Ramona said..cisco said..
The way insurance companies are now, if the premium is $600, you need to spend that much again getting a lawyer to read it to make sure it is right.
Chatting to one of the locals that sails on Jervis Bay. He was saying that premiums for catamarans on swing moorings that can get coverage was $5500. Premium for an Endeavour 24 was $5000!
Ouch!! No wonder so many are opting for third party property only.
My mate has his self built 33 ft on deck steel Roberts Spray insured with Pantaneious for $150,000 on about a $1,300 premium, something like a .8% premium to capital value ratio.
As a guideline I have been told that premium ratios should not be greater than 1%.