Insurance

[YACHT TARENTELA]

Does anybody have first hand experience dealing with an insurance company named " Lemma Europe" brokered by Bluewater Insurance? I am interested in information related to how they handle claims, as well as any other pertinent information. As they are a small company based in the Ukraine I want to make sure they will be around if I should need them, if I decide to insure my boat with them. I would like to hear both sides, complaints as well as kudos.

[osirissail]

I think you asked this question a while back and all the information that has been found is in the thread: http://www.cruisersforum.com/forums/...ces-32195.html
- - I haven't anything negative about the company in the last few years which is - sort of - a good sign. Normally folks are very quick to complain if they have a bad experience. However, the news and websites for home office in the Ukraine have nothing newer than 2006 in them. It seems the company formed a branch known as Lemma Europe in 2007 to handle their European insurance business. But that company's website has nothing newer than 2007 that I can find.
- - There is another thread on the SSCA forum dealing with a Broker in the BVI & Florida Keys that is using Lemma as an underwriter. Some cruisers have not been very happy with this broker. http://forum.ssca.org/phpBB3/viewtop...t=lemma#p46969
- - But do not confuse "brokers" with the underwriting insurance company - they are two different things. You may have a bad experience with a particular broker and that is a separate issue from the performance/reputation of the actual underwriting insurance company. Other brokers may use the same underwriter/insurance company and have a very good service reputation. Unfortunately, you have to go through a broker to get a particular underwriter/insurance company, so picking your broker is extremely important.

[psteele235]

Tarentela, see my PM.

[osirissail]

Part II - I found some more references indicating that the Lemma Europe Insurance is making some serious money insuring Iraq and Afganistan shipping/freight movements. Other references indicate that they have fingers in many other venues of insurance including private yachts.

[YACHT TARENTELA]

Thank you for your replies. I am aware of all these things. Those are the reasons I am interested in feedback from any past or present Lemma insured. The potential monetary savings are not worth it if the company wont be there if needed. Sort of like wearing a condom with a hole in it.

[osirissail]

My own research done almost a year ago showed the company to be a new one to the yacht business with most of their "yacht" insurance aimed at the super mega-yachts in the Med. Looking at their published financials back then it appeared that they did not have the "depth" in assets to expand very rapidly into the general yacht market. But they seem to be expanding very cautiously - which is another good sign of a responsible company. But as a result there are very few "small" yachts that have coverage under them which makes getting any significant "experience" information very difficult.