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Thread: Insurance

  1. #1
    Join Date
    Apr 2017
    Posts
    1,793

    Default Insurance

    Just had my renewal quote with Pantaenius for following year- £820.

    Can’t remebrr what it was last year but this seems a lot for a 40 year old Contessa 32 !
    I’ve never claimed.

    Wondered what others are paying?

  2. #2
    Join Date
    Aug 2011
    Location
    On the Celtic Fringe
    Posts
    13,860

    Default Re: Insurance

    Might be worth asking them to check their figures. For UK coastal waters I am paying a lot less than that with another company.
    Cynical Scottish almost retired engineer.

  3. #3
    Join Date
    May 2003
    Location
    Eastern Atlantic seaboard
    Posts
    2,990

    Default Re: Insurance

    Just been offered renewal with Y at £420, UK to Gib for a 36' AWB. That's a 30% increase over two years with a slight extension of cruising area. I received a letter with renewal explaining the reasons for the premium increase which seemed pretty plausible. The salient points:

    "I have been involved in the yacht and motor boat insurance market for about thirty years
    and have never seen such violent activity in this field as is occurring now. As a result of
    poor underwriting, Lloyd’s has suffered exceptional losses in recent years from yacht and
    motor boat insurance and is taking extreme steps to rectify this problem. Many
    underwriters no longer cover yachts and motor boats and others will follow. We are now
    in what is known as a “hard market”.
    Our underwriters have also suffered losses on the business we have placed with them
    over the last two years and needless to say this problem needs to be rectified. An in depth
    analysis of claims has been made and I wish to share some of this analysis with you.
    Despite having several yachts in the Caribbean and Pacific we have had no Named Wind
    Storm losses. The significant losses are occurring in Europe. Some interesting facts have
    immerged. No increase in premium could make serious racing yacht insurance profitable.
    We will therefore not cover any more serious racers.
    Lightning strikes in the Mediterranean occur often and are very expensive. The majority
    of these claims happen when yachts are ashore or in marinas. Also many collisions and
    groundings take place in the Eastern Mediterranean. Rates for the Mediterranean will
    increase.
    Another interesting fact came out of our claims analysis. The majority of collisions and
    groundings were suffered by our more experienced clients!
    Underwriting losses are caused by either not enough premiums being charged or too
    much being paid out by underwriters as a result of too generous insurance clauses.
    There is no way I am going to accept less generous insurance clauses for my clients so
    sadly premiums must increase.
    There is no doubt that costs of claims have increased over the years by virtue of inflation
    but it is also true that premium rates have been kept artificially low by competition.
    Indeed, if premiums had annually increased at annual UK inflation rates, premiums
    would now be 25% higher than eight years ago. Apart from a small increase some clients
    experienced last year our rates have not increased in eight years.
    As previously stated an increasing number of insurers are no longer insuring yachts and
    motor boats so our remaining competitors will also be increasing their rates.
    We will keep increases to a little as possible and will continue to provide the service
    which has kept us at the top of the boating forums. The increase in premiums is
    necessary to cover the risks our policies currently cover. None of the increase will
    pay for previous underwriting losses."
    I'd rather be tethered to a pad eye than tethered to an iPad.

  4. #4
    Join Date
    Jun 2017
    Posts
    530

    Default Re: Insurance

    My insurers, GJW, wanted a new survey this year. Due to various reasons I was unable to get the survey completed before the renewal date. I phoned to explain, they said no problem.
    Because of all this I was 2 days late in making the renewal, so phoned to make the payment today. They said "Sorry, can't be done, we are now on a new system, we'll re-quote". I don't like the sound of that!
    But the new quote is HALF the old one and they have extended the survey date for a year. When I queried it I was assured that the revised policy is identical to the old cover.
    Sometimes it pays to procrastinate!

  5. #5
    Join Date
    Oct 2002
    Location
    Plymouth
    Posts
    8,360

    Default Re: Insurance

    Very roughly, I think Pantaenius have operated on about 1.5% of insured value in the past.

    So unless your valuation is in the 50 grand regions, this sounds well off.

  6. #6
    Join Date
    Jan 2006
    Posts
    100

    Default Re: Insurance

    Pantanius have included a story with this years renewal, it is very sad and it nearly reduced me to tears.
    Basicly it says we have been loosing money and now you are going to pay about 35% more.
    I will be writing a similar letter to all my customers pointing out my yacht insurance has just shot up so I will need to charge more.

  7. #7
    Join Date
    Apr 2009
    Posts
    5,468

    Default Re: Insurance

    Quote Originally Posted by gertha View Post
    Pantanius have included a story with this years renewal, it is very sad and it nearly reduced me to tears.
    Basicly it says we have been loosing money and now you are going to pay about 35% more.
    I will be writing a similar letter to all my customers pointing out my yacht insurance has just shot up so I will need to charge more.
    Holyhead Marina must've set all the insurance companies back a few years. I was paying about 0.5% of the agreed value, so that means they were working on it being well over 200 years between paying out on that - before you even start thinking about smaller claims and third parties.

  8. #8
    Join Date
    Jun 2001
    Location
    Oban
    Posts
    755

    Default Re: Insurance

    Our insurance premium is very slightly Down this year, though I seem to remember a significant increase last year. That's with Nautical Insurance,.

    Derek

  9. #9
    Join Date
    Dec 2007
    Location
    UK, Greece and Spain
    Posts
    22,804

    Default Re: Insurance

    For comparison my Insurance with Y did go up this year (January 2019) to £348, that's for a 2013 Bavaria 33 based in Greece. I shopped around but it was still the least cost, works out at around 0.5% of the value of the boat.
    £820 does seem very pricey

  10. #10
    Join Date
    Feb 2010
    Location
    Bristol
    Posts
    2,055

    Default Re: Insurance

    Was with Pants but now with Y. They seem more pragmatic, and less about "computer says no" which is what I got from Pants when crossing from Portugal to Canaries.

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