Boat insurance

Hi.
I have recenty bought a 1980 endeavour 26. Only paid $4,500.
I looked into insurance. They all wanted a survey done before they will consider it. Problem is a survey will cost me just under $1,500.
I'm not too concerned about my boat. However, I was wondering if anyone knows if you can get third party property insurance. I haven't had any luck finding a company that does this.
Cheers

Thanks Ashley.
I didn't think of Youi.

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Capt_Newmo said..
Youi seems popular
Quoted $550 swing mooring full comprehensive, $2000 excess for a boat of $25000.
Thats for a CAV 32

I pay $750 for my Spacesailer which is insured for $17k and I'm on a pile mooring.

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BJRobinson said..
Hi.
I have recenty bought a 1980 endeavour 26. Only paid $4,500.
I looked into insurance. They all wanted a survey done before they will consider it. Problem is a survey will cost me just under $1,500.
I'm not too concerned about my boat. However, I was wondering if anyone knows if you can get third party property insurance. I haven't had any luck finding a company that does this.
Cheers

For a boat for that price full comprehensive is not even worth considering.

Public liability insurance (third party property) is another thing especially if you have other assets. You NEED it to protect your rectum.

The boat is under 30 foot which gets you in with the motor vehicle insurance companies such as NRMA, RACQ and others but it is over 30 years old which many will not accept.

You have to give "full disclosure" to insurance companies because they will cop out on that every time.

Best of luck to you.

I use Apia 3rd party. It's for old people. About $180.

Thanks everyone
I only want third party person and property.
I'll try all the ones suggested above.

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BJRobinson said..

Ramona said..
I use Apia 3rd party. It's for old people. About $180.

I'm 54. So apparently I'm old!!

You can't be! I'm 55 and I'm young.

Bristol

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AshleyM said..

Capt_Newmo said..
Youi seems popular
Quoted $550 swing mooring full comprehensive, $2000 excess for a boat of $25000.
Thats for a CAV 32

I pay $750 for my Spacesailer which is insured for $17k and I'm on a pile mooring.

Always on the hunt for a saving I just rang Youi for a quote on my S&S34 on a swing mooring in Sydney. Cover of $60,000.
The quote was $1,895 pa or $175 per month with a $1,000 excess.
I currently pay $900.28 with Pantaenius with better coverage and lower excess.
He tried a different mooring arrangement and an excess of $5,000 and it was still $1,600 pa.

Another option.

Insure the boat for third party only - very low cost. No survey required for my Martzcraft 35. Then insure the boat yourself by looking after it and getting a Trek Transponder www.trektransponder.com.au or similar. In the last 5 years I saved $4000 doing that. I love that Club Marine have lost those $$$ after telling me to get a survey or no insurance. There is a risk that something could happen to your boat so fast you couldn't rescue it and you could lose it. But if you monitor your boats position, security and bilge 24/7 I don't think that's likely. Neither do insurance companies which is why they have big buildings and push us around

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Ramona said..

BJRobinson said..
Ok.
So far
APIA does not insure boats on a mooring.
Youi want $686/y for third party property, $2,000 excess and only $10k death and $5k injury thrown in. What a joke.
I need $10m for my little landscaping business.

My boat is on a mooring. Awhile back when there was the fiasco at Jervis Bay when a dozen or so yachts went up the beach and insurance companies refused pay outs in some cases Apia cancelled my policy. Few months later they called me and asked if I would like to re insure. As long as I stay on my present mooring in GP I'm covered.

Interesting.
They flat out told me they didn't cover boats on permanent moorings.

So,what I get from the above posts is, in summary:

If you want Third Party (Liability) insurance ONLY, and you're on a mooring

There are two viable options (so far):
1) Youi
2) Apia (but there are conflicting posts - some were refused 3rd party cover on moorings).

I contacted Anchorage Marine and they stated via telephone that they only provide liability insurance as an extra to comprehensive insurance - absolutely no separate 3rd party insurance.

