The trailer yacht fleet, like all of us, is getting older - there are some boats that are approaching 40 years old. As boats age there is more risk that claims may be made. That is why it is important to regularly review your boat insurance and ensure that your boat is maintained properly.
It is also why the insurance underwriter, in this case Vero, has requested that vessels 35 year of age and older are subject to the following additional requirement:
For older vessels permanently stored on a trailer -
The photos should be date stamped less than 6 months old and clearly show:
In most cases this should be all the additional information required, but each set of circumstances is different. If further information is required this will be discussed with you at the time.
This is a significant change to the previous terms and conditions that Crombie Lockwood has renegotiated, for NZTYA scheme members, with Vero. Until November 2014, Vero required a compulsory condition report for vessels over 25 years old and worth $15,000 or more.
Some other conditions you should be aware of:
The relationship between NZTYA and Crombie Lockwood has been in existence since 1976 and has proved beneficial for all parties. A large number of NZTYA members use the service and we encourage members to continue to their support.
Insurance Matters. For more information visit Crombie Lockwood.
Posted: Tue 14 Apr 2015