Accepted Insurance Companies

[OldBerkshireBoy]

I recall a thread about insurance and something about the BA not approving some policies but can't seem to find it now, can somebody kindly add a link or point me in the right direction.

Thanks 

[Meantime]

Hi, the BA do not approve, or disapprove of insurance companies or policies, but instead expect you to agree to a declaration about your insurance when you apply for your annual toll. The declaration which is basically an extract from their byelaws states the following,

"Insurance policies must be issued by an insurer authorised under the Financial Services and Markets Act 2000 in the UK, or an insurer authorised in a similar way by the laws of another EU country. Firms authorised in the UK to sell insurance should be regulated by the Financial Conduct Authority (FCA). Firms authorised to sell insurance in other EU countries and who do so into the UK market, should notify the FCA."

Which basically leaves the onus on you to make sure your insurance meets their requirements, however if you use a UK registered company who is listed on the FCA website you should be ok. Be wary of cheaper overseas "EU" registered companies, in particular those that purport to be registered in Spain, but are actually non EU based in Uruguay

I use Navigators and General and they meet the requirements. If you want to pm me, I will let you know the name of the one company I know about that does not meet the requirements..

 

[Ray]

As EC IPA says above and here is the BA declaration itself from their web site

 

insurance_declaration.pdf

[OldBerkshireBoy]

Thanks, it was awhile back that I quickly skim read the post yet never went back to read it properly.

[Poppy]

12 hours ago, EastCoastIPA said:

 

"Insurance policies must be issued by an insurer authorised under the Financial Services and Markets Act 2000 in the UK, or an insurer authorised in a similar way by the laws of another EU country. Firms authorised in the UK to sell insurance should be regulated by the Financial Conduct Authority (FCA). Firms authorised to sell insurance in other EU countries and who do so into the UK market, should notify the FCA."

Which basically leaves the onus on you to make sure your insurance meets their requirements, however if you use a UK registered company who is listed on the FCA website you should be ok. Be wary of cheaper overseas "EU" registered companies, in particular those that purport to be registered in Spain, but are actually non EU based in Uruguay

 

 

I know of no reason not to name Edward William Marine Services.

 

Copied from the last paragraph of their online proposal form:-



"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)"

 

 

[TheQ]

Noting of course, that Edward william is not an insurance company, it is a brokers, it is based in Spain, but the insurance company they use at the moment is in uruguay. They have in the past used a greek insurer.

Depending where you go some are brokers, some are insurance companies. My sailing boat used to be insured through St Margarets a brokers, Noble marine are a broker, Navigators and General are part of Zurich insurance.

Same with cars, Saga are not an insurance company, neither are Arian Flux, but with both you could end up with LV, my landrover insurance from Adrian Flux says Highway, but thats part of the Liverpool and Victoria group.

[Meantime]

5 minutes ago, TheQ said:

Noting of course, that Edward william is not an insurance company, it is a brokers, it is based in Spain, but the insurance company they use at the moment is in uruguay. They have in the past used a greek insurer.

Which off course makes it very hard for anybody using them as a broker, or their insurance company to comply with this part of the BA declaration.

is issued by an insurer authorised under the Financial Services and Markets Act 2000

to carry on in Great Britain or in Northern Ireland insurance business of a relevant class

or who has corresponding permission under the law of another member state of the

European Community.

[TheQ]

The problem is finding out whether the uruguayan company has got itself permission to insure in the UK (it might have if they do big ships). When they used a greek company that wasn't problem.

[Meantime]

4 minutes ago, TheQ said:

The problem is finding out whether the uruguayan company has got itself permission to insure in the UK (it might have if they do big ships). When they used a greek company that wasn't problem.

The register at the UK FCA still has Edward William Marine Services as not authorised to conduct business in the UK. (been that way since 2011) They get around that by claiming to be registered in Spain. Northern Reef the insurance company based in Uruguay are not registered with the UK FCA and appear on a list on the Spanish DGS website as not authorised to carry out business in Spain.

Despite the above Edward William still carry a local Norfolk contact number on their website, although I note the postal address at Ludham now appears to have gone since DRL Marine (related family members) have ceased trading.

If anyone is in any doubt they should ask their insurer for the FCA register number, or the equivalent if the company claims to be registered with another EU member state.

Alternatively, if you are at all worried about making the BA declaration, then don't. Instead let the BA inspect your insurance certificate and let them decide.

[Poppy]

1 hour ago, EastCoastIPA said:

The register at the UK FCA still has Edward William Marine Services as not authorised to conduct business in the UK. (been that way since 2011) They get around that by claiming to be registered in Spain. Northern Reef the insurance company based in Uruguay are not registered with the UK FCA and appear on a list on the Spanish DGS website as not authorised to carry out business in Spain.

Despite the above Edward William still carry a local Norfolk contact number on their website, although I note the postal address at Ludham now appears to have gone since DRL Marine (related family members) have ceased trading.

If anyone is in any doubt they should ask their insurer for the FCA register number, or the equivalent if the company claims to be registered with another EU member state.

Alternatively, if you are at all worried about making the BA declaration, then don't. Instead let the BA inspect your insurance certificate and let them decide.

I wonder how Brexit will affect that ?

[TheQ]

The old office at DRL went years ago, they were in an office near the ferry Inn last time i saw an advert.. Though that address  has gone from the website, the telephone number 01692630530  is a Horning one.

[Meantime]

I had wondered that, but then who knows when Brexit will actually happen! I suspect the BA will change the declaration, although I seem to remember it is part of The Broads Act as well!

[TheQ]

3 minutes ago, EastCoastIPA said:

I had wondered that, but then who knows when Brexit will actually happen! I suspect the BA will change the declaration, although I seem to remember it is part of The Broads Act as well!

but wil we then be able to keep red diesel?