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Old 23 October 2013, 07:41   #1
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RIB Insurance

Hi all, apologies if this is in the wrong place!

As I have said in another post I'm buying my first RIB, which I collect early next week!

Does anyone have any recommendations for RIB Insurance companies? Or potential things to look out for?

I have done a couple of comparison sites that gave me between £96 p/y and £370 p/y, and also "Craftinsure" which quoted around £179 p/y.

It's for a Ribeye 600 with Yammy 115 and trailer, which will be used inland/coastal and kept ashore in a locked compound on the trailer when not in use.

Thanks all!
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Old 23 October 2013, 07:46   #2
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I use Navigators and General for both my Rib and Sailing Yacht
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Old 23 October 2013, 09:00   #3
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Noble Marine here
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Old 23 October 2013, 11:39   #4
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Porthcawl Insurance are worth checking out.

Porthcawl Insurance Consultants, marine trade insurance, quote online
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Old 23 October 2013, 12:11   #5
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+1 Navigators and General
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Old 23 October 2013, 14:23   #6
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I recently bought my first RIB and trawled the internet for insurance. In the end the best service and a decent quote came from Towergate.

Easy to deal with, good advice.

Dont forget insurance is only worth it if you actually claim, thats when good service counts, not the fact you saved a tenner.
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Old 23 October 2013, 15:37   #7
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Quote:
Originally Posted by Trimix View Post
I recently bought my first RIB and trawled the internet for insurance. In the end the best service and a decent quote came from Towergate.

Easy to deal with, good advice.

Dont forget insurance is only worth it if you actually claim, thats when good service counts, not the fact you saved a tenner.
That's why Noble Marine are the best!
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Old 23 October 2013, 16:06   #8
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Thanks everyone - some names to check there. Towergate gave about the most expensive quote from the comparison website and have called/emailed me almost constantly since I put my details in; a little annoying tbh.
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Old 23 October 2013, 16:14   #9
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Towergate for me too
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Old 23 October 2013, 17:25   #10
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Euromarine for me good service for years👍

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Old 23 October 2013, 17:53   #11
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Something to bear in mind is that some will quote for agreed value and others market value. Worth reading the small print so that you can check like for like quotes.

BTW I'm with Porthcawl and have been for several years. Never needed to call upon them other than renew the policy, prices seem reasonably good value for the cover I have which is agreed value.
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Old 23 October 2013, 17:56   #12
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probably a good time to buy.
I expect when the Milly report comes out, there will be a bucketful of bad press and wouldnt surprise me to see rates go up.
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Old 24 October 2013, 01:13   #13
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probably a good time to buy. I expect when the Milly report comes out, there will be a bucketful of bad press and wouldnt surprise me to see rates go up.
What do you mean?
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Old 24 October 2013, 01:52   #14
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Ask whoever you decide upon how they manage any claims. If they use a claims management company/loss adjuster called Concordia, from personal experience I'd steer well clear
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Old 24 October 2013, 03:31   #15
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Ask whoever you decide upon how they manage any claims. If they use a claims management company/loss adjuster called Concordia, from personal experience I'd steer well clear
Wasn't your claim for two damaged gearboxes and propeller repairs agreed, paid in full, and expedited by Concordia so you could take part in a offshore cruise?
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Old 24 October 2013, 03:49   #16
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I use Bishop Skinner for both boats.

They have dealt with two claims over the years very well, they seemed happy to fight the customers corner.
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Old 24 October 2013, 03:49   #17
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Wasn't your claim for two damaged gearboxes and propeller repairs agreed, paid in full, and expedited by Concordia so you could take part in a offshore cruise?
Eventually & only because I did all the chasing, otherwise I'd probably still be waiting.
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Old 24 October 2013, 05:44   #18
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Porthcawl have given me a pretty good quote and their policy uses Agreed Value (not Market Value). The small print seems to make good reading too.

I think I might go with them! Thanks for the recommends everyone.
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Old 24 October 2013, 06:17   #19
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Porthcawl for me also, very good response from all contacts I have had with them

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Old 24 October 2013, 07:15   #20
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Ovey, I can give you some more general pointers (this is from me personally as a boater and a buyer of insurance).

Generally all policies have similar coverage, but you need to look carefully at what is excluded or limited (e.g. geographical cruising areas, wear & tear, underwater parts, security & anti-theft requirements, fire precautions etc).

I would take photos of your boat in storage if kept on a trailer, showing clearly the fitted wheel clamps, trailer hitch locks, engine locks, and all other security measures including close up pictures. Also if you move the boat/trailer and store is somewhere else for a short period use your phone to take a couple of quick pictures once it is locked up - only takes 1 minute and hopefully will never be needed.

Should you be a victim of theft or attempted theft, then you have clear photos showing the precautions you have taken. Engine locks are usually always required and it is important to prove they are fitted, and keep receipts for purchase of them. Worth checking what the policy wording says about this and you would be well advised to discuss this with your insurer to verify that all the security devices you are using are accepted by them.

Coverage for machinery items and underwater equipment (inc props) can vary, so worth checking what is provided.

If you intend to leave a trailered boat on moorings overnight unattended then you should enquire about that also, including the amount of time it should be left unattended.

Be alert to areas where thefts are occurring as there can be hot spots. Posts on here and entries on stolenboats are handy to keep aware of. Some places seem to have more reported thefts and may be worth avoiding or taking more precautions.

Valuations for replacement parts, engines and entire boats can vary. An insurer may use the Three Stokes engine price guide, market values, price originally paid, or a combination. So also important to understand if you suffer a loss how would it be dealt with to put you back in the position you were before the incident, and you need to satisfy yourself that you are not under insured. Older outboards can be difficult to replace if an insurer relies upon heavily depreciated 'book' values.

Trailers, engines and personal effects (stuff you would not ordinarily sell with the boat) can be separately listed, so make sure your amounts listed are adequate.

If you have time you could trying speaking with the claims section of whichever insurer you select, and run through the potential scenarios that you may face to see how they would respond in general terms, and that way you can see now if you need to change any kit or ways you do things.

The cheapest possible quote may be a false economy in the long run...
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