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Old 21-10-2009, 10:00   #1
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Lemma Insurance Experiences

Hi,
I just renewed my insurance with Blue Water and they signed me up with Lemma. Has anyone had to file a claim with Lemma? If so what was your experience?
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Old 22-10-2009, 11:12   #2
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A Ukranian insurance Company?
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Old 25-10-2009, 21:26   #3
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Yikes! Yes get some claims record information if it exists. Even supposedly "major" insurance companies in "1st World" countries have been known to go "belly up" if a hurricane or two results in hundreds of claims. Then everybody with that company gets $0. Stay with recognized "biggies" in the offshore cruising insurance game. Saving a few hundred dollars or even $1K per year on a $3K or $4K policy that will not pay off on a claim is not where you want to be. You have "burned that money" and got nothing. However, if your bank loan will accept the "low-ball" insurance - and - you don't care if you totally lose the boat, then the "low-ball" insurance may be just what you want.
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Old 03-11-2009, 04:48   #4
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They are listed by the UK Financial Services Administration which insures UK insurance companies so they might be kosher...but not proof in itself; but the Ukraine makes me nervous as does that they help insure nuclear power plants in the Ukraine...shades of Chernobyl
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Old 03-11-2009, 09:20   #5
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They appear to be a really new operation according to their website and financial data page. The last Dun & Bradstreet they posted was in 2004 and they had just topped 60 million dollars in net worth. That is a little iffy as if they had 60 large cats or small mega-yachts get lost (unlikely unless something like Hurricane Ivan comes along where 600 yachts got damaged) they would be wiped out. But - everybody has to start somewhere and all the current biggies were once small outfits.
- - In any case if it does develop into a major player in the offshore yachting insurance that will definitely be a good deal as there are too few right now so competition is nil.
- - Just read the D&B report from 2004 and they seem legitimate but definitely small with 13 employees and 120 customers. They earned US$191m that year. So maybe we have a new "darling" in our market.
- - Here is the header from A.M.Best Ratings
Date: Friday, December 15 2006
You are viewing page 1
OLDWICK, N.J. -- A.M. Best Co. has assigned a financial strength rating of B+ (Very Good) and an issuer credit rating of "bbb-" to Lemma Insurance Company (Ukraine). The outlook for both ratings is stable.
The ratings reflect Lemma's strong risk-adjusted capitalisation for 2004 and 2005, . . .
http://www.allbusiness.com/business-...3995436-1.html
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Old 03-11-2009, 11:56   #6
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December 17, 2008: A.M. Best Co. has affirmed the financial strength rating of B+ (Good) and the issuer credit rating of "bbb-" of Lemma Insurance Company (Lemma) (Ukraine). The outlook for both ratings is stable...

A.M. Best Affirms Ratings to Lemma Insurance Company | Reuters

Neither rating is particularly good, being a the lowest end of secure.

Best's Rating Center - Guide to Financial Strength Ratings

Best's Rating Center - Guide to Best's Issuer Credit Ratings
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Old 31-01-2012, 10:35   #7
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Re: Lemma Insurance Experiences?

This post to re-actualize this thread, and ask if anyone has experienced a claim with Lemma. Lemma is much more economical, I have a quote from Lemma which is 25% less than others (i.e. other insurers are 33% more).
Lemma is still rated B+ by AM Best, though they will write-off their associated bank.
Question is about their attitude with a claim, hopefully someone here has some experience with them.
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Old 31-01-2012, 11:21   #8
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Re: Lemma Insurance Experiences?

I have not made a claim with them, but this is what a broker wrote to me in 2006 when I was trying to decide between their policy and someone else's. I do not know if this is still relevant.

-------
We just want to give you a heads up on the Lemma Insurance Company. It is highly recommended that you thoroughly check out the company before sailing, to confirm that the company is stable and claims will be handled properly.

We have been advised that this company is actually a Russian owned insurance company, and their rating has been suspended by Dunn and Bradstreet. Due to some security issues, we have been told that both the brokers in London and Blue Water Insurance will not handle any claims on policies written through Lemma Insurance Company. We were told that if you have a claim, you will end up having to deal directly with the Russian company.

We are not familiar with the company, but we want you to be aware of the concerns that our broker has about this company. Based on this, again, we do suggest you do some research to make sure you feel comfortable dealing with the company.
-------
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Old 31-01-2012, 13:56   #9
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Re: Lemma Insurance Experiences?

Well, I know there were issues reported by AM Best in the past, but they are back at the B+ rating (very good).
Russian or Ukraine... just don't want to have to fight with them in a court of law... But I don't want to have to get there with any insurer, thus my question is more related to their attitude. Will they be there if ever in need or will they become another problem?
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Old 31-01-2012, 14:16   #10
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Re: Lemma Insurance Experiences?

An insurer based in the Ukraine. For a Canadian. Hmmm. The adventure of cruising!
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Old 31-01-2012, 14:20   #11
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Re: Lemma Insurance Experiences?

An insurer from Ukraine, a broker in the BVI, a Canadian vessel, with let say a claim for an incident in Ste Lucia with another vessel flagged in France with a Norwegian skipper...(LOL) Just don't want to this fight!
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Old 01-02-2012, 06:38   #12
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Re: Lemma Insurance Experiences

I would be less worried about it being in the Ukraine than if the company was labeled "Made in China."
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Old 01-02-2012, 06:45   #13
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Re: Lemma Insurance Experiences

I have some new info on Lemma, for those you are interested.
A charter operation in the Caribbean's is using them for their whole fleet. They had a 300k $ claim after hurricane Ivan. In general they are satisfied with them.
An insurance broker out of Florida recommends them and uses them for his own boat.
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Old 24-05-2013, 16:33   #14
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Re: Lemma Insurance Experiences

Looking for insurance for Ferro Cement yachts.. Good discussion wish I searched the name before i read it all though. http://www.lemmaeurope.com/
There now in liquidation!! since Jan 2013
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Old 29-12-2014, 10:19   #15
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Re: Lemma Insurance Experiences

I had Lemma insurance for 4 years with London Marine . Never made a claim but I went with them when a friend got hit by lightning in Panama. Blue water was the writer of the policy and they dragged their feet. They then went to London and got fantastic service was paid for all repairs and also reimbursed for he and his wife's work on getting boat back together. It all depends on the broker. Not only do you have to know about the insurance company you need to know the reputation for the broker and how good they are in fighting for you
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