The end of the East Coast Mutual Yacht Insurance Association Limited.

[peteK]

Allthough many members say they could of obtained cheaper insurance ellswhere,I joined because there premiums
were cheaper than the big name insurance companies.
Although they didnt give a no claims discount this was reflected in the next renewal premium.

 

[Poignard]

I am hoping that a collective arrangement may be made as, firstly, all members seem to think the same way and secondly it’s a nice book of business for any yacht underwriter. I should declare a bit of a interest perhaps as I am an old friend, ex colleague and present customer of the Secretary’s husband who is also an underwriter for a mutual marine insurance “club” but one for bigger ships.

You seem to be the ideal person to explore the possibility of finding another insurer to take us on while maintaining the ethos of the ECMYIA.

How about you doing that for us?

A friend of mine who used to be in shipping insurance suggested an approach direct to underwriters rather than going to the main yacht insurance companies who are only interested in picking the low hanging fruit.

 

[Kukri]

I’ll put out a feeler.

 

[pvb]

You seem to be the ideal person to explore the possibility of finding another insurer to take us on while maintaining the ethos of the ECMYIA.

How about you doing that for us?

A friend of mine who used to be in shipping insurance suggested an approach direct to underwriters rather than going to the main yacht insurance companies who are only interested in picking the low hanging fruit.

Or start your own mutual, with an existing significant membership....

 

[Kukri]

I can give a brief update here. For more details members please contact me.

The ECMYIA is very well run, and most certainly solvent. The management and operating standards of the ECMYIA would put most big ship marine insurers to shame. I can say that having been both an underwriter and a claims handler in big ship mutual insurance. The problem is the cost of regulatory compliance - the FCA etc. The compliance people make no allowances for small specialist insurers - for instance there must be an E&O policy, etc.

The Committee is gunwales under with experience and expertise but no allowances can be made by the regulators for a small underwriter with a premium income of just £75K. This has resulted in the East Coast Mutual quoting twice what another insurer quoted. Some of us are happy to pay the higher premium knowing that a claim would be met and handled properly but most people will not. So that is that.

There has been an approach from a Lloyd’s syndicate to offer to take over the “book of business” and this is being evaluated- this is still at an early stage, and the committee will only recommend it if (a) they are satisfied and (b) there are no data confidentiality issues.

 

[Poignard]

We have been told that any payouts will be "modest".

It sounds as if the members will be able to look forward to a little windfall following the winding-up. With around £900,000 in the kitty, each member should get a few thousand pounds.

 

[pvb]

We have been told that any payouts will be "modest".

"Modest" means different things to different people! Make sure you see the accounts!

 

[DavidofMersea]

There has been an approach from a Lloyd’s syndicate to offer to take over the “book of business” and this is being evaluated- this is still at an early stage, and the committee will only recommend it if (a) they are satisfied and (b) there are no data confidentiality issues.

Lloyds syndicates dont deal directly with Joe Public, they only work through a Lloyds approved broker. But many syndicates get round this by having an "Associated" broker they can use

 

[Sandyshore]

A great shame as a traditional approach and hands on.
I considered "Y".
My own review showed they do not have claims handling and appear to be an agent of MSAmlin.
ECM appear to be closing as a result of costs which is the same as MSAmlin selling the yacht division being the old Haven Knox Johnson.
See no reason to jump out of the frying pan into the fire and end up in the same position .
I also do not see any positivity with an on line insurer with zero customer service or a market value policy insurer.
Policy is not due until April .

 

[Kukri]

Alas discussions with the syndicate concerned went nowhere, so I think I must advise any ECMYIA members who have not already done so and who were not at the EGM to start making their own arrangements.

 

[Kukri]

Incidentally, the basis of calculating the premium used by the ECMYIA was a combination of value (for the TL risk) and Thames tonnage (for the damage risk) which meant that the Association tended to be competitive for older shaped hulls but less so for modern boats.

Well, that’s the end of an old song...

 

[Windfall]

Alas discussions with the syndicate concerned went nowhere, so I think I must advise any ECMYIA members who have not already done so and who were not at the EGM to start making their own arrangements.

We were unable to make the EGM. Do you have any info from it that you would be willing to share?

 

[Sandyshore]

Nautical Insurance Services based in Leigh on Sea .
Traditional approach and a long standing .
Worth contacting.

 

[pvb]

Nautical Insurance Services based in Leigh on Sea .
Traditional approach and a long standing .
Worth contacting.

I insure my boat through them. They seem sensible people.

 

[tillergirl]

I used NIS for years. A few years back they asked for a survey and when they received it with an excellent report, they wrote saying they no longer dealt with yachts over some many years (they might have noticed how old she was before they asked for the survey!). Can't remember how old was the issue but I had to go somewhere else - and did. And it was fine. Not wild over their sudden change. Bizarrely TG when to the same Syndicate with the new broker. Does that make sense?

 

[7Cboy]

Just re-visiting this thread. Anyone heard any update on the winding-up? Presumably the lock-down jinxed much progress.

 

[Poignard]

Just re-visiting this thread. Anyone heard any update on the winding-up? Presumably the lock-down jinxed much progress.

Nothing. I was thinking about ECMYIA the other day and I remembered there was to be a share out of any remaining money's.

 

[peteK]

I was just about to ask the same,not heard anything for ages.

 

[Kukri]

I spoke to the Secretary’s husband earlier today. Things are in fact happening and there may be some news in a month or two.

The basic problem was that with a premium income of around £100K and half of that going on compliance, there would not be enough to pay claims with.

 

[RobWatt]

I have just renewed my insurance for the second year after ECYM was wound up and had to have a survey . It passed with no issues but I was rather hoping to have heard something about the payout in order to pay for my survey. I can understand having to wait the financial year but there has been no update . Anyone know what's happening please ? Thanks