Insurance - GIO Australia

Ed B

Member
317
0
A heads up for anyone that uses "Extras" and has their boat insured with GIO.

A few weeks ago PhilC told me about a potential issue with GIO policies that had been raised at MHYC.

I have one so I followed it up. Turns out that even if you have the "Racing" option, you are not covered while you are using a "Spinnaker or Extra".

I've pasted below an extract from the reply I received. Hope this helps to get the word out as I think the PDS can easily be misconstrued.

Fearbiter and I are now looking for a new insurer.

Cheers,

Ed.

Dear Sir,

...

You expressed your concerns about the exclusions outlined on page 16 for this option which states:

You are not covered if your boat is involved in a race:

· more than 20 nautical miles off the Australian Mainland or the coast of Tasmania, that involves ocean racing or blue water classics, or the use of spinnakers or extra sails, or

· that has a direct route of 100 or more nautical miles.

You ask that we clarify whether you will be covered if you use a spinnaker during a race which is less than 20 nautical miles off the Australian Coast.

I can confirm that your boat will be excluded of any insurance cover if it falls within any part of the exclusions outlined on this page. Therefore the exclusion regarding the use of a spinnaker does not only apply if you sail beyond 20 nautical miles off the Australian Mainland, it applies to any distance and circumstances. While you are using a spinnaker in a race, you will not have any insurance cover on the boat. This means if you have been held responsible for any legal liability or damage to another vessel during a race and you were using a spinnaker, you will not be covered in that claim.

...

Yours sincerely,

...

 

aus_stevo

Super Anarchist
1,210
0
Sydney.
bastards.

ive always found threatening to take all of your buisness elsewhere has them backing down on crap like this.

otherwise any recomendations out there for another comapny?

 

AlStorer

Super Anarchist
2,741
0
Cambridge
That's, um, sucktacular. I'd spread the word as far and as loud as possible- but hope other insurance companies don't catch on!

 

Mal Smith

Anarchist
569
27
bastards.ive always found threatening to take all of your buisness elsewhere has them backing down on crap like this.

otherwise any recomendations out there for another comapny?
I've been using Club Marine, on account of my assumption that marine insurance is what they do (although I had some difficulty explaining what an International Canoe was). I've not read the fine print in detail though, and I only took out the insurance for the mandatory public liability. They do put out a nice glossy magazine as part of the deal.

I can understand GIO's point though, spinnakers are very, very dangerous. Sailing with a spinnaker (or extra) is totally irresponsible. Come to think of it, sailing is totally irresponsible full stop! I'll think I'll stop it immediately.

 
Thanks for the heads up.

I just read my PDS (CGU) and there is no mention regarding spinnakers (as in the GIO policy), I havec posted a link to their website below. We claimed for a new mast and jib recently with CGU (one while racing) and have not had a problem.

I will still contact our broker, as the PDS is silent on the issue which leaves the insurance company with room to move if push comes to shove over a claim.

http://www.cgu.com.au/cgu/pub/cgu/website/...oat/PID0302.pdf

 
I've been using Club Marine, on account of my assumption that marine insurance is what they do (although I had some difficulty explaining what an International Canoe was). I've not read the fine print in detail though, and I only took out the insurance for the mandatory public liability. They do put out a nice glossy magazine as part of the deal.

Club Marine won't cover "Skiffs" as they "break too many masts". But 16foot skiffs are ok...??? :blink:

 

swampy73

Member
58
1
I've been using Club Marine, on account of my assumption that marine insurance is what they do (although I had some difficulty explaining what an International Canoe was). I've not read the fine print in detail though, and I only took out the insurance for the mandatory public liability. They do put out a nice glossy magazine as part of the deal.

Club Marine won't cover "Skiffs" as they "break too many masts". But 16foot skiffs are ok...??? :blink:
Club Marine wouldn't cover my 16.

NRMA baulked when the asked for the manufacturer of the boat and I said which bit.

I am covered by QBE at the moment, I don't recall a spinnaker exclusion.

I shudder now thinking back to stepping up from lasers to 12s in the early 90's and belting around uninsured completely out of control with 12 foot of pole out the front.

 

Pipe Dream

Anarchist
601
88
Aust.
I'm with Nautilus.

