Lemma Insurance Experiences?

Panama Dave · 21-10-2009, 10:00

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?

GordMay · 22-10-2009, 11:12

A Ukranian insurance Company?

osirissail · 25-10-2009, 21:26

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.

s/v Moondancer · 03-11-2009, 04:48

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

osirissail · 03-11-2009, 09:20

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

GordMay · 03-11-2009, 11:56

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

21-10-2009, 10:00	#1
Panama Dave Registered User Join Date: Aug 2006 Location: Galveston bay Boat: S2 11.0A Posts: 73	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?

22-10-2009, 11:12	#2
GordMay Registered User Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 12,576	A Ukranian insurance Company? __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

03-11-2009, 04:48	#4
s/v Moondancer Registered User Join Date: Nov 2008 Location: Grenada and Trinidad for hurricane season Boat: Tayana 55 Posts: 283	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 __________________ Phil "Remember, experience only means that you screw-up less often."

03-11-2009, 11:56	#6
GordMay Registered User Join Date: Mar 2003 Location: Thunder Bay, Ontario - 48-29N x 89-20W Boat: C.L.O.D. (Cruiser Living On Dirt) Posts: 12,576	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 __________________ Gord May ~~_/)_~~ (Gord & Maggie - "Southbound") "If you didn't have time/$ to do it right in the first place, when will you get the time/$ to fix it?"

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25-10-2009, 21:26	#3
osirissail Registered User Join Date: Feb 2009 Location: onboard in the Caribbean - mostly in Grenada Boat: Gulfstar 53 - Osiris Posts: 850	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.

03-11-2009, 09:20	#5
osirissail Registered User Join Date: Feb 2009 Location: onboard in the Caribbean - mostly in Grenada Boat: Gulfstar 53 - Osiris Posts: 850	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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