Is it safe to insure with a foreign insurance company?
Yes. In fact we often write insurance with some London based companies for those risks that the domestic carriers cannot write, such as unusual navigation limits and certain mega-yachts. If there is a problem with foreign carriers it will usually arise during a disputed claim. If you live in the USA it is much easier to deal with a USA based insurance company than one located in a foreign country. In our many, many years of experience we have never paid a claim! Just kidding. We included that to see if anybody reads this stuff! However, we have experienced some slow claims payments from certain foreign syndicates — but we also have never had a claim denied. Certainly some are better than others, and as such we try to place the special risks with those syndicates. If your risk is a standard one, and your vessel is moored in the USA, you might be better served to use a domestic carrier. They usually will offer quicker claims response and good customer service.
