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Old 09-01-2019, 18:11   #31
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Re: Insurance increase

Quote:
Originally Posted by Paul L View Post
If they arent legally able to write insurance to Singapore residents, you can't expect them to offer you a policy, no matter how safe the area maybe.
Yes, this is obvious. On reflection, my post gave the impression that I view Singapore as a boring safe location and therefore the Pantaenius decision is ridiculous. Although I know very little about the workings of the insurance industry, it seems clear that Pantaenius, as a company (agency?)offering "Yacht Plans", works with many insurers globally and is now finding that their choices of insurers are becoming limited because "Insurers across the yacht insurance industry have been forced to reconsider their exposure in the marine sector, with some withdrawing completely".

Nevertheless, Singapore is one of the busiest ports in the world with every registered vessel, large and small, required to be insured. So obviously there are many insurers operating there through other agencies based there. If I was still based in Singapore, I'm sure I would be approaching those agencies now. So I'm curious as to why Pantaenius is entering 2019 with no business relationship with any of these insurers. Perhaps I should ask them directly but I suspect that their email to me is the closest they will get to explaining their business model and current difficulties.

I first obtained insurance from Pantaenius 5 years ago when they agreed to cover the yacht I had purchased in Spain while it was being delivered to Italy by semi-professional crew for shipping to Singapore, and then agreed to adjust the policy to continue coverage in SE Asia. It seemed to me that this reflected the benefit of working with a specialist international agency...
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Old 09-01-2019, 18:39   #32
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Re: Insurance increase

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Originally Posted by chris in SG View Post
Yes, this is obvious. On reflection, my post gave the impression that I view Singapore as a boring safe location and therefore the Pantaenius decision is ridiculous. Although I know very little about the workings of the insurance industry, it seems clear that Pantaenius, as a company (agency?)offering "Yacht Plans", works with many insurers globally and is now finding that their choices of insurers are becoming limited because "Insurers across the yacht insurance industry have been forced to reconsider their exposure in the marine sector, with some withdrawing completely".

Nevertheless, Singapore is one of the busiest ports in the world with every registered vessel, large and small, required to be insured. So obviously there are many insurers operating there through other agencies based there. If I was still based in Singapore, I'm sure I would be approaching those agencies now. So I'm curious as to why Pantaenius is entering 2019 with no business relationship with any of these insurers. Perhaps I should ask them directly but I suspect that their email to me is the closest they will get to explaining their business model and current difficulties.

I first obtained insurance from Pantaenius 5 years ago when they agreed to cover the yacht I had purchased in Spain while it was being delivered to Italy by semi-professional crew for shipping to Singapore, and then agreed to adjust the policy to continue coverage in SE Asia. It seemed to me that this reflected the benefit of working with a specialist international agency...
You seem to completely miss the point of the letter. The issue is not that the boat is in Singapore. That actually matters not a whit. They have made no mention of the physical location of the boat. It could be in a marina in the UK for all they care.

The regulations they are quoting in the letter say they can not issue insurance to a resident of Singapore. If you can prove to their satisfaction you are NOT a legal resident of that city-state, they can renew your policy.
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Old 10-01-2019, 01:21   #33
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Re: Insurance increase

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Originally Posted by billknny View Post
You seem to completely miss the point of the letter.
In the spirit of "intellectual humility", I will simply thank you for your kind advice..
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Old 10-01-2019, 01:27   #34
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Re: Insurance increase

A note I got back from my insurance broker briefly explaining the delay in getting a quote with new navigation limits
Quote:
The global yacht insurance market is in major turmoil so the remaining carriers still writing offshore cruisers are inundated.
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