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Old 06 October 2014, 09:00   #11
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In general with an "Agreed Value" policy you and the Insurer Agree the value you want covered and you pay the appropriate premium.

I know of agreed value policies for large, often classic, vessels - but don't know if it's possible to have an agreed value policy for a small craft.
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Old 06 October 2014, 09:06   #12
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I can see the reasons why - but for an honest person who is subject to some low life scum taking what we have worked hard for we lose out massively.
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Old 06 October 2014, 09:45   #13
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"Moral Hazard" is what it's referred to!
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Old 06 October 2014, 09:54   #14
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I can see the reasons why - but for an honest person who is subject to some low life scum taking what we have worked hard for we lose out massively.
Yup, it seems that way!
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Old 06 October 2014, 11:17   #15
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I know of agreed value policies for large, often classic, vessels - but don't know if it's possible to have an agreed value policy for a small craft.
I have a Agreed Value policy on my 18' Polaris Inflatable. I pay a little more for it, but the depreciation hit is substantially less. This is in the US, though. Worth a shot to ask your provider.

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Old 06 October 2014, 14:49   #16
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I enquired about an agreed value policy today. It's available in uk.

Shocked me to find my boats worth 9k, engine approx 8k market value and trailer which is 2 yrs old for 8.5m is worth 1k
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Old 06 October 2014, 14:49   #17
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I have an agreed value for BP from Mercia Marine.
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Old 06 October 2014, 15:04   #18
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I have an agreed value for BP from Mercia Marine.
I think that's the way to go, but does that agreed value come down after each year or do you up your premium each year to keep it the same ?
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Old 06 October 2014, 15:08   #19
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I think that's the way to go, but does that agreed value come down after each year or do you up your premium each year to keep it the same ?
Agreed value and the premiums for agreed value basically stay the same year after year. Why would it go up unless the risk of paying out 4500 changes? I don't think my premiums have changed more than about 1-2% total in 7 years with the same agreed value limits and the same insurer.
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Old 06 October 2014, 15:23   #20
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I think that's the way to go, but does that agreed value come down after each year or do you up your premium each year to keep it the same ?
The value stays the same year on year. The premium rises incrementally each year by about the rate of inflation. I'm paying more or less the same as I did 6 years ago in real terms.
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