Lloyds no longer writing marine insurance

[Palarran]

Originally Posted by const0022

Hi, My Trawler yacht (Uk registered)was based in Asia for 7 years and I used the US Company Gowie who specialise in insuring trawlers. However, prior to the end of my policy they advised that they were no longer able to offer insurance due to their large losses in the Caribean. Nevertheless, I persevered with continuing to ask them for a quote as I had found them to be a good company. When they subsequently quoted they withdrew my no claims bonus which made my policy far more expensive. As I had moved the boat to Turkey in April 2017(by ship from Singapore to Fethie) I therefore cast around for new quotes. I found that the Uk company Admiral were able to provide a good, competitive quotation and were extremly helpful. I'd suggest therefore you try if you are in Europe them instead of battling with your old company.

I had a problem with my insurance this year. I was with Falvey and the broker was Kolish in Florida. I had the same broker and insurance policy since 2010. In March, when the policy renewed, I advised them that the boat would be leaving the Mediterranean, going down to the Canaries, and then across the Atlantic to the Caribbean. My navigational limits were only for the Mediterranean so I informed them they would need to change. "No problem, let's get the renewal done and then when your closer to leaving the Med we will change the limits". Well, as the time came closer, it became a huge problem resulting in me sailing from Gibraltar to Tenerife without coverage.

During the period we were in Tenerife we contacted Gowie Group. They were very professional and wrote a new policy to cover me for one year, including the crossing and layup on the hard in the Bahamas. The cost was twice what Falvey had been charging me, but with the extra risks of a crossing and layup in the hurricane zone, it's understandable. I would recommend them, but only have 5 months of experience with the company so far.

What I did find interesting was the process for the layup. They had to check how much current insurance was written for this region (Bahamas) before they could write the policy. I guess what they are trying to do is spread the risk between several different zones so all the eggs aren't in the same basket. So it's like they can write so many $ in the Windwards, $ in the Leewards, and $ in the Bahamas/Florida.

[Hanham]

Lloyd's isnt an underwriter or a carrier. Lloyd's is a marketplace for insurance. It's a place and a regulated marketplace where underwriters meet with brokers. They still write billions of dollars of marine insurance including yachts.

[Hanham]

Here's a good review of the best insurance
Compare boat insurance 2018 - All things boat

[Drew13440]

Originally Posted by Hanham

Lloyd's isnt an underwriter or a carrier. Lloyd's is a marketplace for insurance. It's a place and a regulated marketplace where underwriters meet with brokers. They still write billions of dollars of marine insurance including yachts.

+1

Lloyd's is to insurance as the New York Stock Exchange is to stocks. It's a marketplace.