insurance claim

[mousey]

Has anyone ever had a claim paid out by Northern Reef?
If so was the experience pain free?

I am trying to find out a bit more about the company.

 

[sailorbob]

I hope that your question does not relate to a claim that you are trying to pursue. If so, my opinions may seem like rubbing salt into the wound, but I can assure you, this is not my intention.

This company has been the subject of forum discussions in the past with a very mixed response. Northern Reef Thread and Northern Reef Thread 2

On the plus side, they seem to accept risks that no other insurance company will quote for or will accept older boats with out the need for a survey. My concern is why would they do this?

IMHO the negatives are numerous -
a) They are based overseas. I am not sure where, but most thoughts seem to point towards South America. UK insurance companies are regulated, and provide you access to arbitration and compensation if you are dealt with unfairly, but I can't imagine it being easy to pursue a large claim through the courts in Uraguay or somewhere similar.
b) Northern Reef did operate through a UK agent, DRL Marine, but since January 2005 when the FSA began regulating UK Insurance companies, the agency seems to have switched to a Spanish based operation named Edward William. Again, ask yourself how easy would it be to pursue a large claim if things started to go wrong.
c) Why is it so difficult to find any Company website? Even the smallest of companies have some web prescence, but seemingly not Northern Reef.

I would hope that Northern Reef / DRL Marine / Edward William have been quick to pay relatively small claims, but I would really worry what might happen if a large claim occured or if they ran out of money after paying other claims. Have any forumites been paid out for a large claim?

I may have totally misjudged the situation, but I would prefer to be certain and have insured my yacht through a UK based specialist broker, with a policy underwritten by a large UK Insurer. I have heard too many horror stories during my days as a General Insurance Broker to sleep at night if I had not done so.

 

[Bewildered]

I have also been considering Northern Reef after finding difficulty getting all year round cover on a swinging mooring. Even though it has been professionally laid and is extremely sheltered. Like you I can find little information, or confirmation from anyone that they have actually paid a claim. I thought the proposal form sent to me looked rather cheap and un-professional.Like you, I would also welcome any information, or details of experiences that might help in making a descision on this company.

 

[iangrant]

bewildered
try these fella's I've used them for years and I think they'll cover all year round on a swinging mooring.
Pole Star

Ian