Third Party Liability insurance for a newbie self employed chap ?

[W.olly]

Hi guys n gals

I am going to have a go at going self employed at boat repairs and restoration. I have been rebuilding a GRP boat for about 3 years now and i have a build blog and a lot have seen it, inc on here. Now recently after hassle at work with pay and hours being dropped again i put a post on a few boat forums asking about if there are many handy man boaters about and in the last few days i have been offered at least 6 jobs, yes not a lot but we have to start some where.

So as i will be going onto marinas and yards i need insurance on third party liability covering 5 million some even 10 million.

Who do you guys use that have it. And as yet i have tried online companies for quotes but after all the faffing it says i need to call them to check the with them before they give a quote.

I would like self cover from loss by injury as well as tools lost/stolen damaged.

Is it expensive ?

Thanks

Wayne

 

[MattF]

The company I use for PL insurance:

http://simplybusiness.co.uk

Contact them & ask.

 

[bigegg]

Hi guys n gals

I am going to have a go at going self employed at boat repairs and restoration. I have been rebuilding a GRP boat for about 3 years now and i have a build blog and a lot have seen it, inc on here. Now recently after hassle at work with pay and hours being dropped again i put a post on a few boat forums asking about if there are many handy man boaters about and in the last few days i have been offered at least 6 jobs, yes not a lot but we have to start some where.

So as i will be going onto marinas and yards i need insurance on third party liability covering 5 million some even 10 million.

Who do you guys use that have it. And as yet i have tried online companies for quotes but after all the faffing it says i need to call them to check the with them before they give a quote.

I would like self cover from loss by injury as well as tools lost/stolen damaged.

Is it expensive ?

Thanks

Wayne

Phone a local broker - you'll get a better answer thanany online service.

 

[W.olly]

The company I use for PL insurance:

http://simplybusiness.co.uk

Contact them & ask.

Thats is one i tried online but no luck.

Yes i will call them
Thanks.

 

[eLuSiVeMiTe]

Another vote for simply business.

 

[W.olly]

Thanks guys

Is it a lot, as in hundreds or can it be low. I know business are different but just sat here now wondering on a rough cost for a small independent chap on his own. .

 

[eLuSiVeMiTe]

Mines around 250 from memory. Might be less Only 2 mill mind.
The online side I found spot on. Went through all your options re plant insurance working at heights to tailor the policy.

 

[MattF]

Thanks guys

Is it a lot, as in hundreds or can it be low. I know business are different but just sat here now wondering on a rough cost for a small independent chap on his own. .

Only way you'll find out is to phone them and ask. Anything & everything makes a difference to the cost. They'll run through a list of questions relating to your work/business and then quote from that.

 

[W.olly]

I will give them a call then tomoz. I guess its a speculate to accumulate issue. i hate insurance but then its need isnt it.

 

[MattF]

It's definitely worth having, as a precaution. Never needed to use it personally, but it only takes one accident to change that.

 

[W.olly]

It's definitely worth having, as a precaution. Never needed to use it personally, but it only takes one accident to change that.

trouble is i need to have it to get into most of the marinas and yards. that said i agree its best to have it as you say.

 

[eLuSiVeMiTe]

Saw a digger driver drop a 500 year old oak Tree on a listed building. He was glad he had liability insurance.
Egit anyway. Told him I'd put the tirfor on it but he said no and carried on digging it out.

 

[MattF]

trouble is i need to have it to get into most of the marinas and yards.

Some places will/do insist. They're covering their own backs. If owt went wrong & you had no insurance, they'd be in the crap too.

 

[Kayos]

Hot works is usually a percentage and over a certain amount they won’t cover you, make sure you put less than 10%

 

[skotl]

I'm in a totally different industry but I'd recommend talking to a broker. We need PII of £5m per event per consumer, and ended up spending around £12k a year.
That might (and does!) sound horrendous but the problem with PII is it applies to every consumer who might be impacted.


When we tried approaching individual insurers we found that they ran away pretty quickly so getting a broker was very helpful.

 

[Luke]

My dad does a similar thing and found that the only sensible quotes were obtained through a broker, after discussion on the work involved, marina/yard requirements, etc.

 

[Keith 66]

I had to have compulsory insurance both PL & comp on a building i rented as a workshop, the whole lot cost me £1400 for one year, could not get it any cheaper as i was GRP laminating. Alpine insurance in Hadleigh Essex were very helpful.
Best of luck with the boat game, im 56 & been in it since i left college, used to do a lot of wooden boat restoration, GRP repair on dinghies & yachts, insurance work, bit of marine engineering the lot. I got a good reputation but the trade is on its knees now. If you are down the solent or a few isolated pockets elsewhere you might do ok. Everywhere else the work has evaporated. On the Thames estuary there is simply a fraction of the numbers of yachties & sailors compared to what there was, youngsters are not coming into the sport & everyone else is getting old. Round here there used to be a number of good boatbuilders, we all knew each other & would share work if we had too much, now they are either dead or retired or gone into fitting kitchens. There are no freelance guys left, simply not enough boat work.

 

[W.olly]

Well called four companies and they are cant give me a quote over the phone just yet as it will take a day or so to look at the details. All to do with it being working on boats.

Thanks guys

 

[Keith 66]

Why did i forget? Company i went with was GJW insurance they do marine insurance for yachts & also do boatyard insurance, everything from 3rd party upwards. Be aware that hot works ie burning off, gas torches, welding etc will shove you into a different league, GRP laminating will also make premiums rise.
The proposal form is well thick but most of it a guy like can just put "Not applicable".

 

[roofman]

I pay over 2 Grand a year for 5 million...roofing with a hot permit, goes up every year even though ive never claimed (thank god)