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Old 27-05-2009, 16:34   #16
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Rhosyn,
You probably mean FSA. My information is that the FSA in the UK turned down their application quite some time ago...
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Old 27-05-2009, 16:43   #17
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Northernreef is not rated by any of the major ratings institutions (S&P, Fitch, or AM Best). I just checked for you...

"No Financial Strength or Issuer Credit Rated companies were found:
Criteria Used: Company Name: Company names starting with Northernreef"
Hi Susan,
The problem is, here in Australia, that there is no insurance available for ferro boats.The effect of that is that you cant have a ferro boat berthed on a marina, and it will also devalue these boats dramatically as it will make them extremely difficult to sell. Northernreef, via Edward William, is the only known ferro insurer we have available for ferro. I dont know if Northern reef are good bad or indifferent, but it is getting ferro owners out of a spot.
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Allan
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Old 27-05-2009, 17:22   #18
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Agreed - insuring ferro boats is real a problem. I only know of two companies that would insure one, and the boat would have to be in perfect condition, with a recent survey and cruising US waters.

If you're paying Northernreef to get a certificate of insurance so you can get into a marina, that's your choice. Just wanted the rest of the forum members who might be purchasing insurance for other reasons (like paying for a claim) to know the risk they could be taking.
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Old 27-05-2009, 17:38   #19
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Agreed - insuring ferro boats is real a problem. I only know of two companies that would insure one, and the boat would have to be in perfect condition, with a recent survey and cruising US waters.

If you're paying Northernreef to get a certificate of insurance so you can get into a marina, that's your choice. Just wanted the rest of the forum members who might be purchasing insurance for other reasons (like paying for a claim) to know the risk they could be taking.
Hi Susan, this will very well be the case for some owners. Quite a lot of ferro woners liveaboard and cruise so marina availability means a lot to them. I think Northernreef are British registered, and I could send you a copy of a policy if you wish.
Regards, Allan seacraft@bigpond.com
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Old 22-01-2010, 07:21   #20
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Warning

This is part of a letter I received from my solicitor to day 22/1/10


I think Northernreef and Edward William should be reported to the Financial Services Authority in this country. They seem to operate without regulation in Uruguay, Spain and the UK. This cannot be right!! I am happy to write to the FSA
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Old 22-01-2010, 14:25   #21
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Hi Paul. In Australia it is impossible to get insurance for ferro, and Northern Reef is the only known avenue which will allow boat owners access to marina's and also to pile or swing moorings. I know of quite a few people who have insured with them because of this. Whilst I have reservations, and I wont act as an agent for them, I suppose we will find out the integrity of them once someone puts in a claim. Wether you like it or not, without this insurance availabilty, boat owners without insurance are being forced to ly at anchor. Has anyone heard of any claims being placed with northern reef or edward william? regards, allan
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Old 23-01-2010, 05:00   #22
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Hi Allan I can understand your problem I have a 60yr old exfishing boat found insuring that is also a bit of a difficulty. I am in the process of a claim at this time and have spent since last August trying to get my boat repaired. I will be posting a full report after after I have had it checked by my solicitor
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Old 23-01-2010, 07:59   #23
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Has anyone heard of any claims being placed with northern reef or edward william? regards, allan
Allan:

As suggested earlier, you may want to read the folllowing long discussion the SSCA board. Based on what is reported there, I would go on the assumption that you have just purchased a "Certificate of Insurance" for marina stays, but don't actually have any insurance on the boat.

SSCA Discussion Board • View topic - Northernreef Insurance/ Pensioners claim/ Help/Information

Paul
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Old 23-01-2010, 20:48   #24
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Edward Williams and Northern Reef SA (Montevideo, Urugay, South America) have a long history of unusual behavior when it comes to paying claims. Do you homework and look all the sources mentioned by others above before you send any money to them.
- - Paying premiums to a broker does not mean that you actually have insurance. There are all kinds of warnings out there about Edward Williams and Northern Reef. Do your homework and research.
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Old 25-01-2010, 05:53   #25
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HI,
Unfortunatley I have insurance with Edward Marine. I have tried to make a claim and after three months I got a reply that said they would not pay for the claim.
I originally tried doing it all by myself then I got an insurance broker to help, this all came to nothing.
Stay as far away as possible from them.
If you want more detailed info PM me.
Martin
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Old 28-01-2010, 16:47   #26
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I would recommend to stay very clear of that company. I have just spent 4-5 days trying my best to get them to commit to many questions I was concerned about and they id a lot of dancing around the subjects at hand. One simple request I had was to spell out individually what was in their quote so I could see the individual coverages, etc in print and they flat out told me that they would not do that until I actually signed up with them.
I will be 'very polite' in saying I would not feel at all confident with their operation. Only my opinion.
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Old 30-01-2010, 08:14   #27
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I would recommend to stay very clear of that company. I have just spent 4-5 days trying my best to get them to commit to many questions I was concerned about and they id a lot of dancing around the subjects at hand. . . . .
Getting them to "commit" is worth about what the free emails cost you - nothing. They will happily take your money as will also be true of any similar type operation - no matter what they "commit to" you will not see anything back unless you are willing to sue them in their home country - in South America or where ever the particular company is operating out of.
- - Read all the threads here and on other cruising websites and you will find the history of their existence and actual performance.
- - Where this type operation is worthwhile is when you just need a piece of paper saying you are insured to satisfy marinas and boat yards, etc. but never plan on ever submitting a claim. Then the "low-ball" rates are better than insuring with a reputable company for significantly higher (realistic) rates.
- - On the brighter note there is a new marine insurance company starting up in the Ukraine. It appears to be a new to the marine business and is marketing to the mega-yachts right now. I cannot remember the name but I have looked at their financials last year and they are keeping their insurance exposure in line with their growing assets - very conservative and indicative of a potentially reputable new source of marine insurance.
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Old 30-01-2010, 11:14   #28
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... On the brighter note there is a new marine insurance company starting up in the Ukraine. It appears to be a new to the marine business and is marketing to the mega-yachts right now. I cannot remember the name but I have looked at their financials last year and they are keeping their insurance exposure in line with their growing assets - very conservative and indicative of a potentially reputable new source of marine insurance.
Lemma Insurance Company (Ukraine)
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Old 04-02-2010, 04:49   #29
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Ferro Insurance in OZ

Hi all whilst researching insurance for what might be my next yacht i recently came across an add in a recent " Coastal Passage" magazine ( no.37 ) 2009 , a broker here in Australia advertising insurance for ferro cement yachts , D & G Marine ,ph.0438563164, somewhere in New South Wales,,, as yet Ive only heard from others that that the premium is 2% for comprehensive insurance + Ive been told by some marina staff comprehensive insurance is the only insurance they'll accept for your entry into a marina berth. Regards Isabell
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Old 08-02-2010, 02:40   #30
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I think you will find that legally when money has left our account to the account details supplied in is considered delivered and therefore the problem is not necessarily ours..

If we can be of any further assistance please do not hesitate to contact us

Kind Regards
Malcolm Skinner
on behalf of Edward William Marine Services SL
Can anyone confirm if this is correct please
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