Insurance
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Miles
A month ago, I received a notice from my insurance company saying that they were leaving the marine insurance business and that I would not have insurance after May. After a number of very expensive and bad quotes and some nonresponses, I HAVE FOUND GOOD INSURANCE. It helps that the CEO and the major underwriter are both avid sailors. The company is TRITON Insurance in Newport, Rhode Island. www.tritonins.com p 401.619.5500 f 401.619.5501 m 401.640.4544. Now I just have to get back to my boat in Martinique. Miles Bidwell, s/y Ladybug sm 216, Marina du Marin, Martinique
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Hi Miles, How do your new insurance premiums compare with the Jackline Policy? Who is the underwriter?. We'll be sailing up to Maine this Summer, if you're going to be in Newport, I'd love to stop for a visit, either on the way up or back down. Thanks, and Hi to Carol Kent and Iris Kristy SM 243 -- Kent & Iris KRISTY
SM243
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Hi Miles,
So glad it worked out for you. Out of curiosity, who is the underwriter of your policy?
With best regards,
Mark
Skipper Sailing Vessel - Cream Puff - SM2K - #275 Currently cruising - Tahiti, French Polynesia www.creampuff.us
From:
main@AmelYachtOwners.groups.io [mailto:main@AmelYachtOwners.groups.io] On
Behalf Of Miles
A month ago, I received a notice from my insurance company saying that they were leaving the marine insurance business and that I would not have insurance after May. After a number of very expensive and bad quotes and some nonresponses, I HAVE FOUND GOOD INSURANCE. It helps that the CEO and the major underwriter are both avid sailors. The company is TRITON Insurance in Newport, Rhode Island. www.tritonins.com p 401.619.5500 f 401.619.5501 m 401.640.4544. Now I just have to get back to my boat in Martinique. Miles Bidwell, s/y Ladybug sm 216, Marina du Marin, Martinique
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Miles
Hi Kent and Mark,
The underwriter is Travelers. The policy is significantly less than Jackline, but mine only covers the US east coast and the Caribbean (including Bermuda.
Miles Bidwell, s/y Ladybug sm 216
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Thanks Miles. Good to know.
It doesn’t surprise me that it is less than the Jackline policy. I recently shopped insurance and found Jackline to be the absolute highest rates. They were about 30% higher from the next highest quote. Also, they required a full out of water survey (not an evaluation survey) and complete rigging inspection adding substantially to the initial cost of the policy. Also, the policy was due 100% up front and 70% of it was non-refundable.
I remained with Topsail. I was with Y-Yacht that merged with Topsail last year. As an OCC member, I get a 10% discount on the premium as Topsail is the preferred agency for the OCC group.
With best regards,
Mark
Skipper Sailing Vessel - Cream Puff - SM2K - #275 Currently cruising - Tahiti, French Polynesia www.creampuff.us
From:
main@AmelYachtOwners.groups.io [mailto:main@AmelYachtOwners.groups.io] On
Behalf Of Miles
Hi Kent and Mark,
The underwriter is Travelers. The policy is significantly less than Jackline, but mine only covers the US east coast and the Caribbean (including Bermuda.
Miles Bidwell, s/y Ladybug sm 216
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Miles
Hi Kent,
I am not doing so well. After giving me a very good quote, Travelers sent a policy that was limited to coast sailing and had much restricted navigation dates. So far, Trident has not fixed this, so I am again looking for insurance. I look forward to seeing you and Iris this summer. Miles sm 216, SY Ladybug, still in Martinique
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Patrick McAneny
Miles,
Based on your recommendation ,I contacted Bob at Trident . We had a good conversation for about 20 minutes or so,he sent me an application ,which we filled out ,scanned and sent back to him. That was 13 days ago and I have not heard a peep from him. After a few days passed I emailed him and asked him to confirm that he received the app., no response ,a few days later , I called his office,the secretary said she would have him return my call,no call back, yesterday I emailed him again , stating that I had sent the app. called once and emailed twice and that I had not gotten any response from him . Obviously I am done with him and will not deal with him , I can't imagine the response if I had a claim.
I had mentioned ,that I did not like the restrictive policy I presently have ,that may have been a deal breaker for him . I just wished he had told me to F/off ,rather than waste my time filling out forms and emailing .
Insurance is becoming a major issue that may deter many people from getting involved in cruising,which is a bad thing for all .
