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Old 15 March 2012, 04:40   #1
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Insurance (or so called)

Hi All

Had a client in 2 days ago who had had is engine stolen from a secure marina with bolted gates (90Hp Tohatsu 2009) with the boat being on a trailer.

The insurance company is saying they will not pay out due to him having no anti theft locking nuts!.

when he read the small print it also stated that he not only needed anti theft nut locks but also a proof or purchase! When he asked for qualification of this small print it was stated not only did he need the actual amount paid but also the proof of purchase must show the type of anti theft nut bought.

Now this all seems v stupid as the thieves could have just cut part of the transom or launched the boat and taken the whole thing away.

So, who are you with please and have you read the small print and if so do you need locking nuts.

Dave
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Old 15 March 2012, 05:11   #2
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i had one quote off a company once who stated in their small print that when the boat was not at home it would only be insured if it was chained to the floor of a securely locked building! what a get out! when they asked me if they could sign me up i informed them that their policy was damn near useless and was bordering on criminal as it was clear they would get out of paying any claim. read the small print - ive become paranoid about insurance now.
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Old 15 March 2012, 05:18   #3
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Its not so small nowadays, but most of the requirements are common sense ( with the exception of a few ) .

Wheel clamps and engine bolt locks I feel really are obvious......... I bet anyone with alloy wheels has locking nuts on them and they are worth 100 each ....an engine worth at least 3-4k deserves the same ?

I do get a little tired of hearing 'insurance' is a rip off. Its totally fair if you bother to read the policy and understand it & do what is asked and what you are covered for. Maybe thats because it is my job to sort these thinsg out afterwards so I do see and hear all sides of the story.

Ask the questions up front and talk to people who know what they are on about and you wont go wrong.
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Old 15 March 2012, 06:33   #4
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Hi

If it was in bold and was clearly stated up front then we would have no problem but in my customers case this was not done as he would have bought some locking nuts to comply.

for this reason we want to put a page in our helpfull info section with what to look out for and who is giving good or bad customer service.

for us small print should be banned and it should be made v clear what is and what is not covered. Sorry rant over.
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Old 15 March 2012, 06:48   #5
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I can see your point and to combat this the FSA changed the rules a few years ago in that now ( and I forget the exact wording ) all key exclusions or warranties should be made clear . Ie if you need a lock for cover to bein place they should have said ...

He can alway make a formal complaint to the company / broker saying this was not made clear, however if he has been sent the policy wording I expect it will have been made clear that he should read it & ask if he is not sure about anything in it ...which the insurer/ broker will rely on as meeting thier duty.

He can alway then refer to the FSA themselves ( it wont cost him anything to do any of this - but may cost the broker/ insurer) . He can always look at the FSA principles of ' treating customers fairly' which is a big thinig in these cases - a quick google will show them up ......

Can you tell I have been down this route before form both sides ?
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Old 15 March 2012, 11:09   #6
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Dave,

Locking devices on both trailers and engines is fairly standard on small boat insurance in my experience (I think my own says something like "an appropriate security device will be fitted to the engine when left unattended" and the trailer "will be fitted with a wheel clamp when stored outside a locked building" or something similar).

Would you expect your car insurance to payout if the car is left unlocked with the keys in the ignition (almost certainly a 'small print exclusion') or your house insurance to cover a bike left in your garden without a lock on it.

I'm fairly sure mine doesn't have an explicit requirement for a receipt on it - but the obligation probably falls to you to show it was secure.
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Old 15 March 2012, 12:37   #7
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Who is the insurer?

All the policies i've had state that the outboard should be locked on.

Had one policy which stated that the rib must not be left unattended on a mooring. Ass taking it to Cornwall on holiday and it was to spend 2 weeks on a mooring I phoned the broker and discussed it. They were happy to waive that requirement for my holiday.

They can be quite helpful sometimes!
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Old 15 March 2012, 15:48   #8
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Originally Posted by Polwart View Post
Dave,

Locking devices on both trailers and engines is fairly standard on small boat insurance in my experience (I think my own says something like "an appropriate security device will be fitted to the engine when left unattended" and the trailer "will be fitted with a wheel clamp when stored outside a locked building" or something similar).

Would you expect your car insurance to payout if the car is left unlocked with the keys in the ignition (almost certainly a 'small print exclusion') or your house insurance to cover a bike left in your garden without a lock on it.

I'm fairly sure mine doesn't have an explicit requirement for a receipt on it - but the obligation probably falls to you to show it was secure.
re above , I must admit that the receipt bit shocked me as many of them just have an amount and total with no description of what was bought. As for being standard I really don't see the point in the locking nuts as they just cut your transom/ or try and steel the whole boat.
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Old 15 March 2012, 15:59   #9
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I really don't see the point in the locking nuts as they just cut your transom/ or try and steel the whole boat.
What will actually happen is they will move on and nick the one that is not locked.( your clients ! ).....which from an insurers perspective is job done !

Why bother with a pesky lock when you can just spanner up and get one with no noise or drama?
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Old 15 March 2012, 16:24   #10
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Hi PeterM

does that not depend on the engine! i.e. why steel an old 2 stroke when you can use a saw and get a nice new big 4 stroke?
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