insurance for an ex-race boat?

[ODCarsEngineering]

hi guys, looking some advice and suggestions, im the owner of Adrian Brights old Revenger 25, P77- Sweet Revenge, currently going through a restoration and im now looking to get insurance for her so she can go into my local marina, can anyone recommend a company who are sympathetic towards ex-race boats?

 

[Red dragon]

Gjw direct Liverpool

 

[PerformanceDodge]

Gjw

Gjw direct Liverpool

They are bloody nightmare, I'm with them. They took my money and then told me they don't insure boats like mine.

When I asked what they meant by that, they said boats like the picture on the Cougar web site.

So I said to them, when I go to another insurer and they ask if i have ever been declined insurance, I have to say yes because someone at GJW who quite clearly knows nothing about boats did not like the picture on Cougar's web site.

In the end they honored the policy but said they would not renew it next year.

Thanks GJW

 

[Ian Toll]

hi guys, looking some advice and suggestions, im the owner of Adrian Brights old Revenger 25, P77- Sweet Revenge, currently going through a restoration and im now looking to get insurance for her so she can go into my local marina, can anyone recommend a company who are sympathetic towards ex-race boats?

My personal recommendation is that you overlook the fact that it " was an Ex Race boat" if it is undergoing a full refurbishment on the basis that an insurance company wont care what it was as long as it is now structurally sound, properly engineered and fitted with all of the required safety equipment.
In my experience your best approach is to employ the services of an independent marine surveyor, Insurance company approved, who will provide you with a full report for between £350 -£500.
With this document I would then recommend that you engage with Porthcawl Insurance Consultants on 01656 784866 to obtain a proposal form and they will find you the best deal.
My Magnum27 "SideWinder" which is also an Ex race boat was a nightmare to insure through Navigators who also were insuring my Fairline Targa at the time.
Porthcawl not only obtained a good price for a fully comprehensive cover of £450 premium for £60,000 insured on the Magnum, 27` with 900 hp but also took over the insurance my Fairline, placing that cover through a seperate insurer at the same time which saved enough premium to actually pay for the Magnum on the saving alone.
As for your boat being an ex race boat at the same time as placing the insurance for my Magnum Porthcawl we also helped place the insurance for "Dry Martini " the 35 Cigarette and Bubbles the 39`Cigarette ( ex Popeyes) without any problems, through Porthcawl, but you will need the independent surveyors report, without which you will have difficulties.
Hope this helps.
Ian Toll

 

[Ian Toll]

I should also have added to my previous post that you will also require the surveyor to confirm in his opinion that requested insured value is a justifiable sum for either a rebuild or replace in case of damage or total loss for the boat in question.
Ian Toll

 

[PerformanceDodge]

Hi Ian

Thank you for your post and taking the time to explain that. I was a bit naive being my first year of insuring boats for quite some time. When my insurance comes up for renewal this year I will be following your recommendation.

Regards

David

 

[Ian Toll]

Hi Ian

Thank you for your post and taking the time to explain that. I was a bit naive being my first year of insuring boats for quite some time. When my insurance comes up for renewal this year I will be following your recommendation.

Regards

David

Thank you David, you are very welcome. I hope it helps you achieve a much better deal.

Regards

Ian

 

[DoubleSix]

To balance the previous post, I nsured my ex raceboat Ring 21c with GJW for the past 17 years that I have had the boat. Never had an issue with them. They also paid out on the theft of my previous 21c without any issues whatsoever so absolutely well pleased with them.

 

[Red dragon]

There you go

 

[PerformanceDodge]

I'm sure they are a very good company and in all fairness they came highly recommended by several friends, they have also all had claims over the years and they have been settled fairly and promptly.

They seem quite happy with "speedboats" (whatever you define that as), water skiing, jet ski's and also with motor yachts, but as soon as they looked up Cougar and saw a 27ft on the web sight it all went pear shaped. This being after they took my money which I felt was a legally binding contract.

A few days later I got a panic phone call from them saying:-

We want to cancel your policy because we don't insure that type of boat.

Like what type of boat.

The boat on Cougars web sight.

Why not.

We just don't.

So someone who cant give me a reasonable explanation looks at a picture on a web site, decides they don't like the look of a boat and decides to try to cancel the policy.

Well we won't be you insuring next year.

So when I come to renew my insurance next year, and I get asked if I have ever been declined insurance I have to say yes because someone took a look at a picture of a Cougar 27 on a web sight and did not like the look of it.

Yep.


So just in case someone at GJW reads this forum, here is your chance to redeem yourselves and explain quite clearly in simple terms, other than "we don't insure boats like the picture on the web site" what exactly the problem is so that next year I can address it in the correct manor.

Look forward to your comments GJW!!!.