billskip
Well-known member
Well I'm very probably wrong..but the way I interpret some posts ....it would indicate there maybe one (or more) on here....Only an idiot would make a false declaration to an insurance company
Med insurance problem
- Thread starter paddywackcocker
- Start date
BobnLesley
Well-known member
I'd thought it was always thus. For many years we were with (and very impressed by) Bishop Skinner/Blue Fin and while they would allow us to renew/extend yearly whilst outside the UK - check the details, many won't - we did have to link the policy to a UK residential address... For a UK insurer that address reassures them that they can discharge their liability by repatriating you there or into an NHS hospital.
ashtead
Well-known member
Nowadays it really very simple -a uk insurer can only cover a risk in uk or Channel Islands plus Gibraltar I suspect be it a uk company or a uk third country branch of a foreign insurer. Hence those with N&G cover are insured by a uk branch of a German located insurer as Z moved to Germany from Ireland. Clearly before anyone says the quoted parent is Swiss . So what you have to understand initially is location of risk be it marine or other covers . Hence many global insurers will have a function to tell underwriters where risks are located. Obviously for real property and eu motor vehicles it’s quite simple but marine presents more questions but the simple way to cope with this system wise is to require a uk address for the policyholder even if the vessel is floating around eu or further. Now once you decide location of risk you can decide risk appetite and start limiting by vessel location. Obviously if your vessel is owned by say a Swiss company or suchlike it all becomes more complicated as you encounter different rules outside safe confines of uk and EU in summary. With an international broker like pants or the big 3 brokers like Aon etc they should have a solution for most locations . For those passing through Cannes boat show many brokers circulating however the issue really is the segment they want to play in - small yachts don’t attract high commissions and that’s what drives brokers to be interested in more complex risks. I should say I’m not a marine underwriter
Irish Rover
Well-known member
This is not correct. I'm resident in Türkiye. My UK flagged boat kept in a marina in Türkiye is insured with a UK company.
ashtead
Well-known member
So the location of a uk registered boat is the Uk which makes sense . If you are a uk insurer registered and authorised in uk by FCA and the PRA then you can write uk located risks - your underwriter takes the view that it can cover even where from a risk perspective might for others lead to increased moral hazard for example. Presumably your premium is in £ and you pay IPT on it.
Irish Rover
Well-known member
Apart from UK, I've no idea what all those acronyms mean, and frankly, no interest, as long as my boat is insured.
billskip
Well-known member
I'm sure your boat is insured, along with many others, until a claim is made I doubt it will be scrutinised.
As for those ... "it will never happen to me brigade"....that believe the piece of paper to show authorities is more important.
I'm sure insurance companies are happy taking money for nothing knowing full well that come a claim there is an open get out clause....
Long gone are the days when mum would pay a shilling a month to the door knocker from the Pru who would openly say.."need a new carpet?... drop a fag on it"
Irish Rover
Well-known member
If you don't mind me saying so, or even if you do, that's a pretty idiotic post. If you have reason to believe it's not possible for a UK insurance company to insure my boat in the circumstances I've outlined then spell it out, in order to inform and assist other posters. If you don't have such knowledge, then why engage in scare mongering, and nose tapping, on a thread which is of significant importance to us ex pats with boats.
For anyone looking for or arranging insurance, the most important rule is full disclosure.
PlanB
Well-known member
I kept my boat in Spain for 12 years, before Brexit. I lived aboard, but had a permanent UK address.
Bishop Skinner insured my boat before I took it to Spain, and were happy to continue to insure it while in full possession of the facts.
Bishop Skinner insured my boat before I took it to Spain, and were happy to continue to insure it while in full possession of the facts.
billskip
Well-known member
It was not directed at you...I do believe it's possible for UK insurance, I also believe there are some that "use an address" (which has been suggested in the past)
I don't think you are that nieve to not question in your own mind what some suggest as a workaround is sensible.....
I have been known to be wrong.....
wonkywinch
Well-known member
I always took out deposit insurance for many years using EIS but they no longer sell to UK residents. This year I went with Schomacker who were happy to offer cover. I see they do a full range of boat related insurance. Worth a look?
YACHT-INSURANCE SCHOMACKER
YACHT-INSURANCE SCHOMACKER
Irish Rover
Well-known member
Thank you for the clarification. Maybe it's just me, but your post seemed ambiguous. My insurer raised no issues. The policy was issued on the basis the boat was kept in the UK and an endorsement was issued to show it's in a marina in Türkiye and an additional premium was charged.
paddywackcocker
Member
Nothing dodge, found a Spanish insurance company to take it on.
I was actually asking on behalf of someone else.
I’m with GJW.
Thanks for most of your reply’s
I was actually asking on behalf of someone else.
I’m with GJW.
Thanks for most of your reply’s
Hooligan
Well-known member
A U.K. insurer will happily insure a U.K. flagged boat that resides in say Greece. If you change the flag then that is a different matter. Most of the larger insurers have EU licenses which would then allow them to issue insurance say for an Irish flagged boat.
ashtead
Well-known member
Eu insurers can operate in eu under either a freedom of services basis subject to permission from their home state regulator or create a local branch in each other eu state or do both . Hence very simple to trade and one common set of rules under IDD apply to location of risk rules in EU. If you want to cover UK risks then you need either a uk company or be authorised as a third country branch and be subject to separate local regulation by the FCA and PRA . So to do business in uk now all the regulation is duplicated hence for small insurers it’s not worth the regulatory cost in small segments particularly wher brokers take 40 % commission and cost of capital set by regulator is high plus the PRA doesn’t want repatriation of capital out of Uk without considerable examination so even where uk business is profitable these profits become more difficult to upstream. So while the brand is the same technically cover might be by a different company in uk to eu . If you look at your navigators policy it shows cover is by a uk third country branch of a German listed insurer for example. Add to issue of location of risk is language issue for claims handling, law governing contract,ombudsman rights and compensation scheme applying . To make it even more complicated certain members states have gold plated rules so in Italy for example the documentary stuff pre contract can be far more extensive in your IPID which I’m sure you all read compared to a Uk IPID