Best insurance company for owner built boats

Boat Building Insurance and/or Sailing related
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Emerald sailor
Posts: 3
Joined: Thu Nov 10, 2016 1:18 pm

Best insurance company for owner built boats

Post by Emerald sailor » Thu Dec 29, 2016 2:47 pm

Who's the best insurer for owner built catamarans? What am I up for roughly? Is there a good marine surveyor in the Hervey Bay Area? Having to start organising marine surveyors and insurance and looking for good advice from those who have "been there, done that".
Thanks for any information that anyone can provide.

mahnamahna
Posts: 580
Joined: Wed Aug 02, 2006 4:48 pm
Location: Gosford NSW

Re: Best insurance company for owner built boats

Post by mahnamahna » Sat Dec 31, 2016 2:51 pm

As a rough guide insurance is about 1% for a cruising boat on the water, and slightly less for building insurance depending on what you want. For example I didn't take out builders risk insurance just insurance on an agreed value for fire or malicious damage. I didn't bother with storm cover. (builders risk includes liability insurance which I don't have because I am not hiring anyone to work on the boat and guests enter at their own risk). So my $250k cover costs me $1900 pa. Nearly all builders risk insurers won't insure you once your project is underway. I get my insurance through Derek Warne at D G Marine, underwritten by an English company Edward William insurance, they insured me part way through. Upon launch I convert to cruising insurance and will up my cover. Hope this helps.

ourh
Posts: 4
Joined: Sat May 28, 2011 10:48 am

Re: Best insurance company for owner built boats

Post by ourh » Mon Jan 02, 2017 12:11 pm

Emerald sailor wrote:Who's the best insurer for owner built catamarans? What am I up for roughly? Is there a good marine surveyor in the Hervey Bay Area? Having to start organising marine surveyors and insurance and looking for good advice from those who have "been there, done that".
Thanks for any information that anyone can provide.
I am located very near to Hervey Bay and have a (modified) Easy cat on a swing mooring. I am insured with Club Marine, and had a local shipwright (no longer here) do a survey for insurance purposes only. Cost of my insurance is about 2% of sum insured. Not sure how good my insurance is as I have never made a claim (touch wood). I don' t know of any good marine surveyors locally, but if survey is for insurance purposes only, a shipwright or someone with boat building experience/qualifications may be acceptable to the insurance company. Insurance companies may be able to you a list of local insurance surveyors?

44c
Posts: 1148
Joined: Tue Aug 08, 2006 5:08 am
Location: Hervey Bay, Qld

Re: Best insurance company for owner built boats

Post by 44c » Tue Jan 03, 2017 7:33 am

We had our boat surveyed by Liberal Bonel. Used to be based in Bundaberg. Found this listing for him which states Buderim.

http://www.aimsurveyors.com.au/Sys/Publ ... 52/3848736

Nice guy to deal with, if you give him notice he can possibly line up your survey with others in the area and save you a bit of money.

Remember to get it done before launch!

We're now insured with QBE. Premium is less than 1%. $3050 premium for $375,000 insured. Agreed value too.

I'd also recommend Nautilus. "School's Out" was insured with them when it was wrecked, and they handled the claim very well.

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