Insurance time again

[mmts]

Ladies and gents,

Its that time of year again to renew my comprehensive insurance. Has anyone noticed an increase in premiums in the region of 20% since their last policy. I have not made a claim....have a no claim bonus and do all things necessary to keep my boat and mooring in good condition.

My boat is moored at Brooklyn, insured for $20k, $10m legal liability, $30k personal accident and $100 excess......all for just $438.35. Is this a good deal, or am I being taken for a "row"?

[storm petrel]

Hi,

$420 sound good to me. I just got my Club Marine Policy and they want $526 this year! It was under $400 a couple of years ago. Who are you with Marie Anne, I might change my insurance company.

Cheers,
Mark
'Storm Petrel'

[Shaun]

Gday Marks,

Got my insurance through Andrew Johnston, Professional Insurance Brokers, didnt need a survey at the time, (is actually Trident Insurance, you get, but cheaper through this broker)

amount insured $30k
you break down, hull, rig, motor, & equipment etc into agreed amounts,

liability $10M
dont know about personal accident..
covered to 250nm offshore
excess $150
premium $481 (up from $440 last year)

not affiliated, was just happy with the price & not requiring survey
found the recommendation at www.trailersailerplace.com.au

cheers

[mmts]

Hi Mark

I'm with Nautilus Marine .......suppose we put it down to the GFC, just like everything else, guess I'll stick with what I have.

[auriga]

Sounds like a decent deal to me, its less than mine (and im a professional insurance broker).

There are many elements that go into calculating a premium, loss history of the particular underwriter being one (you may see that some will charge more than others, and this will be due somewhat to their history of paying claims on types of boats/locations etc). It does pay to shop around however the cost of a survey can fast outweigh any benefit through premium reduction. Most insurers will require a survey of less than 12 months age.

Without getting into the nitty gritty, there are a number of factors that go into a premium calculation, and yes the GFC plays a role here. A downturn in underwriters' investment income, across the portfolio losses (not just marine insurance)... incurred claims were around $17b in australia this year largely arising from the QLD floods and Vic bushfires, less insured's taking out full cover (ie reduced premium pool), along with reinsurance rates increasing (an insurer's insurer) all come in to play.

Insurers' rates will vary, as will a policy's terms and the insurers' attitude to paying claims. The costs associated with changing insurer can far outweigh any benefit on premium reduction.

Your rate is reasonable in my own opinion, esp with a $100 excess (mine is $500!!). If in doubt contact a specialist marine insurance broker..

Dan
Auriga Mk3

[Allen]

Hi All,

I'm also an insurance broker and second what Dan said.

For pleasurecraft Club Marine are unbeatable in my opinion - they have an excellent attitude to claims settlement, and they have the Allianz balance sheet behind them.

cheers,
Allen

[karl010203]

Our insurance is through Club Marine, about $395 if you opt out of the $40 magazine option.

They appear to have a great reputation and I am happy to pay a premium for that peace of mind

[Phillip]

Evening All,

I'm with Club Marine, priced about what everybody else has, but.

This year I'll renew through Whitworths and get a free $50 gift voucher .

Just out in their 09/10 summer catalogue.

Phillip
SEAKA