Good Luck,
Pat
SM Shenanigans
-----Original Message-----
From: Miles <milesbid@...> To: main@AmelYachtOwners.groups.io Sent: Thu, Apr 22, 2021 12:27 pm Subject: Re: [AmelYachtOwners] Insurance Hi Kent,
I am not doing so well. After giving me a very good quote, Travelers sent a policy that was limited to coast sailing and had much restricted navigation dates. So far, Trident has not fixed this, so I am again looking for insurance. I look forward to seeing you and Iris this summer. Miles sm 216, SY Ladybug, still in Martinique
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william reynolds
We reinsured last year with Netherlands Insurance, based in Grenada with offices in Holland. NO underwriters. They are the carriers, insurers and underwriters. They have insured large international commercial vessels for many years and have only recently offered policies to recreational vessels. They have no history with hurricane losses.We visited their offices on Well St. in Grenada and we were impressed with the professionalism of the company. The rates are a bit higher but the coverage is excellent with 2 million liability, 10% of insured value for personal effects and no exclusion for lightning strikes. The deductible is fixed at 2% and 4% (yes that's 4%) for named storms. Navigational limits are worldwide! It's well worth looking into. Bill Reynolds Cloudstreet SM2K 331.
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Bill can you please share their contact information
toggle quoted messageShow quoted text
On Apr 22, 2021, at 10:22 PM, william reynolds <sail23692@...> wrote:
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eric freedman <kimberlite@...>
Hi Bill, What are your Navigation limits and dates? Fair Winds Eric Kimberlite Amel Super Maramu #376
From: main@AmelYachtOwners.groups.io On Behalf Of Courtney Gorman via groups.io
Sent: Friday, April 23, 2021 4:51 PM To: main@amelyachtowners.groups.io Subject: Re: [AmelYachtOwners] Insurance
Bill can you please share their contact information
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Courtney:https://netherlands.co.gd From their website: "Netherlands Insurance Co. (W.I.) Limited is a general insurance company registered to conduct insurance business in Grenada and Antigua. Originally established in August 1992 as a subsidiary of a Dutch insurance company, the company has since become wholly independent." I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
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eric freedman <kimberlite@...>
Hi Bill. Also, what is their contact info? Fair Winds Eric Kimberlite Amel Super Maramu #376
From: main@AmelYachtOwners.groups.io On Behalf Of Courtney Gorman via groups.io
Sent: Friday, April 23, 2021 4:51 PM To: main@amelyachtowners.groups.io Subject: Re: [AmelYachtOwners] Insurance
Bill can you please share their contact information
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Mohammad Shirloo
Hi Eric;
We’re having the same insurance issues for the Med. I contacted Netherlands Insurance today and received a quick response with application forms to fill, which I have sent back. Here’s the link to their contact website and contact information:
https://netherlands.co.gd/#contact
Happy Sailing;
Mohammad and Aty B&B Kokomo AMEL 54 #099
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of eric freedman via groups.io
Hi Bill. Also, what is their contact info? Fair Winds Eric Kimberlite Amel Super Maramu #376
From:
main@AmelYachtOwners.groups.io On Behalf Of Courtney Gorman via groups.io
Bill can you please share their contact information
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Bill,
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
Simple – see attached.
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA April 23, 2021 15:01:52
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of CW Bill Rouse via groups.io
Courtney:https://netherlands.co.gd
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
On Fri, Apr 23, 2021 at 3:51 PM Courtney Gorman via
groups.io <Itsfun1=aol.com@groups.io> wrote:
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eric freedman <kimberlite@...>
“wholly independent and presently boasts a majority of local shareholders. Netherlands currently serves the insurance needs of over 3,000 individuals, families and businesses in Grenada and Antigua and is well known for quick, efficient service and prompt settlement of claims”. This quote from their website gives me pause. They also say that they are reinsured by a London Based company without naming the name. If I were reinsured by Lloyds, I would certainly mention it. They have 3,000 clients on 2 islands. They also provide homeowners insurance , and auto. They are funded by mostly local investors. I would be skeptical of their claims process and experience in Insuring offshore vessels. I certainly would not want to wind up like Alexandre of Nikimat. Fair Winds Eric
From: main@AmelYachtOwners.groups.io On Behalf Of Mohammad Shirloo
Sent: Friday, April 23, 2021 5:58 PM To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Insurance
Hi Eric;
We’re having the same insurance issues for the Med. I contacted Netherlands Insurance today and received a quick response with application forms to fill, which I have sent back. Here’s the link to their contact website and contact information:
https://netherlands.co.gd/#contact
Happy Sailing;
Mohammad and Aty B&B Kokomo AMEL 54 #099
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io> On Behalf Of eric freedman via groups.io
Hi Bill. Also, what is their contact info? Fair Winds Eric Kimberlite Amel Super Maramu #376
From: main@AmelYachtOwners.groups.io On Behalf Of Courtney Gorman via groups.io
Bill can you please share their contact information
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amelforme
Or as my friend and Dutchman Gunter Van den Berg, who I sold a Maramu to decades ago would say, “ You ain’t much if you ain’t Dutch”.
