Spring seems to be here and many owners are busy getting their vessels ready to go back afloat. We are pleased that the freezing Winter conditions are behind us but they have left a few claims in their wake. The vitally important message for Winter is drain down water systems and if the vessel is to stay afloat, close all seacocks while the she is unattended otherwise pipes may freeze and burst and when the thaw sets in, the vessel fills and sinks. A simple precaution can save thousands of pounds!
How do you choose your insurer? I recently read an advert from a marine insurer that claimed an average saving on premium of 30% over the rest of the market, and a whole list of examples weregiven. We all like to think we have a good “deal” whatever we buy, and insurance is no exception, but I wonder if potential customers of this company ever stopped to think of the implications of this potential large saving in premium.
There are not enormous margins in the yacht insurance market, (some profit, yes, but not huge profits), and most companies, though not all, are administratively fairly efficient these days, so that points to these savings having to come from the claims settlement funds; in other words if you haven’t got the money to pay the claims, you will have to be tight or difficult when it comes to paying claims! Is that what customers look for in their chosen insurer? I don’t think so. Much better to pay a reasonable premium to a specialist company with a good record for paying claims, who will offer the service you expect, and most importantly, at the time when you need it.
Don’t forget that at Yachtmaster we are going to try to reduce premiums by making a special offer to our new customers on the Broads in 2011. As Broads tolls are increasing due to the spending review, we are endeavouring to reduce new customers existing premiums by the same amount that their toll increases thus keeping the overall cost the same. ‘Phone or email and we will see what we can do.
If we can keep the cost of boating down, I am sure this will be appreciated by all concerned and, oh, these savings will come from us, not from the fund that pays the claims!
D. Long - 5/4/2011.
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