Replacement spars and sails may not be fully covered by old policies
Insurers are warning yacht owners – racers in particular – to check their insurance cover levels at the start of the season to reduce the risk of being underinsured.
A spokesman for insurance company Navigators & General expressed concern that very few policyholders update their mast, spars and sails value in line with inflationary increases or indeed for items that are replaced.
Andy Postle of Allspars Masts & Rigging commented, “We have estimated that rig and sail values have increased by more than 20 per cent over the last couple of years on a like-for-like basis. Raw material cost of stainless steel has driven standing rigging up by nearly 30 per cent alone in the last few years.”