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DON'S LOG: stories, experience and advice

INFORMATION TO SEND TO BROKER TO OBTAIN A QUOTE

It is much better to send too much information than too little. If the broker or underwriter needs information not in the original request it delays everything a couple of days while e mails fly back and forth.

 

  • Name
  • nationality
  • age
  • occupation resume of sailing experience including description of boats owned.
  • Marine insurance claims record.
  • Description of boat.

If a standard production model:

  • date of build
  • designer
  • engine make,hp and age.
  • years of ownership of boat to be insured

If a one off:

  • designer
  • builder
  • date launched
  • dimensions
  • rig
  • engine, make, hp, age

All boats If the boat is more than three years old Copy of latest survey with all surveyors' ESSENTIAL recommendations complied with or stating the essential recommendations will be complied with before insurance attaches. If no survey is available will they be willing to quote subject to sight of satisfactory survey with all essential recommendations complied with before insurance attaches.


This is important as you do not want to go thru the expense of hauling and paying for a survey only to discover they are unwilling to quote because of valuation, age, or some other factor. Value of boat, basically what you paid for the boat, plus money spent on capital improvements. The insured value must be close to the approximate re sale value of the boat.

The deductible/excess desired. Underwriters will usually offer one percent of the hull value.

 

Cruising area, give a rough description of the next twelve months cruising area. If the boat is in commission all twelve months a hurricane plan is needed.

 

If the boat is to be laid up, the number of months to be laid up.

 

lf laid up afloat, the marina, and statement from manager as to how boats faired last time a hurricane came thru. If there was significant damage what has been done to minimize damage next time a hurricane hits.
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If laid up ashore, the yard, the yards record last time the yard was hit by a hurricane and what they have done to minimize the damage caused by next hurricane. State whether she is laid up mast in or mast out. Also, state if she will be laid up as Don Street recommends in this webb site.

 

Desired hull value does not match up with approximate resale value


If because of circumstances, owner died and lawyers want to sell the boat to clear the estate, or husband is getting divorced and wants to make sure his wife cannot get hold of the boat in the divorce settlement, the boat is purchased well below the market price.

 

Very few underwriters will allow the new owner to insure the boat at the market price because there is an unwritten insurance law


The insured can not improve his or her position by a loss If the boat became a total loss and the insured value is higher than the purchase price the financial position of the insured would be improved.

 

Hopefully with all this information the underwriter will rate the risk, and not just use a standard rate for the entire eastern Caribbean

 

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