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Post Options Post Options   Likes (0) Likes(0)   Quote cirrus Quote  Post ReplyReply Direct Link To This Post Topic: boat insurance
    Posted: 18 Feb 2020 at 8:44am
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Titanium
Titanium


Joined: 07 May 2011
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That time of year coming up. Policy renewal.
Have an agreed value policy. Then notice in the fine print a few new bits.
Motors,over 5 year now market value. Hull and motor now lumped together as one and not separate..
Then i note in brackets that boat should be insured as close to market value as possible. How can this be agreed value when market value implied.
So looking around at various companies.
Anyone have a company and policy they are happy with.?
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Post Options Post Options   Likes (0) Likes(0)   Quote Bigfishbob Quote  Post ReplyReply Direct Link To This Post Posted: 18 Feb 2020 at 1:10pm
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Platinum
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Which company are you with mate? Can't remember seeing that wording in my Club marine policy?
www.waikatosportfishing.co.nz
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Post Options Post Options   Likes (0) Likes(0)   Quote notalloyit Quote  Post ReplyReply Direct Link To This Post Posted: 18 Feb 2020 at 2:31pm
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Gold
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Had same problem, mint 4 year old motor, smashed leg in a rear ender by a texting german floozy not licensed, PERFECT, was offered only $2500 for motor repair or replace, told them find me the total stock in NZ of these motors for sale, I'll take them all, as I'd at least triple my money, in less than a month. Company wouldn't or didn't chase up the maggot that was at fault, plus i had to cough for excess even when blatantly not at fault. AON . Marine assessor was a godsend though, eased a lot of pain.
BNS Design & Print LTD 0800 733 000   for all printing needs, special rates for website members. Free freight NZ wide.
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Post Options Post Options   Likes (0) Likes(0)   Quote OneWayTraffic Quote  Post ReplyReply Direct Link To This Post Posted: 18 Feb 2020 at 10:41pm
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I've been putting some thought into this recently. My boat won't fit into any neat category as it will be a home assembled custom built wood epoxy boat. How do I put a value on it? 
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Post Options Post Options   Likes (0) Likes(0)   Quote OuttaHere Quote  Post ReplyReply Direct Link To This Post Posted: 18 Feb 2020 at 10:58pm
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Platinum
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Originally posted by OneWayTraffic OneWayTraffic wrote:

I've been putting some thought into this recently. My boat won't fit into any neat category as it will be a home assembled custom built wood epoxy boat. How do I put a value on it? 


Most likely about what the average punter would be prepared to pay for it.

I'm sure some sort of professional would happily put an estimate of value on it for you.

Realistically, the cash value it cost you to build it would be a reasonable guess. I suspect the investment of time disappears pretty quickly.
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Post Options Post Options   Likes (0) Likes(0)   Quote Ecko Quote  Post ReplyReply Direct Link To This Post Posted: 19 Feb 2020 at 7:34am
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I was with Baileys but after an unexpected fee cropped up dropped them and moved to a completely left-field company (to me).

I'm now with FMG and they have been awesome (and competitively priced).

I started my policy with our previous Fi-Glass Firestar. I nominated the value insured, specifying motor, hull, trailer value. 
Paid up front for the year, and then ended up changing boats unexpectedly.

Increased the sum insured to the amount the new boat owes (considerably more than the Fi-Glass), cost me another $17 to carry through to the end of the annual term.

After some thought decided I should actually insure it for market value (which is higher than what it owes me) which they amended no questions asked and charged what I considered a very fair top-up.

I was in the process of making a claim which they were excellent to deal with but didn't follow through with the claim (not because of FMG).

If anyone would like an email introduction to the lady I deal with who now has a fair amount of experience with marine insurance I would be happy to share - PM me your email address. Thanks
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Post Options Post Options   Likes (0) Likes(0)   Quote Steps Quote  Post ReplyReply Direct Link To This Post Posted: 19 Feb 2020 at 10:49am
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Titanium
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Joined: 14 Oct 2013
Location: Franklin
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Hit up our AMI insurer the other day...
The whole rig is worth.. realistically at sold (not advert price) about 14K to 16K


They took separately
1/current value of the motor
2/Value of the hull
3/The trailer
4/ any accessories over 1K

They needed to know equipment .. VHF, Spare anchor, prop, erprib flares, life jackets the boat has
 And need to supply photos of boat trailer and gear.

The total insured was to be around 25K for about $350 include 3rd party of huge amount... not enough it I hit and sunk a cruise ship thu..
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Post Options Post Options   Likes (0) Likes(0)   Quote OneWayTraffic Quote  Post ReplyReply Direct Link To This Post Posted: 19 Feb 2020 at 1:49pm
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Robzoon:

Market value is one measure sure, but since I do not plan to sell it, I am more interested in replacement value. Besides most punters are after a bargain not always fair price. 

I may get it surveyed, as I believe that when I am done it will be at least as good as the equivalent Figlass or similar. That's a good idea; a disinterested third party.

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Post Options Post Options   Likes (0) Likes(0)   Quote letsgetem Quote  Post ReplyReply Direct Link To This Post Posted: 20 Feb 2020 at 9:25am
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Titanium
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Joined: 09 Oct 2008
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Ive told you about my insurance, but Ill cover it here for completeness.
 
I had Stabi 1530 insured with AMI.
Sum insured was the amount I paid for it $33,000.
 
Annual premium was $317.50.
I think this is lowered because theres a discount for having all our other insurances with them.
 
Even though the sum insured is $33,000, if theres a claim for a total loss, they only pay out an estimate of the market value.
 
I am not opposed to this, but I think it is misleading, as the premium doesn't go down each year (in line with the dropping market value). I gather you can change the sum insured to a new market value, which will; mean a lower premium, but most people wouldn't bother to do that every year.  
 
 I have had 2 previous claims for the boat stolen, and they covered it without any difficulty. And when I asked to cover my third boat (figlass firestar worth $47,000), they did, no problem. So, I regard AMI as very good.
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Post Options Post Options   Likes (0) Likes(0)   Quote spin king Quote  Post ReplyReply Direct Link To This Post Posted: 20 Feb 2020 at 10:35am
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you can also insure for non market value with ami as I have done.
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Post Options Post Options   Likes (0) Likes(0)   Quote clank Quote  Post ReplyReply Direct Link To This Post Posted: 23 Feb 2020 at 5:39pm
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I had a major claim last year after the tornado ripped through Auckland. (Vero via Bailys). It must have been their busiest week for marine ever. Really quick response and because of their understanding of how hard it is to get marine work done they approved the quote immediately without needing several.

Not sure how the wording and fine print compares to other policies but it all seems fair to me and the response when your pride and joy is looking like carnage is far more important to me than a few premium dollars i might save elsewhere.

Also zero excess if damage is done while on the Marina and the only loss adjusters or anyone I dealt with were people with extensive Marine backgrounds so no purely paper shufflers
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