Sirius

Multihull Insurance Australia (again)

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I know this topic comes up regularly but the threads I can find are all a few years old. I am looking for some current information.

I have a F22R self built, with carbon mast, which I have not insured previously as it was kept on trailer on private property.

I now have the opportunity to keep the boat in the hardstand area of a boat club (Brisbane area), but they require the boat to be insured.

I am not asking for racing, or anything special, and I don't think $60k is excessive agreed value.

As everyone knows its not an easy or cheap thing to do. Best & only quote I have so far is Nautilus @ $1700.

Is this the current rate? 

Any other suggested insurers? I have tried the ones mentioned in previous threads such as Youi, RACQ, Club etc, but either the trimaran or mention of carbon knocks me out pretty quickly.

Any suggestions are appreciated.

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I always insured my catamaran with Nautilus and their rates were very competitive.

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Racq is good for trailables. Which club? 

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does your club require full coverage or just liability that is far cheaper then full coverage ?

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Nautilus quote sounds reasonable but you need insured values and claims excess to compare? Then the limitations and exclusions....

I am insured with RACT insurance, so my home built 32ft Proa premium is ~$1050 for a insured value of $40,000, approximate value of materials and equipment (including Carbon spars). $500 excess. No racing.

They did ask for photos.....

I get 10% discount on all my insurances, by having them all with RACT. Surprised that RACQ don’t do similar?

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Thanks for the feedback.

Club is Moreton Bay Trailer Boat, there are other Tris there so obviously insurance is possible, I have asked some questions of the club to see what or who they are with, but I don't want to ask too many questions as it may cause more issues than we need.

Hardstand agreement says, Public liability $10m, comprehensive marine insurance for the vessel, 3rd party on the vessel, and any other insurance reasonably required by MBTBC?

So I think it just comes down to the insured value, and excess requested. I was going for $70k including rig, sails & outboard, so that may be the difference between my quote & Sidecars.

I might try RACQ again and actually see if I can speak to a person.

 

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The correct answer to "what is it made of" is perhaps, "epoxy composite"

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9 hours ago, Zonker said:

The correct answer to "what is it made of" is perhaps, "epoxy composite"

Or FRP?

Not sure how relevant the "not previously insured" piece is as the previous owner's underwriter wouldn't insure our F82R either, despite having solid credentials and 10+ years of boat ownership with no claims ever.

We were told it's just very difficult to get new policies for multihulls at the moment, and having a custom build makes it even more difficult.

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I am just going to go on record again as someone who has lived this insurance nightmare for the last couple of years.

This is not going to get any easier until the Multihull Association(in whatever form that takes) gets off the ground and we are able to remove the terms "catamaran" and "trimaran" and replace them with "performance multihull" or similar.

Its a strength in numbers thing and it has to happen for insurance companies to even look at the issue again. I have been banging on about it for a year now but its now at a critical point.

Given the events at RQYS last night, the few remaining avenues that I had for liability will probably dry up pretty quickly I think. 

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4 hours ago, newbiesporty said:

Given the events at RQYS last night,

What events? What happened?

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I used to race motorcycles and nobody required insurance for that, nor was it even available for the kinds of closed-track competition motorcycles we were racing.

Instead the standard approach of race organizing bodies was to reinforce beyond a reasonable doubt that participation was at your own risk and expense, and to capture acknowledgement of the risks involved by all participants.

Perhaps another approach could be to lobby sailing organizing bodies to adopt a similar approach and simply drop their insurance requirements?  

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2 hours ago, The Mad Hatter said:

What events? What happened?

Raining chairs?

Picture below taken in Boat Park apparently ;)

Please, don't make me explain.

 

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2 hours ago, gspot said:

I used to race motorcycles and nobody required insurance for that, nor was it even available for the kinds of closed-track competition motorcycles we were racing.

Instead the standard approach of race organizing bodies was to reinforce beyond a reasonable doubt that participation was at your own risk and expense, and to capture acknowledgement of the risks involved by all participants.

Perhaps another approach could be to lobby sailing organizing bodies to adopt a similar approach and simply drop their insurance requirements?  

I would think Insurance for a motorbike is a lot less risk than a 200k multihull with crew on board. I wouldn't recommend buying a trimaran or a racing catamaran because of this ongoing insurance issue. 

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4 hours ago, MRS OCTOPUS said:

Raining chairs?

Picture below taken in Boat Park apparently ;)

Please, don't make me explain.

 

IMG_8062.thumb.JPG.d31dcfa43a25e31cec4b531e8b4832e2.JPG

Gee, That helps.

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Is the woman insured for raining chair events? She might not be if she is a multihull owner......

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14 hours ago, square top said:

I would think Insurance for a motorbike is a lot less risk than a 200k multihull with crew on board. I wouldn't recommend buying a trimaran or a racing catamaran because of this ongoing insurance issue. 

That depends - I've seen a lot more people killed, maimed or permanently crippled in motorcycle racing than I've ever seen in any kind of sailboat racing and physical injury claims can easily exceed the value of most boats.

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Ok heres some feedback on my experience so far.

I went to RACQ office. Much better response, they were at least interested, no questions about trimarans, I just said Brand Farrier, Model F22, no questions about carbon fibre, fibreglass was a sufficient reply.

This time the hang up was about where the boat was to be stored?

Boat club, fenced hardstand area, was my answer. Does it have 24hr security?

Like cameras? Yes and security guards patrolling the area? Who can access the area, club members only with swipe card. Is the boat locked separately? yes the trailer is?

For a boat no one wants to insure, they must be really popular with thieves?

Eventually the underwriter was accepting all of that. 

Was I an RACQ member? Yes & No, my wife is so adding her to the policy gives 10%discount.

So I thought I was through but no, a few more questions, was the boat professionally built?

Aaah. Maybe I should have just said yes, but I don't know who by. Not professionally built not insurable.

So unfortunately I haven't added much to the current knowledge on insurance in Australia for trimarans.

It is difficult and it is expensive for what they actually cover you for. It seems it is worthwhile to shop around a bit and probably do it each year just to see if there is any other insurers.

 

 

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Quote

 

I am just going to go on record again as someone who has lived this insurance nightmare for the last couple of years.

This is not going to get any easier until the Multihull Association(in whatever form that takes) gets off the ground and we are able to remove the terms "catamaran" and "trimaran" and replace them with "performance multihull" or similar.

Its a strength in numbers thing and it has to happen for insurance companies to even look at the issue again. I have been banging on about it for a year now but its now at a critical point.

 

 

You're right on that one. I think they simply don't want to do their work properly.

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Did anybody was trying to use insurance agencies like this one ( https://www.americaninsurance.com/auto-insurance-veterans ), which provides good profitable car insurance for veterans? I'm just curious about the REAL deal, I mean how is it going after customer will sign up papers? Does it differ from list of offerings in the list? Any experience from you, guys?

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