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SimonV 05-19-2009 03:30 AM

insurance Edward William Marine Services
 
Has anyone had any dealings with the insurance company, Edward William Marine Services ? Their rates seem good and they donít need a currant survey( mine is two years old) as they stipulate the vessel must at all times be in a sea worthy condition and this is assessed at the time of a claim.
Thanks in advance.

KeelHaulin 05-19-2009 04:06 AM

Two years old Simon?? You bought the boat in Jan 2008 didn't you? My last insurance had a 2 year survey stipulation; and it was "to the day", and luckily I was able to send in the survey 2 days before it "expired". So if your survey was in Dec 07 it -should- still be valid until the end of the year (but of course that would depend on the insurance underwriter).

What is "sea-worthy" condition? That sounds like a huge loophole; as if the boat sinks it is obviously not "sea-worthy" at the time of the sinking. I would definitely ask for clarification and a definition of the term.

When are you coming back to US to buy another boat? It's a buyer's market here now!! :D :D

-Russ

SimonV 05-19-2009 07:50 AM

Hi Russ, two years was easier to type than 15 months. In Oz you need the survey to be not more than 12 months and there is only a few major insurers here that will give appropriate cover for a price, and spending $1000 on a lift and survey is a bit rough. I was put on to this mob by 2 yachties here. offer world wide covarage but the owness is on you to keep you boat sea wothy condition, that is in such a condition as to be resonable fit for its intended purpose. I guess if your rigging was 20 yrs old you wouldnt expect them to pay if you lost the rig. Not comming over for a while happy here at the moment and as I spent so much time in the brokers office drinking their coffee they gave me a job. HAD TO WEAR SHOES FOR THE FIRST TIME IN 12 months

Simon

sailorsnook 10-15-2013 01:38 PM

Re: insurance Edward William Marine Services
 
Edward William Insurance is unregulated, there is a warning about them on the Financial Conduct Authority website, they have a track record of not paying claims and are almost certainly just a scam.

SimonV 12-15-2013 08:53 AM

No scam. I have been with them now for 3 years. Last year I had cause to make a claim as the motor boat next to me blowed hup. Minor damage to mine. I let them know and they hsd a guy in Melbourne contact me and and assisted in sorting the claim. Ialso know a a guy in my marina who is insured with them. He lost his rudder falling of s wave in bass straight. $18000 paid ino his accont witin 3 weeks. All or most of the ICA fleet that came up from NZ are insured by the same company.

sailorsnook 12-15-2013 01:23 PM

Re: insurance Edward William Marine Services
 
They're not listed by the Financial Conduct Authority as a company to beware of for no good reason, I suggest anyone reading posts supporting them checks with the Financial Conduct Authority. I'm not the only one who has lost out and I'm sure forums and other social media spreading the word is a good thing personally.

capta 12-15-2013 08:15 PM

Re: insurance Edward William Marine Services
 
There were several agencies in the UK that would take premiums and never place them with insurers, back in the 80's & 90's. They would pay a few claims here and there to keep their rep up, but never the huge claims. I had dealings with one on commercial charter insurance, only to find I was operating a charter boat with no insurance for three years. I filed a claim and I know that agent went to jail, but I never got jack.
I can't for the life of me remember the names of those involved. However, whenever I see their adds, there is a little feeling in the back of my head that this is the same scam. No survey needed, prices realistic, but too good to be true, etc.
If I am mistaken, then I sincerely apologize, but I just had to put this in.

capta 12-15-2013 08:28 PM

Re: insurance Edward William Marine Services
 
I just noticed that the OP has answered his own question on this thread by stating that he has been with the company in question for 3 years AND has had a claim paid by them.
Kinda seems like an ad doesn't it?
Now I really wonder about "Edward William Marine Services" if they are going to make up posters like SimonV to sell their non-existent products. Seems like there are a whole bunch of Kiwis and Ozzies that are sailing around w/o insurance.
Caution Will Robinson, caution.......

xort 12-15-2013 08:40 PM

Re: insurance Edward William Marine Services
 
Capta

Unless SimonV 's ID was hacked...you are way off.
Simon is a real person who did come to the US and bought a boat and lived with a SN member in San Fran while prepping for his return to Aus.
Bark up another tree.

sailorsnook 12-16-2013 04:34 AM

Re: insurance Edward William Marine Services
 
Gotta say I agree with Capta. I know damn well the cover I asked for, in writing and paid for, when I was robbed I received not a single penny, just a two sentence letter rejecting the entire claim out of hand. Of course dodgy insurance companies will have people stick up for them on forums they have to, but the fact is that government agencies don't post warnings for nothing, I just wish I'd seen it BEFORE I insured with these people.
To anyone reading this I'd say trust the warnings, there's plenty of choice and there are plenty of properly regulated insurance companies. Many overseas based insurance companies OPT IN to UK regulation to prove they are genuine, Edward William specifically do not, their European office is in Spain but I believe the underwriter is in South America and I'm told the owner is the same person although I can't verify that. If you feel safe with that kind of set up rather than a large reputable company like Allianz or Pantaneius then that's your risk, but if you read something like this FIRST and still went ahead then it's a bit of a worry! Why would you chance it?


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