No insurance for home built boat.

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john hartzenberg

No insurance for home built boat.

Post by john hartzenberg »

I have built a composite (ply and fibreglass) boat and cannot find insurance for it. Every underwriter so far stops at the words home built or owner built.


Who will insure me?
madaz
Posts: 527
Joined: Thu Apr 26, 2007 7:47 am
Location: Hobart, Tasmania

No insurance for home built boat.

Post by madaz »

My builders insurance is with nautilus, they have been no problem and will insure the boat when being transported and once its in the water. I think some use OAMPS also?
Jim
Posts: 691
Joined: Fri May 19, 2006 8:25 am
Location: Cairns

No insurance for home built boat.

Post by Jim »

My build insurance was with Nautilus and since launching have stayed with them. I found it harder to get construction insurance than comprehensive insurance. Must be lots of people don't finish their build, or finish it with a bonfire.

Jim.
judy
Posts: 32
Joined: Thu Aug 21, 2008 10:25 am
Location: Darwin
Contact:

No insurance for home built boat.

Post by judy »

Our build insurance is through OAMPS (brokers), underwritten by Club Marine. This includes one month of insurance after launch for sea trials. We hope to continue to use OAMPS for insurance of the vessel beyond this.



We are in Darwin, but use the Brisbane branch of OAMPS - Peter Skirving is our contact.





I'm presuming you are in Australia...
mySerenity
Posts: 755
Joined: Thu May 04, 2006 7:36 pm
Location: Brisbane Australia
Contact:

No insurance for home built boat.

Post by mySerenity »

Hi John



There are only three key Australian Insurers (two mentioned above) and many brokers vying for that insurance business under a different name. Don't be scarred to shop around and use your designer to help you. Find others who have the same yacht and approach there brokers. Let us know how you go.
James
______________________________________________
https://www.diycatamaran.com

https://www.youtube.com/user/puremajek
_____________________________________________
mahnamahna
Posts: 580
Joined: Wed Aug 02, 2006 4:48 pm
Location: Gosford NSW

No insurance for home built boat.

Post by mahnamahna »

Guys, I was told by about 3 different unconnected people when I first started my build, that insurers will only give you one year plus a one year extension, (one guy told me 18 months was the maximum) and I had budgeted for a 5 year build, so I obviously wanted the last 2 years insured rather than the first 2 years, so I put off getting insurance until now. And now I am told that no-one would insure my build because none of them were interested in taking on a half built boat, they wanted insurance from day 1 and my broker says that the 2 year max thing is not true. Anyway long story short, I got insurance but not builders risk. I got the boat insured against fire, nature or malicious damage, but not third party public liability or theft of goods or tools. That suits me fine and my cover is for $250,000 if I have a total loss due to fire but the premium is $3350 per year. Fortunately they will let me pay monthly!
Jim
Posts: 691
Joined: Fri May 19, 2006 8:25 am
Location: Cairns

No insurance for home built boat.

Post by Jim »

I didn't insure my boat until I joined the hulls together because up till then I figured I could handle the loss and both hulls were not in the same location. When I tried Club Marine all was going well with the question and answer thing until she asked when I was starting construction, and when I said it was half built she said they wouldn't insure it, try somewhere else and have a nice day. I tried a couple more then ended up with Nautilus which from memory the construction insurance was about half the price of full comp insurance.

Jim.
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