Insurance

[Simon TW]

What do you guy's do regarding Insurance, are there specilaist brokers?

[maxg]

I have used these people, for quotes
Specialist Insurance with a Personal Touch | Towergate Insurance

[Tim M]

Steer well clear of Towergate. I am just about to rant and rave about them. I finally received a payment today for a claim I made 6 months ago for an engine theft. Total jokers.

I now have a commercial policy with Denovo. So far they couldn't have been more helpful.

[PeterM]

[Tim M]

Peter, what are your thoughts on Towergate from a professional point of view? I was talking to Paul Lemmer this morning who said Towergate have a real reputation when it comes to slow payouts (wish I'd known that before I took out a policy with them!). 6 months on a commercial policy is, in my opinion unacceptable - as a small business I simply couldn't afford to go out and buy two new engines without the settlement money, thus loosing me money over the time while the boat was out of action.

[PeterM]

Originally Posted by PeterM

Towergate are becoming/ have become rather 'corporate' over the years to the point where service is not great unless you are a commercial client or your boat is worth millions.

I'd refer you to my post I made back in June (ish) ... I'd add marine insurance is not in any way a speciality - but it just helps a lot that I know about boats and insurance.

As for the time to settle for you Tim - Its very hard to say without knowing the detail of what happened, what offers were made etc ....

[Tim M]

No offer until about 2 weeks ago. Was paid out today. They sent an investigator about a week after the theft, and then took about 5 months (with me hassling them) to do anything else.

[C2 RIBS]

Originally Posted by Tim M

S

I now have a commercial policy with Denovo. So far they couldn't have been more helpful.

Second vote for Dean at Denovo. I also rate Steve @ Porthcawl insurance brokers

[C2 RIBS]

Originally Posted by Tim M

Peter, what are your thoughts on Towergate from a professional point of view? I was talking to Paul Lemmer this morning who said Towergate have a real reputation when it comes to slow payouts (wish I'd known that before I took out a policy with them!). 6 months on a commercial policy is, in my opinion unacceptable - as a small business I simply couldn't afford to go out and buy two new engines without the settlement money, thus loosing me money over the time while the boat was out of action.

Agree Tim. Once the normal time has elapsed, I guess four to six weeks to see if engines/property are found then the investigation should have been completed.
Even if someone was caught the police would only add the loses to their papers to ask court to re-imburse a victim and there is a BIG FAT ZERO chance any court will ever pay out the victims of crime from the individuals due to lawyers argueing against it.

[PeterM]

Originally Posted by Tim M

No offer until about 2 weeks ago. Was paid out today. They sent an investigator about a week after the theft, and then took about 5 months (with me hassling them) to do anything else.

A high level view is that once an offer was made its been pretty quick. The delay would appear to have been with the appointing of the loss adjustor (investigator) and thier relationship with the insurer.

(I'd add it is possible that Towergate are 'just' the broker, or they could be acting as an agency etc or have authority given to them by an insurer to settle claims of a certain amount. - its impossible for me to say so I'm covering lots of options and assuming the most 'common')

I think I've mentioned before the loss adjustor is paid by the insurer - so not in any way impartial as some lead to believe- but getting a 'good' one is priceless. In reality you either need a good broker (like me !) or you need to be thier best mate and show the loss is real & valuable and you just want a fair and quick settlement.

I'd feel five months is way too long if you really have chased them. Alas sometime the only way to progress things is make a 'formal' complaint (a complaint is technically any expression of dissatisfaction - and thats not moaning about price) .

You may have a good case to look to something for you loss of earnings due to their delay (google business interption cover for more info on this). This would be outside of your policy cover (I expect) and maybe fall into thier own cover ....

Its all a bit vague as I just dont know enough specifics .......

I'll get my coat now as I try not to get too into this stuff on here but am happy to chat through etc on 1:1 or by PM.

Pete

[Tim M]

Thanks for the offer of help. I've drawn a line under it now, just wouldn't recommend them to anyone else!

[wavelength]

Interesting reading! I am in the process of getting a quote from Towergate for Skipper's Insurance (P&I apparently is the industry term?) and possibly linking the training centre insurance with it. Hmmm need to have a further look round perhaps?

[C2 RIBS]

Be interesting to hear what a skippers ins costs from them, do they do seasonal cover?

[wavelength]

based on estimated number of days at sea apparently. I'll PM ya when I get a better idea

[AJ.]

Originally Posted by PeterM

I'll get my coat now as I try not to get too into this stuff on here but am happy to chat through etc on 1:1 or by PM.

Pete

Why is that then Pete?

[PeterM]

Originally Posted by AJ.

Why is that then Pete?

As I needed a microwave, FLIR, hydrogen cell, foot straps etc for my non orange SR4...and I'd hate to get slated for not being able to back up my post about Towergates service levels....or what I do for a day job when I'm not lucky enough to be driving Steves boat .....

[AJ.]

you forgot the underwater lighting

[Bigmuz7]

Ive always stuck with Noble Marine .. no claims experience but terms seem good .. think they are underwritten by some big boys too, which I would hope helps ... Royal Sun Alliance IIRC

[hadd]

I'm with these, Porthcawl insurance brokers been with them 4yrs now

[paddlers]

Insurance companies/brokers are always happy to take your premium. The test comes when you have a claim, hopefully never !