Edward William Marine Services Insurance - Anyone Use?

[SimonV]

Has anyone had any dealings with the insurance company, Edward William Marine Services ? Their rates seem good and they don’t need a currant survey( mine is two years old) as they stipulate the vessel must at all times be in a sea worthy condition and this is assessed at the time of a claim.
Thanks in advance.

[TabbyCat]

Beware!

You always want to know who the actual insurance company is that would be covering your boat. And you want to know what the rating of that company is. All reputable insurance companies are rated by organizations like AM Best, S&P, & Fitch. Edward Williams is NOT an insurance company.

Best Regards,
Susan susan@imis.pro

[Simes]

We have been insured by Edward William for the passed 2 and a bit years. Mainly because they do not want a survey and we have a Ferro Cement hull.
The customer service has been just fine and we have not made any claims.
We are moving to Yacht Master this year as Lloyds of London are no offering cover for Ferro Vessels once more.

Hope that this helps

Have fun,

Simes

[TabbyCat]

Originally Posted by Simes

We have been insured by Edward William for the passed 2 and a bit years. Mainly because they do not want a survey and we have a Ferro Cement hull.

Sounds to good to be true. Glad you didn't have a claim. Do you know who the actual underwriter is?

[Simes]

Hi Tabbycat,

Edward William are an "Insurance Broker" making thier money by reselling other insurance policys. Our Insurance is provided by "Northern Reef" who are, I believe, an Insurance Company providing cover.

Hope that this helps,

Simes

[tryer]

Hello all,
I have just received a quote from Edward William. More then competitive given my boat is a "ferro". I have made some initial investigations with insureres in Australia, none of which will cover this type of construction. I have emailed Northern Reef, the underwriters with several questions re contacts and repaires in and around Sydney.
I will let u all know when I have info to hand. Has anyone else ever made a claim on this insurer??
Regards and good winds.
Scott

[shadow]

Originally Posted by SimonV

they stipulate the vessel must at all times be in a sea worthy condition and this is assessed at the time of a claim.
Thanks in advance.

Yikes, this sounds dodgy to me. If you have a claim for something serious, they arrive and state, your boat is smashed and NOT seaworthy, cased closed. It sounds too easy of a loop hole to me for them to hide behind.

I'd be careful too but good luck. Hope they do work out!

[psteele235]

I suggest you Google Northernreef Insurance Co. SA and review the many comments made by others. Then make certain your insurer matches up to the very sound suggestions made by Tabbycat.

Remember, the Claim is always larger then the Premium - so a cheap premium is not the thing to look for.

[camaraderie]

SSCA.org has extensive post on this company. Be careful Simon!!

[TabbyCat]

Northernreef is not rated by any of the major ratings institutions (S&P, Fitch, or AM Best). I just checked for you...

"No Financial Strength or Issuer Credit Rated companies were found:
Criteria Used: Company Name: Company names starting with Northernreef"

[Rhosyn Mor]

Edward william is a broker, not an insurer. They are a lloyds registered company operating out of Spain. They are used by mostly European and Australian yachties. I dont think they would be rated by S & P, as they really do not operate much in the USA. THeir customer service is very good. I know they have had some issues with a few people, noty paying claims etc, but I also know where they have paid large claims without a murmer. Yes you will have to depend on what their assesor determines is " seaworthy" THere is also another company called northern reef that is NOT the same, operating out of Uraguay. And not All insurance companies are rated in the USA, there are lots of small insures in the UK who are not rated and provide perfectly satisfactory service, most of them will not insure in the USA, due,as my broker put it, to the " litigious nature of the USA "

[psteele235]

"And not All insurance companies are rated in the USA, there are lots of small insures in the UK who are not rated and provide perfectly satisfactory service, most of them will not insure in the USA, due,as my broker put it, to the " litigious nature of the USA ""

Rhosyn - correct that many companies will not write business in the US for varous reasons, including the one you cite.

However, anyone insuring with any insurance company that does not have a rating from one or more of the recognised agencies IMHO sends them his / her money at their own peril.

Insurance is "a promise to pay", and I want to know that, all being equal, my insurer has been checked and that they can and will pay.

[TabbyCat]

Rhosyn,
Sadly, you are getting bad advice from your agent. All Lloyds syndicates are rated by AM Best. Northern Reef/Northernreef is NOT a Lloyd's syndicate. If you want to confirm that, just ask your agent for the syndicate number. Here's a sampling of today's ratings:


85202 Lloyd's of London
Insurance - Composite (Data Consolidation)

A

Stable a+ Stable United Kingdom 78649 Lloyd's Reinsurance Company (China) Ltd
Insurance - Property/ Casualty (Operating Company)

A

Stable a+ Stable China 48241 Lloyd's Syndicate 1084
Insurance - Property/ Casualty (Syndicate)

A s

Stable a+ Stable United Kingdom 48312 Lloyd's Syndicate 1225
Insurance - Property/ Casualty (Syndicate)

A s

Stable a+ Stable United Kingdom

[Rhosyn Mor]

Patrick, I agree with you, and if I was a US citizen insuring a US boat I would use only US insurance companies. In the UK the FISA regulates insurance companies. None of this obliviates the need for people to do due diligence as to where they spend thier money. For non-US citizens, non US insurers are almost always cheaper and provide the same level of insurance, US citizens using those same companies will find rates about the same ( It may have more to do with the vessel home port than owner citizen ship, I am not sure). My insurance went up by over 50% for voyaging in the US ( Brit reg. vessel, Brit owner)One more thing, non EU citizens using an EU company and having a problem will need to sort it out in an EU court.

[jaguar]

Originally Posted by TabbyCat

Beware!

You always want to know who the actual insurance company is that would be covering your boat. And you want to know what the rating of that company is. All reputable insurance companies are rated by organizations like AM Best, S&P, & Fitch. Edward Williams is NOT an insurance company.

Best Regards,
Susan susan@imis.pro

Edward Willaim Marine are agents. The insurance company is Northernreef.
regards,
Allan