Edward William Marine Services Insurance - Anyone Use?

[TabbyCat]

Remember from the various financial news over the last few years there have been some seriously "mega-buck" pyramid and other schemes that have bilked billions from people all over the world. It all goes great until the operation gets too big to sustain just like chain-letters.

You might be remembering this one:
Inquiry into insurance fraud claims - UK, News - The Independent

I believe the Mr Sherman mentioned in the article went to jail.

[GordMay]

Originally Posted by osirissail

Remember from the various financial news over the last few years there have been some seriously "mega-buck" pyramid and other schemes that have bilked billions from people all over the world...

CNBC’s TV program, “American Greed”, focuses on the stories behind some of the biggest corporate and white collar crimes in the United States such as WorldCom, HealthSouth and Tyco. In addition, stories about more common crimes such as insurance fraud, murder, embezzlement, art theft, Ponzi schemes, credit card fraud, bank robbery, money laundering, identity theft, and medical fraud are also featured.

Great stuff!

Here ➥ News Headlines

[Bosunslocker]

Originally Posted by tryer

Hello all,
I have just received a quote from Edward William. More then competitive given my boat is a "ferro". I have made some initial investigations with insureres in Australia, none of which will cover this type of construction. I have emailed Northern Reef, the underwriters with several questions re contacts and repaires in and around Sydney.
I will let u all know when I have info to hand. Has anyone else ever made a claim on this insurer??
Regards and good winds.
Scott

Please do not deal with this person or company Northern Reef based in Spain.
We had a terrible experience with this company refused to pay out on our claim from Fiji to Auckland New Zealand.
The premium was paid to a insurance broker located in the bay of Islands.
We lost our rudder and abandoned our yacht picked up by a container ship. We could not afford to pay a lawyer any more money to fight this company so we let it go.
There reason later stated was we were not insured for night sailing .
Yet we sailed from Samoa to Fiji with out any problems this was another premium for this trip same company.
Beware""

[SimonV]

Originally Posted by Bosunslocker

Please do not deal with this person or company Northern Reef based in Spain.
We had a terrible experience with this company refused to pay out on our claim from Fiji to Auckland New Zealand.
The premium was paid to a insurance broker located in the bay of Islands.
We lost our rudder and abandoned our yacht picked up by a container ship. We could not afford to pay a lawyer any more money to fight this company so we let it go.
There reason later stated was we were not insured for night sailing .
Yet we sailed from Samoa to Fiji with out any problems this was another premium for this trip same company.
Beware""

Could you expand on your experience. What was the problem and why?

Sent from my GT-N7105T using Cruisers Sailing Forum mobile app

[Bosunslocker]

Originally Posted by SimonV

Could you expand on your experience. What was the problem and why?

Sent from my GT-N7105T using Cruisers Sailing Forum mobile app

Our experience is we purchased a 44ft American yacht in Western Samoa
We insured through a NEW ZEALAND insurance broker for the trip to Fiji
We sailed to Fiji and had a great trip.
We refitted the yacht at a cost of $44000.
We then got the yacht ready to sail to NZ we then rang the Insurance broker
and got insurance for the trip to Auckland we paid the premium and left Fiji

after sailing 250 km we herd this load bang it was either a whale or a coconut tree.We lost our rudder and had no control the weather was blowing approx 30 to 40 knots.
There is more to this story maybe at a later date.We were picked up by a container ship.
We made a claim to Northern Ref insurance it took over three months we hired the best marine lawyer at great cost it was then we found out that they denied quite a lot of claims and they were not in the UK but in Spain
They refused to pay and stated that we were not insured for night sailing.
The Amassing thing on Christmas day the yacht went on a reef on the Pentecost Islands and was stripped by the natives.
Read about Norther Reef by Google.

[NoTies]

Originally Posted by Bosunslocker

There is more to this story

Yes there is and Northern Reef's (Edward Williams) story is somewhat different and I would love to see them tell it on here. I know of one yacht that has had 3 successful claims from them, one for a rig that they initially refused but was later settled pro rata.

[Bosunslocker]

Our only wish is that they would take us to court so we could show them for what they are.and win
Google Edward Williams Northern Reef see over the years how many clients they have not paid.Ask the Insurance industry about them.
We had put this out of our mind until yesterday when a couple emailed us about our comments its now 5 years since our claim was refused.

[TabbyCat]

I don't know of ANY reputable companies that now offer coverage for Ferro boats, sorry. If you have a Ferro Cement boat, you should self-insure.
That means taking the $ you 're contemplating giving to a scam artist and put it in a savings account instead. If you have a claim, then hopefully you've saved enough to cover the repairs, although liability to a third party could be a big issue. If you have a homeowner's policy, maybe check with your homeowner's agent for an umbrella policy to cover liability.

[Yibb]

G'day all, Just retired and looking at buying a 40 foot cat to play on from brisbane to the kimberly. I am pretty new to this and need some advice on who to go to for insurance. I am probably more interested in a company who honors their policy rather than the cost of it. Any help would be greatly appreciated.

Happy cruising
Yibb

[vjdh]

All through this thread I keep reading that no reputable insurers will touch Ferro.


NRMA did insure mine and kept that insurance running for 20 years.
Maybe they have changed their criteria now, but they are worth a try.

[Paul L]

Originally Posted by vjdh

All through this thread I keep reading that no reputable insurers will touch Ferro.


NRMA did insure mine and kept that insurance running for 20 years.
Maybe they have changed their criteria now, but they are worth a try.

Did they payout on any significant claim?

[vjdh]

never made a claim, but they are reputable insurer.

[Simi 60]

Originally Posted by vjdh

never made a claim, but they are reputable insurer.

Is that right?
Evidence please

If they are so reputable why are they still here?

https://www.fca.org.uk/news/warnings...arine-services

[vjdh]

Why so aggressively skeptical? did you not bother to google them?

Son has had two cars insured with them - both written off - paid out no problem.
Daughter had car insured with them, they paid out on hail damage, then later wrote it off (another accident) and paid out again.
That right there There is evidence from personal experience that they do pay out.
They are actually very good to deal with, I just never had occasion to make a claim on the boat, unlike the bloody kids and their cars...

"If they are so reputable why are they still here?" your question answers itself doesn't it? - think about it...

[vjdh]

you didn't read the post did you?
the bit where I said that: NRMA insured my Ferro boat :-)