Beth aka Lady Anne
New member
Why don't you just go to a reputable broker for quotes for a new policy from reputable companies? Is there some reason you want to go on dealing with Edward William or need a policy for a period only up to the old renewal date? A good broker will have you insured reliably in two shakes of a lamb's tail.
Don't Edward William tell you who this new insurer is? If it's a real insurance company then you need to decide (a) whether you want to place your business with them (if real, what is their substance and reputation?) and (b) whether Edward William can be trusted to have found you cover suitable for your needs and, if you go ahead, actually to effect that cover for you with the company.
In the light of other comments, you might want to do your research and think very carefully indeed before answering (b).
We have insured our cruiser through Edward William for the last few years.
Yesterday we received the following email:
Thank you for your trust and valued business in allowing Edward William SL to obtain coverage for your vessel.
It is with regret that we must inform you that the Insurer your business was placed with has ceased trading. This means that your policy coverage with them is no longer valid.
Fortunately, we have been able to find an alternative carrier who will continue your coverage on Policy EW xxxx until renewal at a discounted additional premium of just £ 253.75
Regarding the premium you have paid for your Northernreef policy, it is too soon to provide you with any accurate commentary. It will be a few months before matters become clear with regards existing claims and unearned premium.
Are they able to do this? Is anyone familiar with this other company? Looking online and some posts seem to suggest Edward William owned Nothernreef but quite how much truth lies in this I do not know.
Any advice would be appreciated.
Thank you
There is such a thing as the Financial Services Compensation Scheme which is designed to cover such eventualities as insurance companies not being able to meet their claims etc. Whether this extends to Spain I do not know? After the recent storms in Puerta Pollensa in which quite a number of yachts were beached, I was expecting a rise in premiums but never did I imagine that we would be left high and dry. ABTA cover the tourist industry so surely there is an organisation covering marine insurance?We have insured our cruiser through Edward William for the last few years.
Yesterday we received the following email:
Thank you for your trust and valued business in allowing Edward William SL to obtain coverage for your vessel.
It is with regret that we must inform you that the Insurer your business was placed with has ceased trading. This means that your policy coverage with them is no longer valid.
Fortunately, we have been able to find an alternative carrier who will continue your coverage on Policy EW xxxx until renewal at a discounted additional premium of just £ 253.75
Regarding the premium you have paid for your Northernreef policy, it is too soon to provide you with any accurate commentary. It will be a few months before matters become clear with regards existing claims and unearned premium.
Are they able to do this? Is anyone familiar with this other company? Looking online and some posts seem to suggest Edward William owned Nothernreef but quite how much truth lies in this I do not know.
Any advice would be appreciated.
Thank you
Yes, I noticed that northernreef.com was "under construction" and last activity I found was around the end of August last year. I see that the domain name was first registered in 2005 and isn't due for renewal until 2021 . I think that it did change hands, perhaps 2007 onwards.
I'm guessing that the owner has taken it down for maintenance work (i.e. till things blow over) and it will pop up again to catch the unwary. I think that the insurance site has been around since at least 2015. Flabbergasted that they don't even bother to change the name from time to time.
Similar situation with northernreef.net which is also "under construction".
I also noticed that EdwardWilliam.com was first registered a little earlier than the NorthernReef ones and all three share the same IP location in Maidenhead (Eukhost Ltd). Just a coincidence of course.
Financial Conduct Authority give Edward William Marine Services a mention here.