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:
- I don’t think we want to get involved in managing this “self-insurance”.
- 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.
- 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 1st 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
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA
May 19, 2020 13:03:09
USA cell: +1 832 477 8842
AUSTRALIA cell: +61 5951 8909
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io> On Behalf Of Mark Erdos via groups.io
Sent: Tuesday, May 19, 2020 11:08
Subject: Re: [AmelYachtOwners] Self Insurance
Just as an FYI - An agent I am friendly with who understands and brokers policies for the marine insurance business sent me this:
I can tell you that due to the many companies pulling out of the recreational marine insurance market, including the all important reinsurers, that availability will soon be the primary concern as opposed to affordability, especially for two people cruising long distances.
Hopefully the pendulum will swing back toward the sailors in the future.
He thinks things will get worse before they get better.
With best regards,
Sailing Vessel - Cream Puff - SM2K - #275
Currently cruising - Tahiti, French Polynesia