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twodogs1969 said..
Limited companies will insure boats on swing mooring.
I know a guy who broke his mast with youi and they refused to payout. Not sure of the full story but he mentioned something about the fine print.
Club marine not cheap but they will payout no use cheaper insurance if you don't get a payout.

insurance is to transfer your risk to the insurance company for a premium. If they don't pay you have paid the premium but the risk wasn't transferred.
Youi are notorious for not paying claims. I don't go near them.

If you can afford it, insure it yourself. Im on the wagon again. Ive got third party only and one of these www.trektransponder.com.au. Of course I would since I invented it Especially since Clubmarine told me my boat had to be slipped and surveyed or they would not insure it. What rubbish. I dont think anything could happen to my boat so fast that I couldn't get to it and fix the problem as long as I knew about it. Which I would. Prowlers - call the police. Water in bilge - go there and check it out. Boat off mooring call police and go there. I would know where it is. Flat batteries - go there and fix it. There is a small risk that I could lose the boat or a radio or something but I doubt it. I first started paying boat insurance in 1989 and only ever claimed a stolen outboard.

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Trek said..
If you can afford it, insure it yourself. Im on the wagon again. Ive got third party only and one of these www.trektransponder.com.au. Of course I would since I invented it Especially since Clubmarine told me my boat had to be slipped and surveyed or they would not insure it. What rubbish. I dont think anything could happen to my boat so fast that I couldn't get to it and fix the problem as long as I knew about it. Which I would. Prowlers - call the police. Water in bilge - go there and check it out. Boat off mooring call police and go there. I would know where it is. Flat batteries - go there and fix it. There is a small risk that I could lose the boat or a radio or something but I doubt it. I first started paying boat insurance in 1989 and only ever claimed a stolen outboard.

A transponder won't help when you lose your rig, suffer damage in a blow or get hit by someone or hit them. A lot of marinas require evidence of insurance to stay there.
I dislike the insurance scam but it is a necessary evil.

How is a boat in McCarrs Creek or any other marina in Pittwater going to lose its rig or have its marina ripped out in a gale or storm!!?? I've been there 20 years and havent seen anything of the sort. Its case for case. if your boat was anchored off Cape Horn thats right, a transponders not much use. But most of our boats arent.

Read what I said. I said IF you can afford it. That means if the 1,000,000 to 1 happens and you do have to buy a new rig or even loose the boat its not going to be a disaster to you.

Regarding impacting other boats or property also read what I said. Get third party.

The huge majority of marine insurance claims are for theft and water damage. A transponder does cover that IF you can do something about it when you get an alarm. Insurance companies now will only insure your boat if they know nothing will happen to it. That should explain a lot!!

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Trek said..

How is a boat in McCarrs Creek or any other marina in Pittwater going to lose its rig or have its marina ripped out in a gale or storm!!?? I've been there 20 years and havent seen anything of the sort. Its case for case. if your boat was anchored off Cape Horn thats right, a transponders not much use. But most of our boats arent.

Read what I said. I said IF you can afford it. That means if the 1,000,000 to 1 happens and you do have to buy a new rig or even loose the boat its not going to be a disaster to you.

Regarding impacting other boats or property also read what I said. Get third party.

The huge majority of marine insurance claims are for theft and water damage. A transponder does cover that IF you can do something about it when you get an alarm. Insurance companies now will only insure your boat if they know nothing will happen to it. That should explain a lot!!

I disagree Trek.
2years ago my boat was hit by another boat in the April storm.
He did not break his mooring but dragged it. His boat hooked up to mine. Club Marine deemed it a no fault claim and each of us gad to claim on our own insurance. This was a $25000 claim for my boat alone. Maybe you could fight it in court but insurance companies have a lot deeper pockets then I do. Even if he is at fault what if he has no insurance you sue him he has no money so you get $10 per week. A transponder will not help this.
As morning bird says Marinas require insurance to berth.
I have been on two different boats where we have broken the stick on a boat the size of yours and mine this would cost between $15000 & $20000 to replace.
My premiums are $1000 pa sowith the claim I have made that covers 25 years of premiums let alone any future claims.
Makes a comprehensive policy sound appealing.