I discovered a significant problem with my yacht policy coverage - I suggest you check yours for a similar issue.... Skipper's Plan now denies coverage if you abandon the vessel.
---------------------
My yacht insurance coverage expires in May each year, and I got the renewal notice about a week ago. The broker included a letter explaining some changes that have been made by the underwriter. One of those changes is that they will not cover losses due to abandonning any property.
HELLO! If I get into trouble on open water and have to leave the vessel, I am - by definition - abandonning that boat. If I do that, my insurance goes down with the vessel.
So I called the broker. Her first response was, "don't worry - just sign it. They don't mean abandonning a boat". RIGHT! Like I'm going to live with her word on this? I told her I'd need all that in writing before I would even consider renewing. And by the way, I've got a real Trust problem with you and the underwriter right now.
She trots off to talk to the insurance company and calls me back.
Broker: "I was right. They mean "abandon" like if you leave your stuff stored in a storage unit and walk away. Not your boat. You're OK"
Whiskywizard: "oh OK - so if we're in court in the future, I can expect the judge to toss aside the policy, which is a written, signed contract, and just ask us what we each 'meant'? Nope - I want it removed from the policy or I go elsewhere. And be aware, something like this can happen for only 2 reasons; an intent to defraud me, or incompetence. I'll also be looking for an answer on which one of the 2 it is."
Broker, later that day: "The insurance company will write up an exclusion for you. You'll have it in a day or 2."
Next day, I get an email that includes a special exception, just for me, that says I can abandon the vessel and still be covered if it's to protect the lives of passengers and me.
FYI
This is a Skipper's Plan - Power Plan,one of the biggest in Canada, written by AVIVA, sold by McLean and Dickey LTD.
---------------------
My yacht insurance coverage expires in May each year, and I got the renewal notice about a week ago. The broker included a letter explaining some changes that have been made by the underwriter. One of those changes is that they will not cover losses due to abandonning any property.
HELLO! If I get into trouble on open water and have to leave the vessel, I am - by definition - abandonning that boat. If I do that, my insurance goes down with the vessel.
So I called the broker. Her first response was, "don't worry - just sign it. They don't mean abandonning a boat". RIGHT! Like I'm going to live with her word on this? I told her I'd need all that in writing before I would even consider renewing. And by the way, I've got a real Trust problem with you and the underwriter right now.
She trots off to talk to the insurance company and calls me back.
Broker: "I was right. They mean "abandon" like if you leave your stuff stored in a storage unit and walk away. Not your boat. You're OK"
Whiskywizard: "oh OK - so if we're in court in the future, I can expect the judge to toss aside the policy, which is a written, signed contract, and just ask us what we each 'meant'? Nope - I want it removed from the policy or I go elsewhere. And be aware, something like this can happen for only 2 reasons; an intent to defraud me, or incompetence. I'll also be looking for an answer on which one of the 2 it is."
Broker, later that day: "The insurance company will write up an exclusion for you. You'll have it in a day or 2."
Next day, I get an email that includes a special exception, just for me, that says I can abandon the vessel and still be covered if it's to protect the lives of passengers and me.
FYI
This is a Skipper's Plan - Power Plan,one of the biggest in Canada, written by AVIVA, sold by McLean and Dickey LTD.
Comment