Most of the policies we provide these days have the vessel sums insured based on “market value”, so that the value is agreed at the inception or renewal of the policy period and this is intended to be a figure which is adequate, should the vessel be completely destroyed, for the owner to go out and buy another vessel of the same age, type and condition.
After our last article about racing, the Yachtmaster team chartered the lovely Broads yacht “Moonshadow” for the 3 Rivers Race and enjoyed an excellent sail from Horning to Stokesby and then back through Thurne Mouth to Potter Heigham and on to Heigham Sound where we ran aground - about 6 times!
Having recently re-launched my second Norfolk Punt after a re-build lasting about 7 years, I was reflecting on how little spare time I seem to have these days compared to the last time I carried out a full re-build of a Punt which I managed in just 10 months! The latest re-build is now racing but in need of some tuning to get up to the speed of the best.
We have recently been working on a new policy wording which has brought into focus claims that have occurred over the last few years that have been rejected by underwriters. The interesting point is that not all pleasure craft policies give the same cover as standard; some will include, for example, cover for canopies damaged in severe winds, others will not.
The team at Yachtmaster are delighted to be asked to write a little column for Anglia Afloat. Being based at Woodbridge we are right at the centre of the Anglian region and have an interest in the Broads as well as the Fens and the East coast rivers, although we do in fact have customers cruising worldwide.