Insurance Woes

For our friends who no longer are able to have a trailer under their Yacht ;-) and we all use a mast and sails at the end of the day (or start of the day!!)
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ozsailer
Able Skipper
Posts: 900
Joined: Oct 13th, '06, 20:15
Location: lake macquarie NSW

Insurance Woes

Post by ozsailer » Aug 2nd, '16, 19:29

Hello all,
Well Sue and I are cruising north again in Sunshine and we are currently berthed at Able Point Marina. Over the last few months we had been doing research on renewing and upgrading the insurance for our boat. In short we have been insured with Club Marine for the past 20 years or so with the many boats with have owned including our current catamaran.
Last year our policy changed where it stated that we were not covered under the policy if we anchored or moored in Pioneer Bay or Shute Harbour and would only be covered for transitting through or berthed at one of the two marinas. This can add significanlty to the cost of staying in the area. This is regardless of weather conditions, a able skipper being on the boat etc. This is not just us, this is any boat insured with Club Marine cruising or otherwise in the Whitsundays ( some charter boat excused)
Despite correspondence requesting variations and assurances that the boat would only be in the area out of cylone season, would be placed on a commercial mooring for very short periods of time to re-provision etc, and that the boat would be moved to a marina in the event of a tropical storm or cyclone this variation was refused.
As such we started researching other insurance offers. Today we cancelled our policy with Club Marine and reinsured with a company called Topsail. We found the following
1) Our insurnace cost has halved, saving us nearly $2000 a year - yes $2000 a year!!!!!
2) Standard restrictions regarding protecitve mearsures in clyclone areas
3) We can anchor or moor in Shute Harbour and Pioneer Bay
4) Better coverage
5) Highly regarded company - newish to Australia but well known in Europe and to cruising sailers
6) We were able to transfer our 25% no claim bonus
7) Underwritten by Lloyds of London
8) Agreed value not market value

We did have to supply written documentation regarding the boats value and a survey but otherwise is was pretty straight forward undertaking. We did consider Pantaneus who were very competitive but we decided on Topsail having spoken to peopel who were with topsal and also made claims with no adverse details.

The big thing was that we were very happy with Club Marine but found that brand loyalty meant absolutley nothing and that what we thought was a competitive rate was an absolute ripoff, ( which added salt into the wound). We were also extremely disappointed in the lack of common sense they appeared to have. Even when I cancelled the policy there was no attempt to talk us out of changing our mind etc. Quite disappointing actually. It looks like the loyalty only went one way.

So for anyone considering insurance, have a good long hard look at what you are getting for you money. I'm just cranky I did not to this sooner. :roll:
Sue and Greg
Lagoon 440
Lake Macquarie NSW Aus

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impulse
Able Skipper
Posts: 1186
Joined: Oct 17th, '06, 00:27
Location: sydney

Re: Insurance Woes

Post by impulse » Aug 2nd, '16, 19:48

I insure my trailer sailers with Youi. They have a new for old policy and recently replaced a 25 year old mast complete with running & standing rigging ! They do not require surveys of older vessels and do not depreciate aged components. They are also cheaper than Club Marine. My brother had 4 policies with Club Marine and they refused to continue his cover on one policy after yet another claim for a broken mast. (Seems to run in the family. :shock: ) He races 505 dinghies here and internationally and collisions happen. In retaliation he cancelled all his policies and they seemed surprised that he wouldn't keep his business with them. :?
Cheers Robin.

Robin & Terry.
RL28 - QE3.

sailboatmike
Admiral
Posts: 5003
Joined: Apr 2nd, '13, 08:34
Location: Cranbourne Victoria
Contact:

Re: Insurance Woes

Post by sailboatmike » Aug 2nd, '16, 21:55

From my experience with Club Marine, the service is shocking and the premiums are VERY expensive, was quoted just on $1000 to cover the clubs inflatable and motor, total value of said inflatable and motor $2200
Cheers Mike
Macgregor 26X SeaYaLater
Hastings Yacht Club
Warneet Motor Yacht Club
https://www.youtube.com/channel/UClULxh ... a5w/videos

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barnaclephill
Able Skipper
Posts: 1159
Joined: Mar 4th, '07, 11:02
Location: SE Melb

Re: Insurance Woes

Post by barnaclephill » Aug 3rd, '16, 17:47

I have found the said Club Moron to be snobs, in that they were only interested in the price I paid for a boat, rather than the survey detailing how well structurally it was. Twice.
Northerner28.

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colect149
Yachtmaster
Posts: 2653
Joined: Oct 29th, '06, 00:55
Location: Somerville Victoria

Re: Insurance Woes

Post by colect149 » Aug 8th, '16, 00:10

Twenty years ago I discovered I could not afford Club Marine's rates. No claims experience with any insurer and I hope never will. The big rip off is in Pet Insurance, all the retailers Woolies RSPCA etc etc use the same underwriter (Hollard). Loyalty means bugger all, even if you have insured the pet from birth, they jack up the premium as the pet ages (over and above inflation and general risk).
Last edited by zebedee on Aug 8th, '16, 14:33, edited 1 time in total.
Reason: Pat Insurance?
Farr 5000 (Frodo).Tow hack Kia Sportage 2l FWD, Avan Camper, 1967 MGB roadster, 1932 Austin 7 Sports.

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zebedee
Admiral
Posts: 10010
Joined: May 9th, '07, 02:05
Location: Bayside Melbourne

Re: Insurance Woes

Post by zebedee » Aug 8th, '16, 14:37

barnaclephill wrote:I have found the said Club Moron to be snobs, in that they were only interested in the price I paid for a boat, rather than the survey detailing how well structurally it was. Twice.
Sell it to me and I'll sell it back to you for three times as much!
A man's boat is his Castle. The Gippsland Lakes are my moat. Castle 650 #10, Roller Coaster.

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islandmarty
Lakes & Bays Skipper
Posts: 396
Joined: Aug 20th, '14, 12:54
Location: phillip island victoria

Re: Insurance Woes

Post by islandmarty » Aug 9th, '16, 13:44

i'm new to insurance and contacted an international company a few months ago after seeing their add that claimed no survey was neccessary and after filling out the forms and giving all my details they asked for pictures of my boat and said they would be in contact soon with a quote but i never heard from them again. I only wanted third party because i'm a little nervous what damage my boat could do if it broke free from the mooring. hoping to get a survey done when she is next hauled out.

is it that hard for them to reply and say no or to send me an outrageous quote?
Swan 30ft traditional timber gaff rigged ketch
Jedda 22 single keel

callaghans1
Midshipman
Posts: 24
Joined: Dec 14th, '14, 21:59
Location: Mitta-Mitta, Vic

Re: Insurance Woes

Post by callaghans1 » Jan 13th, '17, 11:42

Thanks for the tip about Topsail - they are terrific! I was with NRMA and Topsail were significantly cheaper, and the policy is much better and the excess is less. They are also underwritten by Lloyds - so no worries there. I tried Youi, but their premium was exactly twice Topsails, and that was with a $5000 excess!
Najad 34, Boomerang 20. several kayaks, camp followers and dogs.

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Que Sera
Lakes & Bays Skipper
Posts: 375
Joined: Nov 27th, '06, 01:08
Location: Adelaide

Re: Insurance Woes

Post by Que Sera » Mar 11th, '17, 23:36

Whilst in transit I had to make a claim on my Topsail insurance through their UK office, this was before they had an agent in West Oz, and apart from the time zone challenge they were very easy to deal with which helped a lot with the stress levels. Their renewal premium this year was less than Pantaenius and heaps better than Club Marine.

Not promoting or endorsing anyone, just my experience.

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