Insurance racing cover

[Bogan 8]

Looking at my insurance renewal, the broker (Marsh) has a new underwriter/policy provider that includes race cover as standard.

 

But only for races up to 100 miles.

 

For races over 100 miles the policy says you have to apply to the insurer for special clearance/premium/excess.

 

Anyone else dealt with this yet?

[w44vi 17]

pretty standard clause, when you go farther off shore the costs becomes prohibitive

[wheels 543]

It's funny for this to happen when in reality, the further you get away from NZ waters, the easier it usually gets.

[Atom Ant 0]

You'll get DT started again! The further away from land you get, the more expensive the rescue cost and given the higher level of expectancy by sailors in general, if a rescue isn't pending, the higher the risk of total loss = higher fees.

[Murky 1]

You guys are reading Bogan's original post differently to how I would - it does not mention miles offshore, just miles/distance as it appears to me. If that is the case, his ability to take part in a Coastal would be affected.

But only for races up to 100 miles.

 

For races over 100 miles the policy says you have to apply to the insurer for special clearance/premium/excess.

FWIW Bogan, our policy is with Lumley through Baileys (at left) and doesn't seem to contain any distance-based exclusions until we leave NZ territorial waters, which is not really on the cards in the 88.

 

And it was much more competitively-priced than what we had previously been paying.

[Guest]

My racing cover doesn't have any restrictions inside the 200ml limit. A larger excess though if I drop the rig when knot cruising.

 

Used Lumleys for my commercial vessels, a 100% a bloody good outfit.

Ha fancy that, just got my lady to check and my yacht is with Lumleys through our broker. That's nice to know but I'm knot sure I like being stalked by Murky on that point

[Guest]

Where a policy does prescribe a territorrial limit, it pays to check where that limit extends from. "New Zealand (waters)" or "the coast" is vague and not helpfull as the potential area could be inferred to cover the NZ outlying islands such as Sub antarctic or Kermadecs. This probably is not the intention of the policy, though a policyholder could likely run a fair argument that cover applied when a ice berg hit him whilst he was having a Rum and counting penguins in the Ross Dependency as the dependency is claimed by NZ and generallly regarded at a Supranational level to be part of NZ.

 

The current standard Mariner policy scope of cover covers 200NM from North or South Island of NZ.

 

The current standard Mariner policy with racing cover places no limits on racing either distance or crewing levels.

[Bogan 8]

100NM race length (not distance off shore). Eg: would exclude Coastal and Tauranga races (and some others).

 

The rest of the policy is 200NM offshore. It's just the automatic race cover that is limited to the 100NM length of race. Previous policy was similar price including the racing extension.

[Atom Ant 0]

In that case Bogan I don't understand why they would place such an exclusion. I mean 100 miles? Do they place the same limit if you're cruising - no more than 100 miles from the marina/mooring? I'd suggest you take a look around at other policies. I'm with AMI and have found them to be terrific. I've only made one claim but it was processed quickly and painlessly. They don't differentiate between racing and non-racing. You can choose your excess which of course affects your premium. Neil Bailey of Baileys Insurance is a well respected member of the Weiti BC as is Ray Voight of Compass Insurance Brokers. A number of our members insure with them and say good things.

[MrWolf 0]

I know of quite a few who's policies exclude both the long Coastal races much like this one of Bogan's.

 

If in doubt call Neil Bailey, see ad to the left. Best broker in the world by absiolutely miles !

[Murky 1]

I know of quite a few who's policies exclude both the long Coastal races much like this one of Bogan's.

Would be interesting to know the reasons why. I have seen a bit of carnage take place in Coastals but a lot of it seems to happen prior to Rangi light! There would probably be another step down in the damage statistics at Tiri and again at Cape Rodney. The great majority of boats that make it past Sail Rock intact would get to Russell in the same shape (Silverraider at the Brett being an obvious exception).

[ScottiE 174]

 

Ah - but Silverraider made it much much further than the Brett!

[Guest]

KCUF @#$ Insurance..@#%$ Just had to bring that up again @$#%%

 

So I guess the long Simrad would be out to or what about ten back to back 10 mile W/L races?

[Guest]

I just changed insurers to Baileys and got racing cover for $60 extra. No mention of maximum length.

I got a couple of beanies with yacht name on in the post which was a nice touch.