boat builders insurance

 i have been thinging about getting a boat built , do boat builders need insurance  , just saying if the builder goes belly up while your boat is being built (and it happens ) do they have to have insurance you can claim against  so you havent done your money ? eg house building insurance  


sea-kem's picture

Posts: 14833

Date Joined: 30/11/09

 Secured creditors take

Wed, 2017-03-01 20:10

 Secured creditors take precendence bar the liquidator. You would need to take out a policy( if you can) for whatever you have paid. I'm not sure how that would work though. 

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Love the West!

Darren253's picture

Posts: 570

Date Joined: 23/07/16

 Pay the deposit on credit

Wed, 2017-03-01 20:25

Pay the deposit on credit card if you can. Even if you have to pay a 1.5% premium to the builder to cover fees ($75 on $5000) I think it's cheap insurance. I did that when we had a camper trailer built for exactly that reason.

A 20% deposit should be enough to confirm your commitment to a build. I would be questioning any business that needed more than that as a high risk.

Posts: 2946

Date Joined: 03/03/10

good advise

Wed, 2017-03-01 21:22

 i had forgotten about how ansett went guts up  and i had flights booked and paid with them  but got my money back because i paid with a C/C

Vinesh87's picture

Posts: 2751

Date Joined: 02/04/11

I am sure Willie won't go

Wed, 2017-03-01 20:25

I am sure Willie won't go under haha!

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Date Joined: 03/03/10

willy wont go under

Wed, 2017-03-01 21:17

 willy wont go under , but it is a worry  , there is a second hand bullet boat (one of willys) for sale at rocky yamaha and boats very very tempted to buy it but  have never had a boat built , for me with what i want  so i am looking around , i was looking at razorline but had a bad expierience with them 20 years ago that has left a bad taste in my mouth  , going for a drive next week to have a look at some westerburgs  never had 1 but they have a quality name  

Ashen's picture

Posts: 1042

Date Joined: 22/03/13

Hopefully we'll see some

Wed, 2017-03-01 21:46

Hopefully we'll see some fishing reports soon...hopefully...

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A fish in the hand is worth 10 in the water!

Posts: 4561

Date Joined: 01/02/10

 I was sure trailcraft,

Wed, 2017-03-01 20:28

 I was sure trailcraft, fisher, gs marine, origin and omc weren't going to go under too.

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Does anyone know where the love of god goes, when the waves turn the minutes to hours?

Vinesh87's picture

Posts: 2751

Date Joined: 02/04/11

Yeh i really didn't see

Wed, 2017-03-01 20:39

Yeh i really didn't see Origin going !! I was going to build with them too. Another reason to buy local at least you can go and check the progress!

Posts: 167

Date Joined: 02/11/09

 With moda you pay as you go

Sun, 2017-03-05 11:37

 With moda you pay as you go and you own whats been built at any stage. You sign a contract at the start of the build.