Suspect Insurance broker?

[cbrr3]

Hmm

Having a good knowledge of Freeman cruisers, I bought a 26' last September with a few defects and due to price, did not have a survey prior to purchasing.

Trying to insure it for inland use only is proving to be a challenge, but not impossible.

So I called another company, and another company but they all required a survey before they could quote, apart from one company. "Yep, no problem, we'll do that for you. Give me a minute to work the quote out". You could almost hear the pencil on the paper. "How much, can you put that in the post to me". "Sure, no problem"

It was the cheapest quote and required no survey so it sounded OK.

The quote arrived today as I opened the envelope, something did not ring well.

It was printed on a home PC printer, no affilliation to any UK broker and on the back of the 'Proposal' is the following -

"The insurance contract will be placed with an insurer located outside the European Community, and therefore as an non authorised or permitted insurer, you will not be protected by any Policy Holder Protection Acts or data protection acts within the European Community that may apply"

The companies offices are located in Spain, Via an industrial estate in Norfolk and the Insurer .............. ;;;;;;;;;;; SA.

Does that sound credible or legal? I am unsure, how would I get conclusive proof?

No, I did not get the boat insured with them.

CBRR3

 

[BrendanS]

They could be a perfectly good insurance company, and would pay up without quible if you claimed, and hence good value for money. However, as the letter states, you won't be protected by FSA regulation etc, which could be a cause for concern.

It's certainly legal, no reason why you cannot get insured by a company anywhere in the world - what matters is whether the underwriters are credible and have a track record. If you want to pm me the name of the SA company and the UK and Spanish companies, I'll do a search for you, and see how they measure up.

 

[BrendanS]

OK, got your pm. Have a look at these two threads here on the forums

click here

and here

I suspect these will probably tell you everything you need to know.

 

[Sammo]

CBRR3

Just go Navigators and General. It`s bad enough getting the money off them but chasing a claim abroad - Forget it.

 

[Guest]

Having had a very bad experience with a UK based and recognised name in Marine Insurnace - Newton Crum - who basically crawled all over my boat with no mention to me, then proceeded to use a survey report by the guy who crawled all over it which a 2 year old could have written better to disprove a PREVIOUS claim and so null and void any further ... I am not impressed. They wasjed their hands of it all and referred me to underwriter who refused to communicate except only by fax .... !!!

I changed to Giles who listened, offered cover and I was happy with till I was quoted by KC Powell - who were very good. I only stopped using them when I wanted to reduce cover to 3rd Party to allow me time to get back to UK and get surveys etc.
Giles and KC Powell were excellent .... Newton Crum are definitely NOT on my Christmas Card List and never will be again ...

So what guarantee using a UK registered based Broker ??? Of course I would still feel more comfortable to stay within the folds of a regulatory authority ... (Insurnace Ombudsman did nothing for me with NC ..... )

Basic Boat Liability Cover at moment - soon to be increased again ....

 

[BrendanS]

Things are changing. As of 14th Jan 2005, general insurance (this includes the likes of marine insurance) are regulated by the FSA.

 

[cliff]

[ QUOTE ]

CBRR3

Just go Navigators and General. It`s bad enough getting the money off them but chasing a claim abroad - Forget it.

[/ QUOTE ]

YOU may have had problems - I haven't had any problems with N&G (or Zurich as they really are)

One for N&G one against - time for a poll then?
----------

 

[Dave_Snelson]

This is no new trick!

Y'know all those 10 year insurance backed warranties that are issued by double glazing firms? Well they are issued by non FSA regulated companies outside the UK, usually by one-man-band type, work-from-home companies. I got bitten by one once - never again! There are NO come backs.

Take a closer look - you will see round rings all over the company, where other people have been touching them with barge-poles!

 

[BrendanS]

Not the way I read it? Anyway, why the emphasise on N&G - they aren't the company in question, and may well have been one of the companies that CBRR3 discounted as requiring a survey

 

[longjohnsilver]

Sounds like the same company I was going to use this time last year, can't remember the namew but was also v suspicious, even more so when the written quote arrived showing premium approx 20% + more than I was told over the phone.

 

[BrendanS]

Yeah, had your mention of them, but link didn't work anymore

 

[DAKA]

You can check out the web site at www.fsa.gov.uk for advice on Insurance.
There is a list of Scams and swindles, Firm check, and a Consmer Alert List where I belive you will find ....... .......... SA
( there are two names ...... ......... SA on the list, your firm might be alright perhaps you should report your Broker to the FSA to check that everything is in order and to help protect the rest of us.