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Old 12 November 2012, 09:11   #1
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Insurance

What do you guy's do regarding Insurance, are there specilaist brokers?
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Old 12 November 2012, 09:20   #2
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I have used these people, for quotes
Specialist Insurance with a Personal Touch | Towergate Insurance
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Old 12 November 2012, 10:55   #3
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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.
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Old 12 November 2012, 10:57   #4
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Old 12 November 2012, 11:08   #5
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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.
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Old 12 November 2012, 11:17   #6
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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 ....
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Old 12 November 2012, 11:29   #7
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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.
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Old 12 November 2012, 11:37   #8
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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
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Old 12 November 2012, 11:41   #9
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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.
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Old 12 November 2012, 11:45   #10
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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
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