Insurance - the elephant in the room.

While I share the enthusiasm with multis esp tris I don't see how they can be a viable proposition without insurance. Current situation is that Nautilus is the only insurer in Aus to insure tris and I have been recently advised that a large claim in Qld (flood related?) will see them exiting all tris.

Nautilus have also recently declined reinsuring any boat on a swing mooring (Vic, NSW, Qld etc).

Most if not all race organisers require valid insurance which precludes all tris and all boats not at a marina.

Difficult times for racers, mono and multi.

 

Most of the MYCV club members use RACV insurance which still insures trimarans (at this stage at least) the risk profile in Victoria at least must be reasonable.

 

This whole being held to ransom by insurance companies just totally sucks, it's a racket !

And the fact that governments, legislators, yacht clubs and individuals are being hoodwinked by these con artists is a tragedy.

 

Have you guys tried sourcing insurance out of the country? There may be more reasonable underwriters abroad.

 

Over the phone RACV advise they no longer insure tris.

 

This company claim to insure trimarans I'm not sure how current their web page is though.

http://www.marine-insurance.com.au/Insurance_Products/BoatInsuranceandPleasureCraftInsurance.aspx

 

A lot of them do, until you ring them up. Most of them act as agents to the big insurers eg Zurich, who are now entirely out of pleasure craft. OAMPS are unable to provide any insurance and I hear that Nautilus are in some sort of strife - they are now declining reinsurance for any craft ie mono cat or tri on a swing mooring. Perhaps an approach to YA thru affiliated yacht clubs is in order?

 

A few otherwise uninsurable boats here have managed to get third party only cover.
There was a company advertising in the "coastal Passage" online magazine as agents for an overseas insurance that was providing 3rd party cover at quite low rates.
They might not cover racing though. But it keeps marinas and haulout facilities happy.

 

That outfit is a ponzi scheme not recommended if you want surety.

 

Roger
I don't know anything about them I just saw the advert, are you saying they have a history of not paying out ?

I direct people to a broker here in Hobart. It's often surprising that a company that turns down a client directly or tells them there is no third party cover will provide the same through a broker.

 

Google "Northern Reef Insurance" and/or "Edward William Marine Services" for further information.

They are a ponzi scheme and you could find yourself liable for the full costs of an accident or event.

 

I Just re insured a yacht. Monohull.
Insurance companies are very careful these days. I had to supply much information, including proof the the yacht has a berth in a marina.

A swing on the hook multi will be difficult or expensive to insure.

 

http://www.ybw.com/forums/showthread.php?70836-Northernreef-Insurance
http://www.ybw.com/forums/showthread.php?36341-Insurance&p=330136#post330136
http://www.bluemoment.com/forum/viewtopic.php?f=1&t=273
http://forum.ssca.org/viewtopic.php?f=7&t=6238
http://forum.ssca.org/viewtopic.php?f=7&t=5580
http://forum.ssca.org/viewtopic.php?f=7&t=4821
http://forum.ssca.org/viewtopic.php?f=7&t=3682
http://www.fdic.gov/news/news/inactivefinancial/2001/fil0147b.html
http://www.osfi-bsif.gc.ca/osfi/index_e.aspx?articleid=166
http://www.osfi-bsif.gc.ca/app/DocRepository/1/eng/consumer/notices/warning6_e.pdf

 

Two more multi's with their bottoms torn off this week.

The Trimaran VSD and a Cat.

No wonder they cant get insurance.

http://


online photo storage

 

Sad to see VSD ashore and damaged like that hope they can recover the boat and repair it. It's sad to see any boats aground, in Port Phillip Bay we have very few safe mooring areas for example in Mornington, Southerlies comes through and all the boats on moorings are at risk. I notice they empty the moorings over Winter now, very sensible. I think this is also part of the reason why trailerable multis are becoming so much more popular less exposure to weather and damage it's surprising that it is not taken into account for insurance as it must reduce risk significantly.