Topsail Insurance - Has anyone used them? Filed a claim?

[nhschneider]

Our premiums from Pantaenius Insurance are now over 2.5% of the hull value. Granted, we make significant blue water passages and are planning on sailing to South Africa from SE Asia this coming year but its still a lot of money. We just got a more competitive quote from Topsail Insurance with almost identical coverage. Is anyone out there insured with them? Have you ever filed a claim? How was it processed? Would you recommend them?

Topsail has it's policies underwritten by RSA Insurance Group out of London (formerly Royal and Sun Alliance - they insured Captain James Cook) and there have been quite a few articles in financial news that the company could be in serious financial trouble. If you were shopping for insurance, would you eliminate them on that basis?

Fair winds and calm seas.

[monte]

I haven't used them but I'm likely to change from pantaneus to them when we arrive in the Caribbean as they are less expensive and I think have a shorter hurricane period and smaller exclusion zone. Pantaneus were the most competitive for Europe. I haven't had any claims but did meet a guy having his yacht repaired by pantaneus after hitting a container, and he was happy with their service.

[nhschneider]

Thanks for the input. We met a couple who lost their mast en route from Panama to the Galapagos and Pantaenius sent two riggers from the UK to re-rig the boat in Ecuador. Took them three weeks. Pantaenius picked up the couples living expenses on shore. Makes me reluctant to leave them.

Fair winds and calm seas.

[colemj]

Originally Posted by monte

I haven't used them but I'm likely to change from pantaneus to them when we arrive in the Caribbean as they are less expensive

I have never been able to figure out insurance pricing. We just changed insurance companies and the decision was between RSA and Pantaneus. For our boat in the Caribbean, the prices and deductibles for both were pretty close to the same, with Panteaneus being just slightly less expensive, but not by much at all. Their terms, clauses and conditions were likewise similar.

RSA has the advantage of giving a 5% discount for each claim-free year up to 5 years. So you have the potential to decrease your costs 25% over 5 years with no claims.

Pantenaeus doesn't charge the deductible for lightning strikes. Since we are cruising in lightning central, we chose this.

RSA has the additional advantage of being easy to remember how to spell and say its name…

Mark