Yacht owners are finding it difficult to find cover after specialist insurer, Pantaenius, decided not to renew policies for ageing boats.
According to reports Pantaenius has contacted owners of boats built before 1970, to tell them their policies would not be renewed because they are too expensive to insure.
Barrie Sullivan, managing director of the company's UK subsidiary, said: "We have looked at the portfolio and found that people are paying the same premium as they did 12 years ago, but the cost of repairs has gone up considerably.
"We have been putting up the premiums of some of the smaller, older boats and we have cancelled a few premiums."
George Hayes of Bristol-based broker, Hayes Parson Marine said: "We have had a significant number of inquiries from people who were insured by Pantaenius."
Editor of Classic Boat Magazine, Dan Houston, said: "Once you have an old boat it is quite difficult to obtain a value and get insurance so if your insurer drops you, that is a big blow.
