Panels opinion on Y Yacht Insurance

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Mike k

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Thinking of switching to Y Yacht from GJW but reading the documentation it just seems a bit strange that claims are dealt with by another company HKJ- does this cause any issues of muddy waters just when you don't need them?

The terms look good but are they when it comes to a claim?

Just interested in opinions of those that are or were insured by them. I have never had a claim but just want to check these issues.

Many thanks

Mike
 
Mike k said:
Thinking of switching to Y Yacht from GJW but reading the documentation it just seems a bit strange that claims are dealt with by another company HKJ- does this cause any issues of muddy waters just when you don't need them?
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Nope. You're worrying about nothing. It is very common in insurance to find yourself negotiating claims with a claims handler, loss adjuster, or whoever. Underwriters often farm those tasks out and it's not anything to be worried about. HKJ is a good firm generally imho

Mike k said:
The terms look good but are they when it comes to a claim?
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The terms are either good or they're not; they can't be good and then turn bad when it comes to a claim. Imho the latest Y terms are very good and considerably better than GJW's terms. Also the team running Y are first rate, so I'm intending to switch to Y (from Pantaenius) when I renew in a couple of months. (The Y terms are being transitioned so I don't know 100% for sure that the terms I'm buying are same as the terms you're contemplating).
 
jfm said:
Nope. You're worrying about nothing. It is very common in insurance to find yourself negotiating claims with a claims handler, loss adjuster, or whoever. Underwriters often farm those tasks out and it's not anything to be worried about. HKJ is a good firm generally imho

The terms are either good or they're not; they can't be good and then turn bad when it comes to a claim. Imho the latest Y terms are very good and considerably better than GJW's terms. Also the team running Y are first rate, so I'm intending to switch to Y (from Pantaenius) when I renew in a couple of months. (The Y terms are being transitioned so I don't know 100% for sure that the terms I'm buying are same as the terms you're contemplating).
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I I'vee to Y insurance , this post has just reminded me that GJW never followed up me not renewing with them, times must be good .
 
jfm said:
Nope. You're worrying about nothing. It is very common in insurance to find yourself negotiating claims with a claims handler, loss adjuster, or whoever. Underwriters often farm those tasks out and it's not anything to be worried about. HKJ is a good firm generally imho

The terms are either good or they're not; they can't be good and then turn bad when it comes to a claim. Imho the latest Y terms are very good and considerably better than GJW's terms. Also the team running Y are first rate, so I'm intending to switch to Y (from Pantaenius) when I renew in a couple of months. (The Y terms are being transitioned so I don't know 100% for sure that the terms I'm buying are same as the terms you're contemplating).
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thanks very much jfm
 
It will be my third season insuring with Y this year, with a big thanks to Sailorman for pointing them out to me in a previous insurance thread many moons ago. Although I've thankfully not had to make a claim, I do feel the policy T&Cs and competitive price is hard to beat, and it's great to see that the forum seems to see it that way too.
 
sharpness said:
It will be my third season insuring with Y this year, with a big thanks to Sailorman for pointing them out to me in a previous insurance thread many moons ago. Although I've thankfully not had to make a claim, I do feel the policy T&Cs and competitive price is hard to beat, and it's great to see that the forum seems to see it that way too.
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I do only now that they've agreed to change their policy. Not previously.
 
I'm in admiration of HKJ and Y (and their share u/writer, Amlin) for getting off backsides and fixing their policies following debate on here. They're nice folks to deal with on all this, smart people imho, and in the event, they've finished up with better wording than Pants, imho (though to be fair the difference is small). So best way of showing that admiration is to give them business. Also the premium with Y is a little better than Pants - not a lifechanging amount of money but would buy a nice couple of lunches. So, no big deal, I still think Pants is a great product and firm, but I'm going to buy Y's policy shortly
 
For obvious reasons I suspect there will be quite a few people following your example J (myself probably included, if they'll have me) and spreading the word.

A pretty compelling case for the merits of social media in business, wouldn't you agree, Deleted User :) :) :)
 
scubaman said:
For obvious reasons I suspect there will be quite a few people following your example J (myself probably included, if they'll have me) and spreading the word.

A pretty compelling case for the merits of social media in business, wouldn't you agree, Deleted User :) :) :)
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I signed up to Y on the strength of the Forum and found them a pleasure to do business with. Hopefully I will never have to test the claim bit but feel confident it will work.
 
I looked into them for my renewal later this year - I think I will change to Y Yacht, they are adamant that they cover consequential loss from failed parts which many don't cover.
 
Unlike previous years, now this very satisfied Towergate client got "call centre" lack of attention and, frankly, a very poor understanding of the renewal task in general. Time to look around. 16th Feb, fill in Y "Check Premium" service and same day get a response: £901, a useful reduction. Next task is to request a formal quotation via additional information, done same day & acknowledged by Y next day. On 24th (i.e. +1 week) I requested an update. Response..."Our underwriters are currently processing an unfortunate claim on a boat similar to yours and are reluctant to give us figures until such time as various matters associated with the claim have been resolved." Next paragraph sought current premium information to try other markets. That information was denied. Two days later, a Velos premium quotation was received from Y: £2204 with mandatory excess £1150 and £2250 excess for underwater gear and equipment claims. Cue LOL. Reason.. "we indicated a premium for a motorboat with less performance than that which is possible with your Hunton RS 43. Well, if asked the answer as with Towergate for two 370 Diesels is Vmax 45kt. The Velos product notes in small print maximum design speed 55kt, impossible with D6 370s. The policy is not suitable for me, which is clear from the information provided to Y. Seems that joined up thinking / looking at the detail is not a standard feature for these underwriting folks. Surely underwriting and claim handling is regular day-to-day business, or is it cash collection with perhaps a glance at what risks actually amounts to? GJW got the business, still for a useful reduction. And as she's kept out of the water for most of her life, troubling wording issues are less risk to me. Just thought it fair to share.
 
I have just moved to 'Y' in part due to equal or better cover, including legal assistance, and in part due to more reasonably worded exclusions, against my previous insurer.
And it saved about £20.
It was not the lowest quotation I received.
 
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