I have a 9m yacht.

No mention of a spinnaker in the PDS.

I'm going to confirm this week that I don't have this problem but at first look it appears not.

 

Phil S

Super Anarchist
2,603
230
Sydney
What we all really need is simply 3rd party cover while racing. Most companies will not cover racing unless you have comprehensive and then they exclude the boats most of us race. Its getting hard to find appropriate cover to comply with the entry to major regattas.

If there is a company out there which will cover my boats for $M10 3rd party, plus if possible transport and storage damage or loss, then I have 4 boats looking for insurance. And since I have a personal rule of keeping all my eggs in one basket where ever my boat insurance goes so does my house and car insurance so the carrot is quite valuable.

Anyone else want the same deal? Any companies want to talk?

 

Jethrow

Super Anarchist
Hi Guys

Try Graham Gibson at Gibson Insurance Group. He's a broker and he's done the insurance for my current IC and also my last moth. These two boats were done as additions to another policy but I'm sure he could be of help. He's in Sydney but I don't have the phone number at hand...

 

Bill E Goat

Super Anarchist
4,580
382
Sydney
Maybe the YA could put something together or work with an insurance company to assist its members

Oh Sorry - stupid of me to think that,

 
Maybe the YA could put something together or work with an insurance company to assist its members
Oh Sorry - stupid of me to think that,

well call me stoopid

start rant.

looking around to insure my lcurrent 12, i did phone the insurance broker who is recommended by the YA. they only broker for club marine..."we don't insure skiffs". so i asked the person if he, being a broker, knew anyone who did insure skiffs, "no i don't offer that service", I asked him if he was an agent for CM or a real isurance broker, that is where the phone call ended.

 

GybeSet

Super Anarchist
Club Marine won't cover "Skiffs" as they "break too many masts". But 16foot skiffs are ok...??? :blink:
Club Marine wouldn't cover my 16.

NRMA baulked when the asked for the manufacturer of the boat and I said which bit.
and yet Club have sponsored an eighteen, and NRMA a sixteen, Corporate hypocracy at it's best, ah well

I've had Club in the past, they were OK then

Gibbo has a Sydney 38 (9797) and previously had the Hobart warhorse the Farr 'Ninety Seven'

he'd certainly see a more practical side of things compared to a chk chk boom in a IAG call centre

 
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12
0
Let's paraphrase GIO's interpretation of their policy wording as sent to Ed:

"if you have selected racing cover you are covered for racing, unless you race"

 

I can't see how this wording would fly for GIO at claim time.

 

- They have agreed to give your 12ft skiff racing cover.

- A 12ft skiff always races with a spinnaker

- You have not lied to them about they type of boat when they underwrote your policy

 

That said if you can find a company that isn't going to do their best to dick you around please let us know...

 

 

 

 

Pete_AUS09

New member
17
2
Let's paraphrase GIO's interpretation of their policy wording as sent to Ed:
"if you have selected racing cover you are covered for racing, unless you race"

 

I can't see how this wording would fly for GIO at claim time.

 

- They have agreed to give your 12ft skiff racing cover.

- A 12ft skiff always races with a spinnaker

- You have not lied to them about they type of boat when they underwrote your policy

 

That said if you can find a company that isn't going to do their best to dick you around please let us know...

 

 

 
Check out RAA of all places :blink: . I have two IC's with them currently - one is a 20 odd year old wooden boat which they agreed to cover after a bit of mucking about. As I understand it, 'wood' is a nasty word to insurance compnies.

Just about to get cover for my new (to me) 12ft skiff, once I figure out replacement cost for hull / rig

 
my previous boss told me that if an insurance company wont pay out cause of stuff like that tell them to fuck up and pay what they owe... he reckoned it would work like that... i no its not boat related bu swann insurance is who i have my bike with i have had no issues with them including a not at fault claim and loss of license and they DONT charge me extra cause i lost my license!!! but if they only do bikes then its no good for sailors lol...

 
At the moment l am dealing with Suncorp they were about the only insurance company that did not wish to take a core sample of my 20 year old contender and still insure it for a decent price. But then again l don't have to worry about the spinaker claim side of things.

TB.

 
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