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My marine insurance premium just went up 50%


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Apparently because my boat is over 40 years old.

Nevermind the fact I did an almost complete rebuild the last three years, and she would be stronger and more seaworthy than probably any other yacht in her size range - doesn't matter apparently.

To top it off, my insurance broker (Baileys) said they don't do 3rd party marine insurance, which is all I really need insurance wise, to satisfy the marina.

Anyone know any brokers that can organise 3rd party marine insurance?

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Don't complain too load, at least they are still offering you cover.

Our insurance went up 25% this year ($500), on top of the 33% last year. Bailey's underwriter is Vero, they want out of that sector of the market (trust me, I just spent the last two weeks sorting new insurance).

Vero, via various brokers, said we were 'prolific racers', and would 'prefer not to give us a quote'... We have averaged 2 races a year for the last 7 years (coinciding with when my first kid was born). I'm not sure how 2 races a year is prolific. I thought it was embarrassing myself... (I think even KM has done that many races, and his boat is a garden ornament).

 

I wouldn't waste your time with a phone call to PIC. One of their underwriters is NZI, who is the outfit that were gouging us. Their other underwriter is Vero, who are trying to either get rid of you or shaft $$$ you.

 

Nautical (Chch) was very good / competitive, and didn't need a survey, out of water hull check, full rig check and colonoscopy to get cover. Nautilus's price was OK, but needed the full colonoscopy every 2 years to maintain cover, but they were far better than Pantaneaus who wouldn't even quote without a colonoscopy, I drew the line with them when (among other things) required the pile mooring be surveyed annually - yes they are aware it s not a swing mooring, the lady was adamant we had to get an independent surveyor to check the whacking big telegraph poles every year.

 

This is why second hand boats are so cheap. The insurance co's are f**king the market.

 

A guy at the club bought a tracker for $700 bucks over the weekend. He's got it insured (3rd party), insurance cost him $600.

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Don't complain too load, at least they are still offering you cover.

Our insurance went up 25% this year ($500), on top of the 33% last year. Bailey's underwriter is Vero, they want out of that sector of the market (trust me, I just spent the last two weeks sorting new insurance).

Vero, via various brokers, said we were 'prolific racers', and would 'prefer not to give us a quote'... We have averaged 2 races a year for the last 7 years (coinciding with when my first kid was born). I'm not sure how 2 races a year is prolific. I thought it was embarrassing myself... (I think even KM has done that many races, and his boat is a garden ornament).

 

I wouldn't waste your time with a phone call to PIC. One of their underwriters is NZI, who is the outfit that were gouging us. Their other underwriter is Vero, who are trying to either get rid of you or shaft $$$ you.

 

Nautical (Chch) was very good / competitive, and didn't need a survey, out of water hull check, full rig check and colonoscopy to get cover. Nautilus's price was OK, but needed the full colonoscopy every 2 years to maintain cover, but they were far better than Pantaneaus who wouldn't even quote without a colonoscopy, I drew the line with them when (among other things) required the pile mooring be surveyed annually - yes they are aware it s not a swing mooring, the lady was adamant we had to get an independent surveyor to check the whacking big telegraph poles every year.

 

This is why second hand boats are so cheap. The insurance co's are f**king the market.

 

A guy at the club bought a tracker for $700 bucks over the weekend. He's got it insured (3rd party), insurance cost him $600.

Bugga! I'm with Baileys. Never claimed even though I've had a coupla claimables.

Haven't raced. Just using it for peace of mind in case of a biggy.

I'm not doing another increase.

F'kn rip off merchants. Grrrr!

 

Guess I'm going to call Nautical.

Or just go back to my mooring & have no insurance. Niice!

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With Baileys I didn't need any "check" at all when I first got full insurance through them going back a few years, and haven't needed it since.  I mean, for a boat that no matter what $figure I insure her for, is going to probably be written off if more than $20K worth of damage, then be *&^cked if I am going to pay a surveyor and a haulout fee just to get insurance to satisfy a marina.

 

So, I might have to seek out this ChCh crowd, Nautical.

 

But what a pain in the a$$.

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Don't complain too load, at least they are still offering you cover.

Our insurance went up 25% this year ($500), on top of the 33% last year. Bailey's underwriter is Vero, they want out of that sector of the market (trust me, I just spent the last two weeks sorting new insurance).

Vero, via various brokers, said we were 'prolific racers', and would 'prefer not to give us a quote'... We have averaged 2 races a year for the last 7 years (coinciding with when my first kid was born). I'm not sure how 2 races a year is prolific. I thought it was embarrassing myself... (I think even KM has done that many races, and his boat is a garden ornament).

 

I wouldn't waste your time with a phone call to PIC. One of their underwriters is NZI, who is the outfit that were gouging us. Their other underwriter is Vero, who are trying to either get rid of you or shaft $$$ you.

 

Nautical (Chch) was very good / competitive, and didn't need a survey, out of water hull check, full rig check and colonoscopy to get cover. Nautilus's price was OK, but needed the full colonoscopy every 2 years to maintain cover, but they were far better than Pantaneaus who wouldn't even quote without a colonoscopy, I drew the line with them when (among other things) required the pile mooring be surveyed annually - yes they are aware it s not a swing mooring, the lady was adamant we had to get an independent surveyor to check the whacking big telegraph poles every year.

 

This is why second hand boats are so cheap. The insurance co's are f**king the market.

 

A guy at the club bought a tracker for $700 bucks over the weekend. He's got it insured (3rd party), insurance cost him $600.

 

Nautilus are underwritten by Vero too!

