Insurance whinge

[Kukri]

I was one of those who were left scrambling for insurance cover by the decision of the East Coast Mutual Yacht Insurance Association Ltd to stop underwriting and wind itself up.

I chose to go with Pantaenius. They required a new survey, which they were happy to put off to the end of the season, and which I had done when the boat was hauled out for the winter. So far, so good. John Munns surveyed the boat and had rather a short list of defects, (stuck seacocks, electric bilge pump not operating, need new lid on gas locker) which I’m perfectly happy to deal with and would have dealt with anyway.

What I am very much NOT happy about is that instead of requiring me to carry out the repairs before putting the boat back in commission, which would be normal, Pantaenius have restricted the policy to “laid up ashore”. The difference being of course that they are at liberty to impose whatever further restrictions they feel like after they have got my money for the next year.

So quite suddenly an insurance company who had been competent and sensible turned into a bureaucratic monster.

Or am I being unreasonable?

 

[[70521]]

Have you telephone Pants about it? Do you know why they have restricted the policy? Are you likely to launch before doing the work? Will you change your insurance company at renewal?

 

[awol]

Like many other Pantaenius punters I have found a quick telephone call removes obstacles and confusion. My policy has several modifications to their standard on area covered and boat mods, all at no additional cost. 2nd giving them a call.

 

[Kukri]

Have you telephone Pants about it? Do you know why they have restricted the policy? Are you likely to launch before doing the work? Will you change your insurance company at renewal?

1. Yes. Whereas in the past I have spoken to someone knowledgeable and sensible, I seemed to get a snotty youth this time, and got no sense at all.
2. No idea (and I was once a yacht underwriter myself!) All they needed to do was to require the “repairs” to be completed before the boat was put back in commission.
3. Of course not.
4. Unless they sort themselves out, yes.

 

[[70521]]

1. Yes. Whereas in the past I have spoken to someone knowledgeable and sensible, I seemed to get a snotty youth this time, and got no sense at all.

I've always found that, 'may I speak to somebody in authority', works wonders, but I am a thick skinned Scottish engineer.

 

[Kukri]

“Email sent… strong phone call follows…)?

 

[Richard10002]

I was one of those who were left scrambling for insurance cover by the decision of the East Coast Mutual Yacht Insurance Association Ltd to stop underwriting and wind itself up.

I chose to go with Pantaenius. They required a new survey, which they were happy to put off to the end of the season, and which I had done when the boat was hauled out for the winter. So far, so good. John Munns surveyed the boat and had rather a short list of defects, (stuck seacocks, electric bilge pump not operating, need new lid on gas locker) which I’m perfectly happy to deal with and would have dealt with anyway.

What I am very much NOT happy about is that instead of requiring me to carry out the repairs before putting the boat back in commission, which would be normal, Pantaenius have restricted the policy to “laid up ashore”. The difference being of course that they are at liberty to impose whatever further restrictions they feel like after they have got my money for the next year.

So quite suddenly an insurance company who had been competent and sensible turned into a bureaucratic monster.

Or am I being unreasonable?

Presumably they will revert your cover to full cover once you show them that the repairs have been done, which would be no different to, "requiring you to carry out the repairs before putting the boat back in commission".

I had something similar in Lagos in 2007. I found what Pantaenius did to be entirely fair and suitable. It was a long time ago but, as the boat was in the water, I think they maintained cover provided I didn't leave the marina.

 

[Kukri]

Presumably they will revert your cover to full cover once you show them that the repairs have been done, which would be no different to, "requiring you to carry out the repairs before putting the boat back in commission".

I had something similar in Lagos in 2007. I found what Pantaenius did to be entirely fair and suitable. It was a long time ago but, as the boat was in the water, I think they maintained cover provided I didn't leave the marina.

Not quite the same. They have given themselves latitude to vary their terms. I don’t know what terms they propose to offer me. If they are to be the same terms, why do it this way?

I may well be over reacting because they are a German company, and their approach has reminded me of just what a devious bunch the German reinsurers whom I dealt with forty years ago were.