insurance

> 10 years ago
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dkturnbull
dkturnbull
40 posts
40 posts
22 Nov 2010 8:10pm
apparently if you buy an older yacht you need to slip and survey to get insurance is this only for full comprehensive or can you get third party property damage without doing this. Is the insurance worth it what have yous done insurance or no insurance
Charriot
Charriot
QLD
880 posts
QLD, 880 posts
23 Nov 2010 12:58pm
Yes, I was told the same. Could not find 3party one. When you find let us known.
saltiest1
saltiest1
NSW
2575 posts
NSW, 2575 posts
24 Nov 2010 12:06am
i would never get 3rd party only!

salvage costs are a bi##h!
Ramona
Ramona
NSW
7757 posts
NSW, 7757 posts
24 Nov 2010 8:30am
dkturnbull said...

apparently if you buy an older yacht you need to slip and survey to get insurance is this only for full comprehensive or can you get third party property damage without doing this. Is the insurance worth it what have yous done insurance or no insurance


Visit an insurance broker and inquire. Most slipways will require 3rd party as a minimum but as been mentioned is hard to come by. Production fibreglass yachts are easy to insure, any other material not so easy. Cement boats will need a specialist insurer but that's another story. Locally the shipwright who operates the council owned slip does insurance surveys. This is very basic and costs little, its mainly to indicate to the insurance company the vessel actually exists! I have two yachts, one with cover and not the other at the moment. If you are insuring with no racing cover its fairly easy to find a company to cover you. If you want to club race its compulsory to have cover and getting hard to find a company that will. If you have a company that you have a history with its easier. The broker is the way to go.
MichaelR
MichaelR
NSW
862 posts
NSW, 862 posts
24 Nov 2010 2:33pm
My Top Hat is insured with NRMA for $15k. When I took the boat over I needed an "In Water" inspection. There was no requirement for slipping.

The cover is for social purposes only, although it does cover for "wine and cheese" social racing without "extras", so if you don't race with a spinnaker you're fine.

They were also happy to up the premium for proper racing, without further inspection because I'd been with them for a bit.

I guess the real value in this is going to become apparent if and when I need to make a claim.

DISCLAIMER: No affiliation with NRMA and your results may differ :-)

Michael
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