I saw some time back guys thought New Wave were good.
Any current comments?

They are good in that they don't require a survey for 3rd Party insurance. Other than they keep taking my money I have not much I can say about them.

Had no problems with them over ~5 years and ~3 yachts. They gave comprehensive insurance without out of water survey or in water inspection - albeit only ~$5k insured value. Sold a $12k value yacht about 6 years ago and they comp insured the new owners - payed out on a claim they mad a few months after purchase. Very easy to deal with initially and then each renewal.

Have had new wave insurance on 3 boats over the last 4 or so years never made a claim
There prices use to be reasonable and competitive
This seems to have changed at least for me even with a survey there prices have gone up alot
I switched insurer's to one of the big well known company's which worked out to be about 40% less

I just switched from comprehensive to 3rd party and chose Pantaenius without too much research. They were pretty quick and friendly. Policy was $462 all up for a year for my 30ft 3-tonne yacht. No survey needed. They say 'about 70% of marinas' accept their policy because it includes removal of sunk/wrecked boats (anyone know if that's true?). No idea if this is a good deal, but it's a lot cheaper that comprehensive.

3rd party insurance is for the other boats not yours. I am a little suspicious of a company stating they recover sunken boats unless they mean sunken boats that your yacht caused to be sunk!

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BluewaterBound said..
I just switched from comprehensive to 3rd party and chose Pantaenius without too much research. They were pretty quick and friendly. Policy was $462 all up for a year for my 30ft 3-tonne yacht. No survey needed. They say 'about 70% of marinas' accept their policy because it includes removal of sunk/wrecked boats (anyone know if that's true?). No idea if this is a good deal, but it's a lot cheaper that comprehensive.

I'm with you on switching to 3rd party. I invented my Trek Transponder about 5 years ago and put one on my boat to monitor it for issues and that was a BIG reason. Since then saved $8K by going with Pantaenius 3rd party as well - and they allowed for the fact my boat was monitored 24/7. No survey required. You just need to understand the risk of covering the boats potential problems yourself and make sure you can fix them when they arise. I check hose clamps every time I get on board. They seem to be the biggest risk.

I've just renewed with New Wave Marine for another year. $1,200 for comprehensive on a value of $25k. They required a condition report (out of water, $550) before they would renew even though the boat was surveyed before purchase in 2020. No claims, although I did once start the process before pulling out and paying for the rudder repairs myself. They seemed quite responsive to the claims process with good follow up service. Their policy also gave me 30 days to fix anything identified in the condition report. I'm happy with them, at least they are prepared to insure a 47 year old boat.

Cheers,
Kinora

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Ramona said..
3rd party insurance is for the other boats not yours. I am a little suspicious of a company stating they recover sunken boats unless they mean sunken boats that your yacht caused to be sunk!

The way it was explained to me is that the 3rd party is to include salvage in case your boat sinks in their fair lead, which would cause a loss of income to the marina and I think we would all agree that marinas are more interested in covering their profit than their clients boats. Both mine are covered by pantaenius for 3rd party, no one else wanted to know about the awb. And I have to pay extra excess in the event of a salvage. Ah the joy of boating

I expect the third party if your boat sinks in the marina is the marina - ie you've effectively damaged their marina if the boat isn't cleared out.

I've got hull and property, personal accident/death and public/third party liability to $10 million with Pantaenius. Value of the vessel is about $90,000 (or it was when I bought it :-( ).

Cost me $1441 for 2023 and exactly the same for 2024 including tax etc. When I first took out this cover I provided the survey from when I bought her. If I continue with Pantaenius, they will want the boat re-surveyed in 2028. The policy has a front end deductible (excess) of $2,500 (or first 20% of costs if claim is for dinghy/tender).

Does not include strike, war or conflict (including confiscation), which is an optional extra cover. Also does not cover racing (OK with me since I don't race).

It is subject to "Navigational Limits: Australia South: Australian waters between Latitudes 26.5 degrees South and 50 degrees South and 200NM to sea. (wAUSS)." On the East coast that's from Bribie Island to well South of Tasmania, but the 200NM to sea doesn't cover Lord Howe Island which is a bit over 300. I presume further North would alter the premium due to risk of cyclones.

When I want to go further North or further East than 200NM I will have to vary the policy. Don't know what the additional cost will be. I moved her from a marina to a swing mooring during the first year, with no fuss or change in premium. Pantaenius were quick and responsive when I first approached them. Not plugging them, just info on my experience for people looking to compare.

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Quixotic said..
I expect the third party if your boat sinks in the marina is the marina - ie you've effectively damaged their marina if the boat isn't cleared out.

I've got hull and property, personal accident/death and public/third party liability to $10 million with Pantaenius. Value of the vessel is about $90,000 (or it was when I bought it :-( ).

Cost me $1441 for 2023 and exactly the same for 2024 including tax etc. When I first took out this cover I provided the survey from when I bought her. If I continue with Pantaenius, they will want the boat re-surveyed in 2028. The policy has a front end deductible (excess) of $2,500 (or first 20% of costs if claim is for dinghy/tender).

Does not include strike, war or conflict (including confiscation), which is an optional extra cover. Also does not cover racing (OK with me since I don't race).

It is subject to "Navigational Limits: Australia South: Australian waters between Latitudes 26.5 degrees South and 50 degrees South and 200NM to sea. (wAUSS)." On the East coast that's from Bribie Island to well South of Tasmania, but the 200NM to sea doesn't cover Lord Howe Island which is a bit over 300. I presume further North would alter the premium due to risk of cyclones.

When I want to go further North or further East than 200NM I will have to vary the policy. Don't know what the additional cost will be. I moved her from a marina to a swing mooring during the first year, with no fuss or change in premium. Pantaenius were quick and responsive when I first approached them. Not plugging them, just info on my experience for people looking to compare.

