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

[pvb]

I have just renewed my insurance for the second year after ECYM was wound up and had to have a survey . It passed with no issues but I was rather hoping to have heard something about the payout in order to pay for my survey. I can understand having to wait the financial year but there has been no update . Anyone know what's happening please ? Thanks

In December 2020 they filed accounts for the year to 31 Dec 2019. These showed that claims in the year amounted to £15,235. They also revealed that net assets had increased to £1,028,436. They should be arranging a voluntary winding-up of the company and distributing the remaining assets to the members.

 

[Easticks28]

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.

+1
In my case no survey reqired, but a 5 yearly condition report by a recognised boat builder or similar.
Much cheaper than a full survey .

 

[RobWatt]

Thanks . I was just a bit mystified at the lack of any information.

 

[Kukri]

I’m in the same situation as others. I suspect that by the time the winding up process is complete there won’t be much left in the kitty.

 

[Kukri]

In December 2020 they filed accounts for the year to 31 Dec 2019. These showed that claims in the year amounted to £15,235. They also revealed that net assets had increased to £1,028,436. They should be arranging a voluntary winding-up of the company and distributing the remaining assets to the members.

That is what they are doing.

 

[Kukri]

I have just renewed my insurance for the second year after ECYM was wound up and had to have a survey . It passed with no issues but I was rather hoping to have heard something about the payout in order to pay for my survey. I can understand having to wait the financial year but there has been no update . Anyone know what's happening please ? Thanks

Same here - went to Pantaenius.

 

[pvb]

That is what they are doing.

They stopped insurance cover over a year ago. How long should it take to wind-up the company?

 

[Kukri]

They stopped insurance cover over a year ago. How long should it take to wind-up the company?

In the case of insurance companies, winding up is quite a slow process, as all claims must be settled and third party claims can take a while.

 

[davidej]

You can re- insure the long tail claims

 

[pvb]

You can re- insure the long tail claims

Would that take as long as a year to arrange?

 

[Poignard]

In December 2020 they filed accounts for the year to 31 Dec 2019. These showed that claims in the year amounted to £15,235. They also revealed that net assets had increased to £1,028,436. They should be arranging a voluntary winding-up of the company and distributing the remaining assets to the members.

Where can these accounts be seen?

 

[pvb]

Where can these accounts be seen?

On the Companies House website here - EAST COAST MUTUAL YACHT INSURANCE ASSOCIATION LIMITED - Filing history (free information from Companies House)

Click on the first item on the list.

 

[Poignard]

On the Companies House website here - EAST COAST MUTUAL YACHT INSURANCE ASSOCIATION LIMITED - Filing history (free information from Companies House)

Click on the first item on the list.

Thank you. I won't look at it now otherwise I won't be able to sleep for thinking about what I am going to spend my share on.

 

[Marmalade]

A real shame - although reading the report I couldn't help but conclude that they mis-understood the internet. They believed (probably correctly) that younger sailors prefer to buy online. They also believed that they didn't have the knowledge or funds to operate via a website.
In fact - the internet has allowed many small - even tiny businesses to punch far above their weight by allowing them to reach customers that bricks and mortar , pen and paper would never have reached. Such a shame that they identified the factor that was hurting their business but lacked the wherewithall to do anything about it.

 

[pvb]

A real shame - although reading the report I couldn't help but conclude that they mis-understood the internet. They believed (probably correctly) that younger sailors prefer to buy online. They also believed that they didn't have the knowledge or funds to operate via a website.
In fact - the internet has allowed many small - even tiny businesses to punch far above their weight by allowing them to reach customers that bricks and mortar , pen and paper would never have reached. Such a shame that they identified the factor that was hurting their business but lacked the wherewithall to do anything about it.

Very true. But how long will it take them to return the million quid to the members?

 

[Poignard]

Very true. But how long will it take them to return the million quid to the members?

Will it be a million quid though? Share values have plummeted and there's lawyers and accountants to be paid.

 

[Marmalade]

by the time the lawyers and accountants have taken their fees, I'd be surprised if there's much left... :-(

 

[RobWatt]

Okay so we are now at the end of quarter 1 year 2 after they stopped taking on cover . Whilst I have every sympathy for them the complete lack of communication is rather annoying . I have tried to find out what happening directly through the associated names registered but have received no replies or acknowledgments . Yes they were always a pleasure to deal with and I accept that any replies will be by letter but any information at all would be nice . Does anyone know what’s going on at all ?
thanks
Rob

 

[peteK]

I suspect they are dragging it on taking their fees out and very little if anything will be left for members.

 

[RobWatt]

That may be a point but there are regulations stopping rogue lawyers and accountants however there is also an obligation to inform members of progress and this is not happening