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Insurance for RL24
HI, Just trying to get insurance for the yacht that I am purchasing and having difficulties in doing this. The questions they are asking are-:
1/ What is the replacement costs of hull.
2/ What is the mast and rigging including spinnaker pole worth.
3/ Cost of sails.
4/ Cost of trailer.
5/ Cost of motor, which is easy enough for me to find out, but not the above.
This is with GIO Insurance, other insurance companies require surveys.
Can anybody help.
Thank you
Rod
ROD MALE27-Apr-2009    Edit    Delete 
Re: Insurance for RL24
Rod.
You must remember that you are buying a second hand boat, and that you are most likley only paying about one third or less of the cost of a new unit. Say that you insure the unit for the price you paid for it, so your insurance company will want to know how you value each of those individual items if you need to make a claim.
example. Your trailer is stolen while you are out sailing and you valued it at $1,ooo, but it may cost you $3,000 to replace it with a new one because there are no suitable second hand ones available.
The insurance company will allow you to put your value on each item to recover the cost of replacement of the item, but the final amount will exceed the origonal price you paid for the boat, and the cost of insuring will increase in proportion. If you just want to cover your investment amount, then I would suggest Hull 60%, mast and rigging 20% and trailer 20%, but you will not be able to replace any of those items for the amount you recieve if you have a claim.
The most important thing that you need to cover for is the damage that you may do to other peoples property, and personal liability.
Rob Legg28-Apr-2009    Edit    Delete 
Re: Insurance for RL24
ROB,
Thank you for your prompt reply, I appreciate it.I know its all too difficult but at least it gives me somewhere to start.
Once again, Thank you.

ROD MALE28-Apr-2009    Edit    Delete 
Re: Insurance for RL24
Rod I used Nautilus Marine through my local brooker Multihull Yacht sales at Manley QLD. I found them very helpful and reasonably priced.
Ph0733955550
Regards M
Martyn28-Apr-2009    Edit    Delete 
Re: Insurance for RL24
Rod
I used NRMA. They were very easy only wanted a breakdown of boat and trailer. I did not insure it for racing only pleasure sailing. Probably a whole new deal if wanting to insure to race.
Ron
Ron Kerr29-Apr-2009    Edit    Delete 
Re: Insurance for RL24
Thank you for all your help every-one,I got insurance through GIO in Sale.Worked it out with Robs method. Will have to change the estimates later on.
Rod
ROD MALE30-Apr-2009    Edit    Delete 

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