I just got a quote from them and at fist look it is way lower than my current premium.
Have had you any claims or anyone have experience to share?

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woko said..

Ramona said..
3rd party insurance is for the other boats not yours. I am a little suspicious of a company stating they recover sunken boats unless they mean sunken boats that your yacht caused to be sunk!

The way it was explained to me is that the 3rd party is to include salvage in case your boat sinks in their fair lead, which would cause a loss of income to the marina and I think we would all agree that marinas are more interested in covering their profit than their clients boats. Both mine are covered by pantaenius for 3rd party, no one else wanted to know about the awb. And I have to pay extra excess in the event of a salvage. Ah the joy of boating

The marina's policy would cover that. 3rd party is to cover damage you do to other boats. You don't get a dime! Years ago when my fishing vessel was tied up to a public wharf we had to have 3rd party cover on our vessels [needed it to use the slips anyway]. The wharf was insured by the council for the Lands Department. At one stage they wanted the fishing vessels to take out cover for the wharf as well. When it was pointed out to them that was already covered they went away and learned a bit about insurance.

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Ramona said..

woko said..

Ramona said..
3rd party insurance is for the other boats not yours. I am a little suspicious of a company stating they recover sunken boats unless they mean sunken boats that your yacht caused to be sunk!

The way it was explained to me is that the 3rd party is to include salvage in case your boat sinks in their fair lead, which would cause a loss of income to the marina and I think we would all agree that marinas are more interested in covering their profit than their clients boats. Both mine are covered by pantaenius for 3rd party, no one else wanted to know about the awb. And I have to pay extra excess in the event of a salvage. Ah the joy of boating

The marina's policy would cover that. 3rd party is to cover damage you do to other boats. You don't get a dime! Years ago when my fishing vessel was tied up to a public wharf we had to have 3rd party cover on our vessels [needed it to use the slips anyway]. The wharf was insured by the council for the Lands Department. At one stage they wanted the fishing vessels to take out cover for the wharf as well. When it was pointed out to them that was already covered they went away and learned a bit about insurance.

The marina's policy would cover salvage in their fair lead BUT if they insure that you cover that possibility then they experience less pain premium wise. I was told this by an insurance broker with many decades of experience. Also a marina or slipway is also a beneficiary of a 3rd party claim ie you broke my wharf. Your visitor slipped on the .. I'm sure you get the picture

See prior post here of the comprehensive insurance exclusions document nightmare.........

www.seabreeze.com.au/forums/Sailing/General/Insurance-Blues?page=2

and there are prior post than that........

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warwickl said..

Quixotic said..
I expect the third party if your boat sinks in the marina is the marina - ie you've effectively damaged their marina if the boat isn't cleared out.

I've got hull and property, personal accident/death and public/third party liability to $10 million with Pantaenius. Value of the vessel is about $90,000 (or it was when I bought it :-( ).

Cost me $1441 for 2023 and exactly the same for 2024 including tax etc. When I first took out this cover I provided the survey from when I bought her. If I continue with Pantaenius, they will want the boat re-surveyed in 2028. The policy has a front end deductible (excess) of $2,500 (or first 20% of costs if claim is for dinghy/tender).

Does not include strike, war or conflict (including confiscation), which is an optional extra cover. Also does not cover racing (OK with me since I don't race).

It is subject to "Navigational Limits: Australia South: Australian waters between Latitudes 26.5 degrees South and 50 degrees South and 200NM to sea. (wAUSS)." On the East coast that's from Bribie Island to well South of Tasmania, but the 200NM to sea doesn't cover Lord Howe Island which is a bit over 300. I presume further North would alter the premium due to risk of cyclones.

When I want to go further North or further East than 200NM I will have to vary the policy. Don't know what the additional cost will be. I moved her from a marina to a swing mooring during the first year, with no fuss or change in premium. Pantaenius were quick and responsive when I first approached them. Not plugging them, just info on my experience for people looking to compare.

I just got a quote from them and at fist look it is way lower than my current premium.
Have had you any claims or anyone have experience to share?

I haven't had any claims. Like all insurance I take it out hoping never to need it.

I now have the quote from Pantaenius and as almost always you get what you pay for eg they require $10,000 deductible for salvage this is included in my current policy. My current policy includes lighting strike not covered in this quote.
Back a bit I had a break in so door locks damaged plus other item stolen, deductible was $200. It appears that door locks under Pantaenius would be part of the hull so a $2,200 deductible.
I also had hail damage to front clears, $200 deductible, its unclear with Pantaenius inregard to the deductible.

The delima, Pantaenius are over $1000 cheaper.
I've got time to further evaluate.

New Wave are $2000 more than my current policy

Just got a quote from Pantaenius for third party. There is a bold Parra Salvage and Wreck Removal, there is a $10k excess if that clause is used.

Was suggested by the Marina,when I was looking to use their berth/mooring ,whilst waiting for a mooring allocation .
Now on the private mooring - $419/yr for 3rd party,with annual inspection of mooring .
Had good communication,especially by email,but no claims so far.
Ticks the box,but be aware of limitations=read to the smallest print !!!

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Ramona said..
[
The marina's policy would cover that. 3rd party is to cover damage you do to other boats.

The marina's insurer can pay out the marina, and then chase the boat owner to recover the money they paid to the marina.

Third party insurance is for third parties in general, not just other boats.

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Chris 249 said..

Ramona said..
[
The marina's policy would cover that. 3rd party is to cover damage you do to other boats.

The marina's insurer can pay out the marina, and then chase the boat owner to recover the money they paid to the marina.

Third party insurance is for third parties in general, not just other boats.

Exactly. Nothing to do with salvage of your boat.