Going to cost more to own boat over 30yrs

[k88 7]

Hi all,

Been insured with Vero for years, just got this:

"Because your vessel is over 30 years of age the insurer requires the following documentation for their review and acceptance, prior to offering any cover when your policy next renews on 23/12/2024.

 

• Current interior and exterior colour photographs
• An out of water survey (see attached condition report, or Surveyor’s own form) completed by a practising boat builder or marine surveyor, within the last 12 months."

 

I think it will cover gas certification, rig inspection, keel  etc..., not sure if it is annually, I think not much change out of 2 -5k depending on condition.

 

Is this the same for all other insurers?

 

There will be quite a number of boats over 30yrs , so plenty of work for haul outs, survevors, rigg inspectors, gas fitter etc.

 

 

 

 

 

[Jon 360]

From my understanding it’s not a pre purchase survey more a condition report

I had the same thing when I asked for an offshore extension to my Vero policy

then they changed their mind and said a Cat 1 certificate was all I needed 

So if you have had a Cat 3 for say coastal done then try them with this ?

[harrytom 646]

Have no noticed marine insurance doubled since cyclone Gabriel Was $104 on 16k now $220

[waikiore 399]

Yes had the same -I believe Vero are moving away from marine cover, they want shore power cert? I am not plugged in! They want Gas cert -I only have it for BBQ stored outside!

[Frank 157]

There nothing new in this requirement, its typical in my experience, I faced this in Feb 2023 and it was a report of overall condition ie sound and seaworthy rather than what they do for a pre purchase survey. The rigging was not included but we had to show evidence that it was less than ten years old as per the policy. In regard to an electrical WOF (Shore Power AC only) and a gas certificate, you should have these if applicable and its best to get the agent to place them on your file.

[Frank 157]

P.S As I understand it a gas certificate is only required if you have reticulated supply so  a small Barbecue with a screw in canister would not qualify. Only AC Shore Power wiring would require an electrical WOF but bear in mind you can kill yourself with AC at 220V regardless of the source so a WOF might be a good idea regardless. (My old Engineering tutor said that in the right conditions anything over 50V could be lethal) 

[aardvarkash10 961]

3 hours ago, harrytom said:

Have no noticed marine insurance doubled since cyclone Gabriel Was $104 on 16k now $220

What are you insuring?  Is that keeler or trailer?

Because I'd love me some $220 insurance on our $16k keeler!

[harrytom 646]

30 minutes ago, aardvarkash10 said:

What are you insuring?  Is that keeler or trailer?

Because I'd love me some $220 insurance on our $16k keeler!

Thats trailered power boat(Ami) but my mate on a mooring for 35k pays $350 non racing through AMI,yet to recieve renewal notice so may double too.

[K4309 263]

I was with Vero a few years ago. Premium went from $1,200 to $2,200 in the space of two years.

I'm now with Mariner. No pre-requisites. Cover was $900 ish, went up to $1,200 this year. $100k cover on an almost 40 yr old wooden boat on pile mooring. Plus whatever third party is, $10mil I think (either that or $5mil). I phoned and asked about the increase in premium this year. Short story was age of boat. Risk goes up with age.

It was very hard to get cover without some sort of inspection (for a mid to late 30's boat). Pantaneious wanted me to survey the mooring pole before they'd even give me a quote. I was like 'its round, wooden, about 450mm diameter, and goes into the ground... Most places needed a minimum of an out of water survey.

I didn't want to do an out of water survey (cost maybe $1,000 - $1,500) to save $500 on my premium. BUT, we have owned our boat for about 25 yrs now, and I'm actually starting to think about getting some sort of inspection or survey for my own piece of mind. She takes a bit of maintenance to keep on top of everything, and I'd hate to have a catastrophic failure because of something I overlooked but could have fixed if I knew about it. Examples being I found the rudder tube badly corroded and weaping. Could have sunk us, but cost about $300 to fix. Have found a soft patch in the keelson once, again easy fix once we found it.

I'm dreading the insurance invoice when she turns 40. I think that is a really trigger for insurance risk.