All the best, Joel
JOEL F. POTTER ~ CRUISING YACHT SPECIALIST, L.L.C. The Experienced AMEL Guy UNSURPASSED AMEL MARKETING EXPERIENCE AND PRODUCT KNOWLEDGE Office 954-462-5869 Cell 954-812-2485
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io> On Behalf Of Teun BAAS
Sent: Friday, April 23, 2021 6:03 PM To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Insurance
Bill,
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
Simple – see attached.
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA April 23, 2021 15:01:52
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io> On Behalf Of CW Bill Rouse via groups.io
Courtney:https://netherlands.co.gd
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
On Fri, Apr 23, 2021 at 3:51 PM Courtney Gorman via groups.io <Itsfun1=aol.com@groups.io> wrote:
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I’m glad I’m not the only person who thought this might be a little bit fishy. I tried to find out info on the company but other than their webpage, it is like they don’t exist. Because they underwrite their own policies, there are no AM Best or Standard & Poor's ratings to understand how financially sound the company actually is. I too was also perplexed they do not name the London based re-insurer. For all we know it could be Joe’s Fish ‘n Chip Shoppe.
I still run into the occasional FaceBook post or cruiser who is highly recommending Edward Williams Marine Insurance because they have a cheap policy with no limits and low deductibles. One quick Google search is all it takes to reveal they are a know scam and for some reason still in existence. But, they have a great webpage.
I hope for Bill Reynolds’s case Netherland is sound. I wonder Bill if you can share more info about them. It would be great to find a place who can help the dilemma many are facing trying to get a policy. Sorry to be so skeptical, Bill.
With best regards,
Mark
Skipper Sailing Vessel - Cream Puff - SM2K - #275 Currently cruising - Tahiti, French Polynesia www.creampuff.us
From: main@AmelYachtOwners.groups.io
[mailto:main@AmelYachtOwners.groups.io] On Behalf Of Teun BAAS
Bill,
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
Simple – see attached.
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA April 23, 2021 15:01:52
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io
<main@AmelYachtOwners.groups.io> On Behalf Of CW Bill Rouse via
groups.io
Courtney:https://netherlands.co.gd
I wonder why they want to hold on to their original connection with Holland after they "became wholly independent?"
On Fri, Apr 23, 2021 at 3:51 PM Courtney Gorman via groups.io <Itsfun1=aol.com@groups.io> wrote:
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Eric, I agree with you. There are no financials, no valid auditors, no AM Best nor S&P rating.Even having Lloyds as a reinsurer means nothing. They are notorious to fight claims. Think for a second: most insurance companies and reinsurers are trying to diversify risks in a different parts of the world, so when a catastrophic incident occurs (hurricane, earthquake) they are OK. Now this company has ALL its business in ONE location. The answer: write more business, offer better terms, hoping there will be no claims. You know how that ends. Large commercial shipping companies have brokers to place their business. They don't place that business with phony insurance companies, or their professional liability would first on the line if that company goes belly up. But one day claims occur, and the business folds. Every state in the US, every country in Europe has financial regulators that exist to protect the consumer. They monitor constantly assets and liabilities. They limit by law the risky assets to avoid fluctuations of outcomes, and they monitor reserves by cross referencing what actuaries provide. Despite all of that, regulators get tricked by insurance companies. But if that happens (and it does happen a lot in the US), the insurance company is placed in receivership, and there is an actual fund that exists to protect policyholders, and that fund is fed with taxes levied from insurance companies. There are no such thing in Granada. FYI, David Marchant had uncovered what was the Ponzi scheme at First International Bank of Grenada. -- John Bernard "JB" Duler San Francisco Meltem # 19, Western Med
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Hello,
I asked my agent for info regarding the insurance and his answer is that he has checked with Pantaenious and there will be no change to insurance for my boat. All my boats had/have Slovenia flag, this is EU since 2004. Maybe I need to add that I have insurance with them since 1996 when I bought my first boat. I had one claim that was solved fast. That was in 2001. -- Slavko SM 2000 #279 Bonne Anse in Portoroz
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And you stick such a sticker above a embossed BMW logo???? OMG Arno SV Luna, A54-121
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