Insurance increase

[chris in SG]

Originally Posted by Paul L

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...

[billknny]

Originally Posted by chris in SG

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.

[chris in SG]

Originally Posted by billknny

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..

[Paul L]

A note I got back from my insurance broker briefly explaining the delay in getting a quote with new navigation limits

The global yacht insurance market is in major turmoil so the remaining carriers still writing offshore cruisers are inundated.

[TabbyCat]

Hi all,
I thought I'd try to clear up why some of you are receiving Liability Only quotes and others may be recieving declinations:
1. Are you contacting the IMIS office in Annapolis? In November 2016 IMIS was purchased by Gowrie Group. So we now have Gowrie offices in Connecticut and the IMIS office in Annapolis all as part of the same team. When you go to our quote request website, you will see an option to enter in a promo code- be sure to fill in "IMIS" (or "Jackline") if you are trying to reach the IMIS Annapolis office.
2. Australia does have some very protectionist laws governing marine insurance, making it very difficult to purchase insurance from a non-Australian company country if you are permanently moored there, or a citizen or resident of that country. It's not IMIS or Gowrie or our underwriters, it's the Australian Insurance laws that are the issue. This only applies to full-time Australian moored vessels. If you are just passing through Australia as part of a circumnavigation or extended cruise, then there is no problem with coverage for Australian waters.