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Insurance Renewal - Syndicate Owned Boats


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Hello Everyone

I have been a member for a good few years but never found the need to post anything until now!  

This is a bit of a 'heads up' for broads based syndicates plus a request for advice.  Our marine insurer (Towergate) has just declined to renew our policy as their underwriter will now only cover a boat with no more than four owners. I have been informed that a disproportionate number of claims this year in the Med (go figure) has had a knock on effect on the whole syndicate book of account. This means that a number of underwriters have either withdrawn from the market completely or are now only covering boats with a severely restricted number of owners.  We have had our renewal declined and I am aware that another syndicate has had theirs declined also.

Brooms have put me in touch with an independent broker who has confirmed that a lot of the syndicate insurance capacity has vanished literally in the last few months but they suggest not giving up hope as they are still looking.  MS Amlin looks like a possibility - fingers crossed!

The request for advice is - would anybody recommend an insurer who would most likely cover a syndicate owned broads cruiser as of now?  

The 'heads up' is for other syndicates to be watchful at renewal time as there might be an unwelcome surprise coming.  

Thanks in advance.

Simon Blythe

Chairman: Lightning Syndicate 2008

 

 

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Try GJW Direct. We have a syndicate boat in Mallorca through them. If you have no luck there try Pantaenius. Southern Crusader is currently with Navigators and General, they told me a couple of years ago they were not taking on any new business with Syndicates but we were ok as existing business.

Jon

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Hi Simon

Nice to see you here and thanks for the warning.  I've checked and Moonlight Shadow is currently with MS Amlin although it is due for renewal in January.  I'll inform BCBM so they are aware, they have quite a few syndicates and I doubt all the policies expire at the same time.

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We have used a broker call Morgan Marine Insurance, we have been insured via them since 2011. On of the stipulations this year was by the underwriters was that we have to get a full marine inspection now that Ranworth  Breeze is 20 years old this coming season. We are having this done during its winter servicing period.

If anyone wishes to have details of our broker please send me a personal message.

Regards

Alan

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16 hours ago, BroadAmbition said:

There are four owners listed on the insurance policy for 'B.A'  We are insured with Navigators and General and have been since 2007.  No issues and no problems.  Hope this helps

I think the problem is that some syndicates have considerably more owners.

Thunder had 14, and Ranworth Breeze / Southern Crusader have considerably more because they are two and one week shares, respectively (although they don't have a 50-week season).

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2 hours ago, oldgregg said:

I think the problem is that some syndicates have considerably more owners.

Thunder had 14, and Ranworth Breeze / Southern Crusader have considerably more because they are two and one week shares, respectively (although they don't have a 50-week season).

Quite correct Ranworth Breeze has 20 shares but 19 owners (I have two shares) Southern Crusader has 30 plus owners I believe. 

Regards

Alan

 

2 hours ago, oldgregg said:

 

 

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  • 1 month later...

Hello Everyone

Just to let you know that we have secured insurance for Lightning through Geo Underwriting.  Following advice from colleagues at Broom Marine Services we engaged an independent broker -Coleman Marine Insurance- and we are extremely grateful for their legwork in securing some cover for us since Towergate pulled the plug. 

I have been told that most, if not all, underwriters have now either retracted from the syndicated boat insurance market completely, closed their book to new business, or restricted cover to syndicates of no more than four shares.

All the best

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