Secret shopper

I've always harboured a desire to own a boat, but the nearest I got to it was convincing my parents that they should buy one as a retirement hobby. Headache more like.

Insurance was the least of their worries. If it wasn't the engines packing up, it was the dodgy radio and navigational equipment, or the bad currents in the estuary, not to mention hostile engineers in the marina.

On those grounds, I thought it would be interesting to find out just how tricky it is to obtain adequate insurance for my imaginary pleasure craft. The name Cover My Boat jumps out at me from the internet. The website is colourful and informative.

I decide to give them a call. "Financial Makeover Ltd", says a woman at the end of the phone. I explain that I am trying to get through to a company called Cover My Boat. "Yes, you're through", she says and explains that Cover My Boat is a trading name of Financial Makeover Ltd.

She passes me on to Anton. I boast that I own a 28ft twin diesel, Sterling Sabre cabin cruiser, built in 1970. It has a fibreglass hull, 2.5 metres across the beam. Anton catches me out though. He wants to know the engines' make, their horsepower and year of last rebuild, none of which I can answer.

Having completely blown my cover, I explain that I just inherited the boat, which now lives in my uncle's back garden in Devon and I don't have all the details to hand. I don't get off that easily.

I agree to ring back later with some answers. We move on to my personal details. I state my occupation as training consultant (that always unnerves them).

We move on to the boat's usage. "Strictly pleasure," I say. "Confined to British coastal and inland waterways. I intend to moor it at a North Devon marina with mud berths".

Anton asks me what sailing experience I have. I start to stammer as I wonder if he's in the mood for exchanging tall nautical tales. "None to speak of," I manage to get out. "But I intend to learn."

"So how many years would that be?" Is this a cryptic question? "I'll just put down one year, shall I?" he continues. I give an audible nod.

"Fully comp or just third party?" "Fully comp," I answer. The questionnaire would seem to be complete with the exception of the details concerning the engines.

I ring a local marine engineer and explain what I am doing. He is very helpful and recommends I say that the engines are Ford Sabre 212s with 180 horsepower per side, last rebuilt in 1993. I duly pass this information on to Anton and he says someone will get back to me later today.

Well, he was right. Four hours later I pick up a message on my voicemail from Ted Loynes. His warm commanding voice would intimate that he is the glamorous yacht's pilot.

He says that he has accessed at least three reliable sources and has come up with a competitive quote from Norwich Union for £422. I ring him back and he knows who I am instantly. "I think you'll be pleased to hear that since I left that message I've had an extremely good quote from Haven Knox-Johnston for £257."

"Why such a drastic difference in premium?" I ask. Ted explains that the exact same terms apply but sometimes it depends entirely on who the underwriters are. In this case they're Lloyd's so the policy should be pretty sound.

Not only am I getting full cover for the £8,000 value of the vessel with it's tender, trailer and fittings, I also get third party cover up to £3m, recently put up from the standard £2m. The boat will, however, need a survey due to its age - basically anything over 20 years.

Ted advises me to visit the Yacht Brokers, Designers and Surveyors Association website to find a surveyor in my area.

I hit him with a full broadside, "How much commission do you take?" Ted says that they do not take commission. The policy would cost the same if I went directly to Haven Knox-Johnston. Financial Makeover is simply paid a retainer.

"You mean a fee?" I ask. "Yes". "Is it based on a percentage?" I chance. "Yes". "What percentage do you charge?" Now I've really rocked Ted's boat.

"15%", he blurts." Feeling victorious, I thank him and proceed to request the policy details in writing. He says they'll be with me within two working days.

Ted was right. On opening the envelope I find a cover letter on copy paper with photocopied letterhead. It loosely outlines what we'd discussed. There is a fairly standard no claims bonus: after the 1st year the premium drops by 5%, second year-10%, third - 15%, fourth - 20%.

There are some points I'd like clarifying so I decide to give Ted another call. This time it takes him a couple of beats to recall my name. He still gives me the impression that I am his most valued customer. I ask him if my lack of sailing experience has had any bearing on the premium.

Apparently not. It is strictly in my interest to gain the relevant qualifications to ensure minimum risk to my person, boat and presumably no claims bonus. I also want to know if there would be much of a change to my premium should I choose to cross the channel and chart continental waters.

Ted tells me that for the type of vessel, the policy may extend to waters between Brest and the Elbe and that change to the premium is at the underwriter's discretion. This would be dependent on the suitability and condition of the vessel as determined by an initial full survey. Fair enough.

Just to test his contacts, I ask if he can recommend a good surveyor in the West Country. Ted states that he has no contacts whatsoever among the surveying community and dutifully goes straight to the YBDSA website and proceeds to give me names and phone numbers of ones in my area.

In summary, based on the opinions of an expert source, Financial Makeover's quote is very competitive. Normally such cheap quotes have certain exclusions written into the policy, for example no third party cover for injuries to water skiers or jet skiers when the insured is at fault.

The representative, Ted Loynes took time to explain things and seemed genuinely interested. The written quote was punctual and comprehensive. My follow-up calls were met with friendly advice and guidance.