LUCY INTERROGATION OF BARRIE SULLIVAN part 1
(You could save money Q2 and Q3)

Q1 - Lucy (daughter) - We are not happy! You told us that when you finished with Pantaenius you would spend half your time on the boat and that we could join you when we wished. What have you done - the boat is no longer in the Caribbean but at Ipswich and you have started a new Yacht Insurance business?

Barrie Sullivan (Previous Managing Director of Pantaenius UK Ltd) - Sorry but it is true - my contract with Pantaenius came to an end on 31 December 2010 and Y Yacht Insurance is not only up and running but already has clients with boats ranging in value from £30,000 to £3,000,000 with enquiries from much bigger yachts! I did the right thing because there is a gap in the market and we can save yachtsmen and yachtswomen money.

Q2 - L - Dad you sound like a utilities provider saying you can save people money - how are you going to manage that?

BS - I have already saved clients money. You see it is not generally known that there are times when, as a result of claims losses, insurers find it necessary to charge higher premiums. In better years they charge less to new customers in order to attract them. There are thousands of yachtsmen who took out insurance when premiums were higher who are still paying the same, and who are paying considerably more than they would pay if they took out their policies today. This is not fair as they are subsidising the insurer's new customers.

Q3 - L - So how do you help?

BS - I have provided a "Check your existing premium" on this website. By clicking here and answering a few simple questions we will respond by telling them how much we think they should be paying. There is no obligation or cost. If they wish us to provide a proper quotation they should open the "Quotation" page by clicking here.

Q4 - L - It still sound too good to be true - and presumably, like a utilities company you will put up premiums once you have signed up a customer?

BS - I have evidence of a certain insurance provider reducing premiums by about 30% in order to stop one of its clients joining us. Nobody can say premiums will never go up again but Y Yacht Insurance will check the premiums of its clients every two years and will renegotiate with underwriters if necessary. We are independent and can place business through different insurers if appropriate.

Q5 - L - What else makes you so special?

BS - I hope you are not being sarcastic! - We have developed our own unique wider cover "All Risks" policies underwritten by Lloyd's but why we are really special is that we can and will represent our clients if they have a claim. Unlike nearly every other provider of yacht insurance we do not have a Claims Department working on behalf of underwriters. We recommend that before taking a new insurance policy or renewing an existing one that yachtsmen should ask the insurance provider who their Claims Department represents.

Q6 - L - What are you enjoying most about the new business?

BS - Two things, firstly being in direct touch with the clients again (big is not always beautiful!).

and


I find it refreshing to , for the first time in twenty years, be able to offer International Yacht Owners the best of traditional BRITISH underwriting - Lloyd's, previously known as Lloyd's of London.

Union Jack


L - We still want to go sailing with you in the Caribbean!

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