 

"Nautical, who is now the largest arranger of boat insurance in New Zealand, has a large customer base mainly in the South Island and Wellington area. This sizeable client base enabled Nautical to enter a long-standing marketing arrangement with Royal and Sun Alliance (now Vero Insurance)........"

 

https://www.nautical.co.nz/about/

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Time for a new player and industry shakeup. There are a lot of wealthy boat owners in yacht clubs and pretty soon those clubs are going to be wondering why they can't get racers or even members.Thats the way its headed right now.

The ostensible reason for the issue is that American/Caribbean disaster a few years ago where entire fleets and marinas full of boats were lost .That has caused many of the worlds underwriters to drop out. The ones left have tightened up and pick and choose.

Topsail through Baileys told us not to bother applying because the boat is too old. Idiots...they'd rather insure a 10 yr old eurotrash boat with a deck flopping around on top of some sikaflex than a world high standard build by superb boat builders owned by people who use and insure for 30 years without claim.

They're dickheads.

 

Anyway. Baileys did come through for us and we did finally get our blue water underwritten by vero. But as I alluded to in another thread getting that done was probably the most stressful and worrying part of getting the boat ready for the trip. So stressful that it made cat 1 look like a trip to the corner dairy.

 

We had to get a condition report....at least a full marine survey was not required.

 

Sitting in the yasawa islands now .

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Nautilus are underwritten by Vero too!

 

"Nautical, who is now the largest arranger of boat insurance in New Zealand, 

 

https://www.nautical.co.nz/about/

Don't mix up Nautical with Nautilus, they are different companies.

 

Nautilus is a brand of NM Insurance, primarily Aussie based. They were a shambles to deal with (but cheap). Their phones weren't working, the number they gave went to Australia, but Aust can't access their NZ files, so couldn't look at or discuss my quote. So emailed Nautilus asking for a phone call. They phoned on a withheld number, didn't leave a message, then emailed back to tell me they had phoned, but didn't even have a phone number on their email for me to contact them. When I did get to speak to them, they were very vague as to their requirements (survey, rig checks etc) and openly 'assumed' a lot. You know how an assumption works out when it comes time to claim on an insurance contract?

 

And Nautical and Nautilus are different again to Mariner. Mariner were good to deal with, and worth a phone call. Just not as cheap in my case.

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So, the obvious question. If they are both under written by same insurer Nauti must have lower margins or conditions that give

Them a satisfactory bottom line.

The main difference is 'replacement' and / or agreed value contracts and 'market value', the market value including depreciation and better-ment. So there are major differences in the value of the contract. But there is also a 300% cost difference.

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The insurance issue is yet another cold hard steel nail through the heart of yachting.

Fark Westhaven firstly tasked tradies with excessive costs of $5 mil of cover then rescinded when faced with reality.

Secondly seeks all customers sorry public owners of the marina evidence of coverage for moored craft with no actual history of major claim events.

Whose sucking whose knob.

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Yup when I start banging on about Westhaven I cannot seem to stop myself.

Maybe Chloe or Kevin could answer one or two simple but pertinent questions.

There is a glaringly inverse relationship linking the marina moorage costs and the market value of vessels stored within the facility.

Can the management please explain or at least contribute to the conversation.

Can the management give a clear line of explanation as to the public owners where the insurance boundaries fall.

Is 3rd party ie fire theft coverage etc accepted.

Who offers such coverage in their opinion.

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Westhaven states the marina is at full capacity so as future boat owners one must consider the unavailability of marinas when considering purchasing craft but is actively converting existing marina berths to suit the needs of brokers.

Crikey where does it stop.

Told the reason why Kevin does not keep his ride at the marina is it is simply too expensive.

Fact or fiction who knows.

Tom Warren has journeyed on to develop marina facilities for other unnamed parties but my guess is the Lot 18 expansion for Orams Inc which steps out from the promoted yachting industry development to now include 138 apartments.Kevin has by default assumed the Panuku Marina Managers role.

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Lastly as I have had a sh*t of a day onsite amassing enough loot to keep our princess tucked up safe and available in Westhaven can anyone explain in simple terms where did it all become so utterly difficult and unaffordable for a working class family to own operate maintain and enjoy such a wonderful adventure machine such as a boat.

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I hade the baileys phone call one night asking the age of the boat , as they won’t insure my boat if it was 40 years , I have been with them 24 years , but it was built in the late 80s , you kinda feel , thanks for being with us now f, o your to old even as I maintain to the full and some ,

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Aroha that’s what it’s all about as noted on the bow.

We all who visit this site are sea creatures some more presentable than most possibly or probably.

The commonality is a sea based fusion of differential tidal flows ebbs and tides passing or approaching heavy or light weather opinions from all quarters of life’s moral compass.

The sea has taught me most importantly that the storm will pass and the sun will shine.

This however does not reflect in the cost of ownership of our most precious vessels.

Yup Fish I could move and stop moaning but for my whanau it’s not about cost it’s a culture thing.

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I’ve been going thru exactly the same insurance issues, berthed at WestHaven

My insurance was increased 20% because “it’s an older boat” excuse, and requiring another survey.

The surveyers of course have to cover themselves as they are liable should something go wrong so they will dot the I’s and cross the T’s. The insurance company writes the contract such that anything that could lay a claim can be written off as poor maintenance,seamanship or any other reason such that you really don’t have any claimable insurance.

So between the surveyers,insurance company’s and Marinas demands for $5M 3rd party insurance the local boat owner is mincemeat.

Have found 3rd party insurance available from

https://www.marine-insurance.co.nz

Rant Over

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