Thread: Insurance Worries

Welcome to the Forum Fillwood. Also welcome to the minefield called Marine Insurance. My boat goes up the slip this weekend for anti fouling and survey for insurance. I have had a few wins with insurance re surveys feel free to PM me for some hints. Re the survey you have, I would suggest that a "loose propeler" would definatley be a show stopper. If the boat needs anti foul, may I suggest you slip it and get some sort of reciept stateing the prop is secure. Re faults with hull you could also take some before and after photos of repairs before re submiting survey.
Ian L

Thanks Ian L
I will PM you but what I have now done is purchase the boat and I'm running the risk with no insurance until such time as the required work is complete. The boat is being transported (with an insured carrier) from Cronulla to Port Macquarie tomorrow 3rd August and when the boat is back in the water on Saturday morning I will drive it about 300 metres upstream to a slipway where it will be until I get the work done - followed by another survey and back into the insurance mire.

Insurance companies work on perceived values, speculated durability, calculated longevity and expected claim rate.

As wooden boats age, all these this decrease the cost effective nature of insurance companies being able to make a profit. This said, there are specialty insurance companies that are willing to take on these higher risk policies, typically at higher cost. Look for companies that advertise in hod rod and antique aircraft magazines. These companies will also often take on boats, because they make money differently then the projected risk analyses, of the major insurance outfits. They usually just accept a "declared" value and insure this. Naturally, they'll want to see a good survey, but even a boat in bad shape can be insured, under certain circumstances.