re-thinking your registration choice.

Oh btw

It is Australian law that an Australian resident if owing a boat in a foreign county (for entering foreign ports) - the boat MUST be Australian registered

Anyone can ref. the law by going to the AMSA site.

“ . It is an offence for an Australian-owned vessel to sail to a foreign port unless it is registered on the Australian general shipping register.”

https://www.amsa.gov.au/vessels-oper...-fishing-boats

[TabbyCat]

I would just like to read the Act(s) involved.

The website for the Australian legislation regarding Marine Insurance is https://www.legislation.gov.au/Details/C2008C00419 There doesn't appear to be anything there that prohibits companies outside Australia from writing coverage in Australia, but the policy wording would have to comply with all the provisions in the act, meaning that the Austrlian government would dictate the wording of the policy language rather than the insurance company writing the policy language. So probably not something most foreign insurer's are willing to do.

[Wotname]

^^ thanks Susan.

[undercutter]

Originally Posted by Pinto

Topsail has covered me

Thanks

Because you do not want to pay Pantaenius prices for coverage outside of OZ. They were great for OZ but increased our Premium to over $10,000.00 as soon as we left Australian waters.


We dumped the comprehensive on the anniversary date and just kept the liability. Now we are back to a US company for comprehensive coverage.

[Pinto]

Originally Posted by undercutter

Because you do not want to pay Pantaenius prices for coverage outside of OZ. They were great for OZ but increased our Premium to over $10,000.00 as soon as we left Australian waters.


We dumped the comprehensive on the anniversary date and just kept the liability. Now we are back to a US company for comprehensive coverage.

It wasn’t price in the end. topsail made sense, were easy to deal with and the people on the end knew about boating and cruising where I wanted to go

They were nowhere near the cheapest

[Simi 60]

I got quotes from several overseas companies for our vessel and they would do it but the big problem for all was the $10million in liability coverage required for Oz marinas and yards.

Without that the policy was worthless to me.

[Paul L]

Originally Posted by Simi 60

I got quotes from several overseas companies for our vessel and they would do it but the big problem for all was the $10million in liability coverage required for Oz marinas and yards.

Without that the policy was worthless to me.

When we were in Australia we had a US based comprehensive insurance plus a serparate Australian liability policy to get to the 10 mil. I think the liability cost about aud500 with Nautilus.

[undercutter]

Originally Posted by Paul L

When we were in Australia we had a US based comprehensive insurance plus a serparate Australian liability policy to get to the 10 mil. I think the liability cost about aud500 with Nautilus.

This is what we did as well when we first got to Oz and then we switched back to this option when we left as the Oz companies are cheap for the Liability. They do not seem to have a problem with the Liability for offshore just the comprehensive is crazy and usually with so many restrictions it is worthless anyway.