The end of the East Coast Mutual Yacht Insurance Association Limited.

[Kukri]

Just got a letter in the mail. The Committee are going to wind up the ECMYIA at the next annual renewal date, March 30th 2020. The "old mutual" can't compete on price with on line insurers and the Committee would rather wind it up whilst it is still comfortably solvent.

Established in 1897 by FB Cooke. I suppose it had a good run, but as an enthusiastic member I find the news rather sad.

At least with the ECMYIA you knew that if you had a claim (I had one, October 1987 hurricane) you would be dealing with someone sensible and your claim would be paid.

Ah, well...

 

[Old Harry]

Thats a great shame, how many members are covered

 

[Kukri]

From memory, the membership is limited to 300, but I think it may have been increased to 500, and by way of recommendation from existing members, only. But the Chairman says in the letter that they have been losing members, both because people prefer to buy on line and because the ordinary family cruiser is getting less popular. One problem has been the age limit (for the boat, on joining) of fifty.

 

[Poignard]

I got the letter yesterday. Very sad about it as I have been with ECMYIA for 15 years.

Now I am hunting around for another insurer but it will mean having to get a survey.

Sad also for Jane Pelling, the Secretary /Manager, who will be losing her job.

 

[Old Harry]

I got the letter yesterday. Very sad about it as I have been with ECMYIA for 15 years.

Now I am hunting around for another insurer but it will mean having to get a survey.

Sad also for Jane Pelling, the Secretary /Manager, who will be losing her job.

Y come well recommended & a survey isnt always necessary i believe

 

[Kukri]

I am asking Jane if there are any plans to arrange something with another insurer, because it seems to me that the remaining members ought to be a good block of business for someone, and they all renew on 31/3/20.

If not, I will have to start looking for recommendations.

 

[Poignard]

I am asking Jane if there are any plans to arrange something with another insurer, because it seems to me that the remaining members ought to be a good block of business for someone, and they all renew on 31/3/20.

If not, I will have to start looking for recommendations.

Please include me as a potential customer for any company taking over the ECMYIA. I know of a couple more ECMYIA members who would probably be interested.

 

[RivalRedwing]

I am with Y insurance, they are very helpful. I would suggest a phone call to them:
http://www.yyachtinsurance.com/

 

[Champagne Murphy]

I was with Bishop Skinner but they want a survey every 10 years and the last one cost me a fortune, all most unsatisfactory. It also got taken over by Jeff or some such and I’ve noticed a much less personal feel about it. Y yacht seem far more helpful and they were very competitive.

 

[nigelm]

Another plus 1 for Y

 

[Ohlin Karcher]

+1 for Y. I was with ECM as well years ago, a proper old-school English lady in Danbury.

 

[DoubleEnder]

I use Yachtmaster in Woodbridge. I’ve never had to claim, but when it looked like I might they were very helpful. I have an old wooden boat and was a bit constrained when looking for an insurer, so there may be better solutions for owners of GRP boats.

 

[wingdiver]

Also a satisfied Y Yacht customer. They handled a claim for damage by someone biffing into us whilst we were stuck in Ramsgit very quickly and professionally.

 

[Debenair]

Another now with Y and very satisfied. Did a number of years with ECM yonks ago and my late parents were with them for over 30. I did fall out with them over a racing collision claim which they were going to refuse until I pointed out the wording of their Articles and elderly policy endorsements, but still sorry to hear of their demise.

 

[NealB]

Another ex-ECMYIA here.

I changed to a different insurer many years ago.

I recall feeling rather sad and disloyal, at the time, but cheaper options were available.

I've now been with Y Yacht Insurance for a while. Never made a claim, but they came highly recommended.

 

[pvb]

From memory, the membership is limited to 300, but I think it may have been increased to 500, and by way of recommendation from existing members, only. But the Chairman says in the letter that they have been losing members, both because people prefer to buy on line and because the ordinary family cruiser is getting less popular. One problem has been the age limit (for the boat, on joining) of fifty.

It sounds as if the members will be able to look forward to a little windfall following the winding-up. With around £900,000 in the kitty, each member should get a few thousand pounds.

 

[Windfall]

Thanks NealB for directing me to this thread...as a South Coast Sailor this is a part of the forum I don't often frequent.

We have been with ECMYIA for over 30 years - staying loyal even though we were offered cheaper premiums elsewhere. We've always liked their sensible and practical approach to sailing areas covered and out of season sailing. Was very sad to get the letter and are left wondering what to do next. Don't have a current survey - never felt the need for one, we've looked at enough old boats in our time to know what we're looking at so i guess now we have to organise a haul out (opted to stay afloat this winter), pay for a survey and hawk our business round.

If there is a 'windfall' for ex members I'm pretty sure how it will be spent.

 

[Kukri]

Same here. Always happy to pay a little more knowing that we would be met with common sense. And I’m going to miss the circulars reminding us all to check our seacock bolts, etc.

 

[NealB]

Good luck Windfall: see you very soon.

 

[Kukri]

I am hoping that a collective arrangement may be made as, firstly, all members seem to think the same way and secondly it’s a nice book of business for any yacht underwriter. I should declare a bit of a interest perhaps as I am an old friend, ex colleague and present customer of the Secretary’s husband who is also an underwriter for a mutual marine insurance “club” but one for bigger ships.