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Ten reasons to insure your boat somewhere else
Every insurer has a page explaining why to choose them. This is the other one. Ten situations in which somebody else serves you better; with names, and with the figures where we have them. If one of these is you, we would rather you found out here than after a claim.
“All I care about is the lowest premium.”
Possible, with a caveat
Then compare the premium alone
On houseboats and jet skis other providers come in below us. If the way a claim is settled and the level of cover are genuinely irrelevant to you, price is a fair criterion; and then we are not always the answer.
“I need unlimited salvage cover.”
We cannot do this
We cap ours at €2.5m
Pantaenius and Schomacker carry salvage costs without a ceiling. On a large yacht in difficult waters that difference can exceed everything else on the policy. If that is your risk, take theirs.
“My houseboat is my home.”
We cannot do this
Three things are missing with us
Shore-power connections are covered by Pantaenius, animal damage and weather damage by Neubacher Marine, loss of rental income can be added at three providers. We cover none of the three.
“I carry a lot of equipment on board.”
Possible, with a caveat
Possible, but not free of charge
Three per cent of the sum insured is included, up to €6,000 in Premium. Above that the amount is freely agreed; but it costs premium. Some providers include more as standard.
“I want an adviser to visit me at home.”
We cannot do this
We do not do that
We have no field sales force and we work without paper; part of our price advantage comes from exactly that. If you want a representative at your kitchen table, a traditional broker is the better choice.
“I need search-and-rescue and overseas costs without buying Premium.”
Possible, with a caveat
With us that sits in the top tariff
Search and sea rescue up to €50,000, medical emergency costs of €50,000 in Europe and €100,000 outside it, plus repatriation, are Premium features here. If you want them in an entry-level tariff, look elsewhere.
“My boat travels as deck cargo on a freighter.”
We cannot do this
You need a second product for that
We have no marine transport product, and loading damage is excluded in all three of our tariffs; as it is with most providers. A cargo policy is the right instrument, not a boat policy.
“Mine is a self-build or heavily rebuilt boat.”
Possible, with a caveat
We need a valuation
We insure self-builds, but only with a surveyor’s valuation. That costs you time and money. In our own market survey, self-builds were declined outright by several providers; so this is a caveat, not a rejection.
“My association has a negotiated members’ rate.”
We cannot do this
We have none yet
We have no agreed members’ tariff with any association; with us the risk alone decides the premium. If your association has negotiated a rate, compare it against our quote; and take the better one.
“I live in Switzerland, or outside the EU and EEA.”
We cannot do this
Then we are not allowed to
Our authorisation as an Assekuradeur covers the EU and the EEA; Switzerland is not part of it. We cannot quote, wherever the boat lies. We added this case because we once noticed it too late; a Swiss enquirer had already accepted when the refusal came. Ask us anyway: we will name a provider that is licensed for you.
Still with us? Then the price is the only open question.
And if you find the same cover cheaper elsewhere, we make up the difference.
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