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Insurance for new self fit-out


stegra

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Hi. Any suggestions for companies to insure a new shell through the course of its fit-out would be appreciated. Or indeed, the names of any companies that definitely don't cover fit-outs.

In my case the boat is a new 50' x 12' steel widebeam hull only, costing around £30k. I guess I'll be spending more than that again on fit out materials. As the build progresses it will be increasing in value. I'm particularly cautious about being under-insured and losing out through condition of average, (or average clause). Having searched through a few threads there seems to be mention of some insurers refusing to insure above the current value. Is this commonplace? Surely over-insuring just means you overpay on the premiums, it won't increase a payout above the value at the time of a claim. I can see that it could be difficult to assess 'current value' of something lying on the sea bed so I understand the issue but my boat will be on hardstanding.

Grateful for any suggestions. Ta.

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When I started our sailaway fitout 15 years ago (nearly finished!!) we were with Collidge & Partners. They were quite happy about it & covered tools etc & knew all about fitouts. I don't remember the exact details as memory isn't what it was, we're still with them. They wanted a valuation when the fitout was complete & I got the surveyor to do me a letter when he did the BSS in 2014. Might be worth a call 01843 295925

Steve

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GJW direct insured me during fit-out and had a start value and an estimated complete value.  They did not allow any no claims during fit out, and I paid a little extra to be able to sleep overnight on occasion.  This was a few years ago, so may have changed, and I did find them very helpful.

01514738008

Looks like you will have plenty of choice.

Edited by Chewbacka
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I used Towergate Mardon (is that the right name) and slept on it from day 1. It was cold with snow blowing in the holes that were going to have the (bus) windows in. They assumed a steady increase in value over the first few years. I like them (the insurers that is).

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