Caribbean Hurricane Season Insurance

[YACHT TARENTELA]

TARENTELA is a Canadian flagged boat located in the Caribbean. We currently lay up in Trinidad for Insurance coverage during hurricane season. This year we would like to lay up as close as possible to Puerto Rico. Does anyone have the name of an insurance company who covers Canadians under these circumstances?

[osirissail]

There are supposedly "hurricane approved' boatyards in the Puerto Rico/Virgins area such as Puerto del Rey just south of Fajardo. Check with your current agent/broker to see if your policy recognizes these types of boatyards. You may not have to change carriers. These yards use concrete pads and keel holes and maybe even the one piece steel cradles to hold your boat solidly anchored to the concrete. There have been several hurricanes through the area in the last few years so real evidence of whether these yards really are valid should be available.

[YACHT TARENTELA]

Unfortunately my underwriter won't budge above 11 N, so I will need to either change companies or head south in the spring

[mikefp60]

I am also in Trinidad for the season. I have Panteneus. Their policy is a little bit complex but it does allow you to be "in the box" if you are on the hard in an approved cradle.

[jim_thomsen]

We are currently on the hard, in a "cradle" in the BVI, Nanny Cay and Panteneus does cover us. They require a few minor things besides the Cradle (which is expensive and in very limited supply so if you want one you need to reserve it way in advance).
Panteneus has a list of marinas that they approve.

[Mustang Sally]

We are covered even for named storm damage at an excellent rate. Company is Edward William at www.edwardwilliam.com When we ask other caribbean boaters how much they pay for insurance we are shocked. Our policy is always way less. The deductable is higher if you suffer damage from a named storm.

[osirissail]

Mustang Sally - very interesting reference to the Edward Williams company - but they are not an insurance company. As stated on their website: Edward William Marine Services SL is a Spanish Registered Insurance Agent and as such is not authorised or Regulated by the UK Financial Services Association and is not covered for compensation under the UK Financial Services Compensation Scheme (FSCS).
- - Who is the actual policy written on (actual Insurance Company/syndicate)? That should be shown on the insurance binder. And contained on the actual insurance policy they should have provided to you.
- - Check out the link:
http://www.dgsfp.meh.es/Sector/entid...rizadas_in.asp
Especially Paragraph II where their name is listed. Also look at:
www.costa-action.co.uk/content.asp?file=Unauthorised_by_DGS
- - You may - or - may not have a problem . . .
- - For more on Norternreef Insurance see the forum thread at:
http://www.ssca.org/phpBB3/viewtopic.php?f=7&t=4821

[Mustang Sally]

Edward William is the broker. Underwriter is Northernreef Insurance Co Sa
at www.northernreef.net

[osirissail]

Continuation:
For Canadians interested in Northernreef Insurance see:
Warning Notices Section
- warning #6 which is located at:
www.osfi-bsif.gc.ca/app/DocRepository/1/eng/consumer/notices/warning6_e.pdf
See also: http://www.fdic.gov/news/news/inacti.../fil0147b.html

- - It appears that 1. Edward Williams is not authorized to operate out of the country of Spain or the UK; 2. The Insurance carrier Northern Reef is of questionable reputation and there are some very negative experiences reported by clients and also some positive have been reported. Sometimes a "good deal" is too good.

[Mustang Sally]

Originally Posted by osirissail

Continuation:
For Canadians interested in Northernreef Insurance see:
Warning Notices Section
- warning #6 which is located at:
www.osfi-bsif.gc.ca/app/DocRepository/1/eng/consumer/notices/warning6_e.pdf
See also: FDIC: Inactive FIL-47-2001: Financial Institution Letters

- - It appears that 1. Edward Williams is not authorized to operate out of the country of Spain or the UK; 2. The Insurance carrier Northern Reef is of questionable reputation and there are some very negative experiences reported by clients and also some positive have been reported. Sometimes a "good deal" is too good.

Where are the negative experiences reported by clients?

[osirissail]

In the SSCA link in my post #7 and a few other links that came up with a sgoogle search for the insurance carrier.

[s/v Moondancer]

When we first bought out boat the insurance policy it came with was with Edward Williams. While we did not know of the excellent information provided by Orisissail we changed carrier for a significantly more expensive one because we realized we needed a carrier who's legal base of operations was the US or the UK and who functioned under their regulatory system.

In March we again spent a great deal of time finding a third carrier and rejected one carrier who was 'cheap' but who's legal base of operations was the Ukraine...I do not know if that company is reputable but I cetainly did not want to go to court in the Ukraine! We are now insured with a US carrier through the agents that the forum member 'Tabbycat' represents.

Outstanding job 'Osirissail' this is what this forum should be about.

[Mustang Sally]

The only problem is that Northern Reef may be on that list because they are not licensed in Canada. They could very well be an excellent firm but because they do not have an office in Canada they can't get a lisence.

[Mustang Sally]

We certainly appreciate all this discussion and have concerns. When i google Panteneus I cannot find anything. Does anyone have a website or contact info?

[osirissail]

I cannot make a statement as to the soundness or performance of Northernreef as I have not dealt with them personally. The Canadian links are as stated only Warnings from the Canadian government that there have been complaints registered with the government about the firm and that the firm is attempting to do business with Canadian citizens. Whether the firm is required to be licensed in Canada or not is not contained in the Warning. This sounds very similar to the USA Chamber of Commerce system where complaints are registered about businesses and it is used only as an advice to be careful or wary of dealing with the company.
- - The SSCA link: http://www.ssca.org/phpBB3/viewtopic.php?f=7&t=4821 is a thread of actual or perceived problems with Northernreef by people who have made claims and their experiences. If you never need to make a claim and only need "insurance" for "other purposes" then their performance is moot and their prices are what count.
- - I have have personal experience with insurance carriers inside the USA who deal with commercial liability (e.g. rental of watersports equipment and/or provide services) who are very reasonably priced and satisfy the local legal requirements to have "insurance". But these companies never pay a claim and use all the legal tactics available to delay and prevent ever having to pay a legitimate claim.