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Insurance for long haul short handed races.


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Is anyone else out there struggling to get racing cover for 2 handed sailing?

 

As soon as I mention RNI they run a mile....

 

They also have a max distance of a 200 nm race and anything over that they run a mile as well....!

 

Another new thing is 1/3 replacement cost excess on spars rigging and sails and also on renewal premium has gone up $400?

 

Is it just me?

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This has been a problem for as long as I can remember. Whether Racing or Cruising, gaining Insurance for further than 200Nm is near impossible. I guess there are not many Sailors in the Insurance Underwriting Industry. The Underwriters are whom set the rules. Only an independent Insurance company is ever going to entertain the idea and the difficulty is in finding one. There are not many left in the World if any.
The same issue applies to Ferro Boats. Near impossible to get insurance for and because you have to have insurance to enter a Marina, it has pretty much wrecked the market for FC. I get so many people looking at buying one and they ask on the FC Forum about Insurance and that ends it all for them.

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Currently with them but they have the 1/3 replacement cost on spars, rigging and sails for the excess.

 

This is effectively the same for club racing with our policy. Our premium went up 'uncomfortably' last year, so we got some quotes and I diligently worked through the policies...

Note- it is about as useful as tits on a bull assessing insurance quotes without reading all the fine print in the policy - 'full cover' hardly actually means 'full cover'...

 

Short story was, under the exclusions or in the fine print, the rig and sails etc weren't covered, or had such a high depreciation rate they were effectively not covered anyway.

After a lot of work getting quotes and reading policies we stayed with the same insurer.

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Some of you may not have seen Shansons post down in the FC forum. He is now in CHCH and has been trying to get insurance for his boat down there. This is a reply from one he tried.

"I've just gotten off the phone to FMG, according to the nice lady they won't insure anyone in Christchurch due to an issue with their re-insurance"

I thought OK so I can kind of understand companies being gun shy with Homes in CHCH, but a Boat?

We dropped our contents insurance last year. Just could not see the point when compared against what we have. We don't have much and if something like a fire happened, then we would wander off to the Sally Army store or any one of the other many fund raising stores around and get what we need to get started again. Insurance is getting stupid expensive and it seems that whenever someone tries to claim, there is always some kind of wiggle out for these insurance companies.
I can imagine many more are going to do similar as us soon. Apparently Insurance is about to take a major hike up for many that these companies deem to be in "high risk" places. I have recently heard one story of someone in Fendalton CHCH getting a bill for $17K and apparently they are not on their own. Who the hell has 17K to pay for insurance?

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Done a claim on car insurance lately??

 

The first question was,When was it last serviced??really its just a broken windscreen and yes been through the fine print no mention of service.

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We dropped contents insurance years ago. Same reasoning as wheels.

Next thing on the list is sell the cars.

Just check with your insurer that if your contents (electrical appliances) causes the fire, is your house covered. I know if your renting and your gear causes damage then you can be liable for the damage.

Worth checking anyway.

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I'm with Tower, which I have no problem with BUT they only insure within 50miles of coast. So after reading this forum got in contact with Baileys Senior Risk Advisor, stating shorthanded racing, carbon rig 4 years old, 1982 Ross 930 and RNI entry. Got the following reply  ...

 

"Unfortunately due to the age of the boat, type of vessel and proposed racing cover it's not one we would be able to arrange cover for. Sorry we can't be of assistance."

 

So for me it looks like offshore insurance with either Pantaenius or Northern Reef would prefer a local crowd, tried talking to Club Marine but they said no to the carbon mast.

 

And no I'm not dodgy, two claims on household insurance over 30 years insured.

 

Have just put in application to Nautical, see how that goes.

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Spoke to Nautical today and were very helpful!

 

Have a 200nm from shore limit and offer race cover, $1000 excess standard and $1500 racing which is fair with respectable premium that blows most other insurers out the water.

 

Just working through the policy wording and waiting for a few more quotes to come through.

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I'm with Tower, which I have no problem with BUT they only insure within 50miles of coast. So after reading this forum got in contact with Baileys Senior Risk Advisor, stating shorthanded racing, carbon rig 4 years old, 1982 Ross 930 and RNI entry. Got the following reply ...

 

"Unfortunately due to the age of the boat, type of vessel and proposed racing cover it's not one we would be able to arrange cover for. Sorry we can't be of assistance."

 

So for me it looks like offshore insurance with either Pantaenius or Northern Reef would prefer a local crowd, tried talking to Club Marine but they said no to the carbon mast.

 

And no I'm not dodgy, two claims on household insurance over 30 years insured.

 

Have just put in application to Nautical, see how that goes.

That is the same response I was getting and was a bit dis heartening hearing our boat is to old to insure :-/.

 

We went with Baileys initially as they were one of the only companies offering a blue water extension when we did the delivery from Sydney.

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