Below from Mark’s friend reflects exactly what I mentioned last week. It is no longer a matter of cost but “can I get it”.

On Pat and Ken’s Emails:

1. I don’t think we want to get involved in managing this “self-insurance”.

1. USD1.5 Million is no way enough but can be a reasonable buffer to start discussing a “synthetic” or “derivative” structure with a professional carrier such as LLOYD’s.

1. Let’s first see if we really can come up with 200 interested owners; without any solid group of owners we will be nowhere in a discussion with a professional organization.

So far I have only seen “luke-warm” interest. I believe a lot of owners don’t realize what is really going on until personally confronted with refusal to renew as was my experience.

Q1 this year I was reading the thread on our AYOG Forum about insurance problems but didn’t think it would concern me as I had been with LLOYD’s for 2 years to be renewed every April.

January/February 2020 a fellow AMEL 54 owner asked me for the contact info of my South Pacific agent and I knew he was offered in February/March 2020 a similar cover with a similar premium as I had for the last 2 years. Knowing he got LLOYDS to insure him I was pretty certain my renewal would just be a formality UNTILL 1^st week of April 2020 I was notified by my agent that LLOYDS no longer was in the sailboat insurance business.

That gave me 2 weeks to find an alternative ☹.

So let’s first determine if we can come up with 200 really seriously interested AMEL owners; failing that we are just wasting time 😊.

Best Regards Teun

SV AMELIT  A54  #128

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