Hello members and visitors,
I’m writing about a current insurance issue that I am involved in with my yacht. In this instance I am an innocent third party and it has been of a surprise to me that I’m having to make a claim through my insurer (with all the penalties that go with making a claim) to repair my own boat. The 1st party’s insurer, (one of the biggest) has determined the incident “a weather incident” therefore exonerating their client from liability.
I have had my Yacht on the same swing mooring for at least the past 20 years. Approximately 6 months ago another wooden boat was mooring on the next mooring North of mine. In early October 2016 the site experienced some strong winds. This new yacht dragged its mooring and became entangled with mine. Its bowsprit and starboard hull caused damage to my port side window, hull, rigging, spreader, stanchions and toe rail. The quoted cost of repairs is $17,000.00, excluding yardage.
I contacted the owner of the wooden yacht and sent him the quotation. He subsequently forwarded it to his insurer. They have replied “I mistakenly believe their client to be liable”. I have contacted this insurer and conversed with a very terse, assertive representative who termed this incident a weather event and that I need to prove their client liable.
I do have comprehensive insurance though due to the break up of my policy for hull, spares & rigging I could fall short and will have to bear the cost of these repairs. My Insurer only wishes to repair the damaged areas, the fact that the repaired port side will be a different colour shade to the starboard side, like wise the aluminium toe rail profile could be different is not considered. Not only will I be out of pocket to make good the overall appearance of my Yacht, yet further costs will be incurred by making a claim together with increased costs in premiums over the next three years until I regain my no claim bonus. I have taken legal advice on this matter and going through my Insurer is probably the most cost effect way to proceed with my claim.
I wish to raise this issue of "weather events" that insurers are using to avoid 3rd party claims to the Deckee membership for consideration and information as to what to look for in a policy.
Make sure your policy has an agreed value for components such as hull, mast, spas & rigging, sail, motor and anything else of value.
Try and purchase a policy that covers not at fault claims so that you do not pay an excess of loose no claim bonuses.