This august and historic yacht insurance group has ground to a halt and, as I understand from local sailing friends, it is being wound up and therefore consigned to history.
See: http://mutualyachtinsurance.com/
There is currently no information about the demise on the web site.
The organisation was a little different to the ‘bog-standard’ insurance company most of us are used to. The ‘Mutual’ was more of a club. The club essentially took the risk from the funds held in reserve.
The Mutual was founded in 1897 and was intended for small sailing craft (no motor yachts – that remained to the end!) not exceeding 20 tons TM and a value of £500.00. Only 75% of the yachts value was insured: the premise was that you, the owner, accepted liability for the remaining 25% … thereby taking better care of your vessel. What a B- good idea, looking about today!
One of history’s stalwarts of the Mutual was Francis B. Cooke. He became its secretary in 1900 and remained in that post for decades…
Cooke sailed into great age and I believe (can’t find the reference) he enjoyed his last sail at the age of 101 – he died shortly afterwards. For a great number of years he was a member of the North Fambridge Yacht Station and remains a revered ex member. The club house sits on ‘stilts’ on the foreshore next to the modern floating jetty now situated at N. Fambridge.
The web site gives scant detail about how they operate, what comes across is the ‘club’ nature of the organisation, insular to some extent.
Up to recent times, members (risks) were still ‘carefully selected…’ with a maximum value of £80,000 and a vessel no more than 50 years old. This last seems counter to the very founding ethos: it was aimed at the ‘small man’ and his boat – times change: now women are equal in being able to own!
The main premise remained, quote: ‘… is a non profit making concern run entirely for the mutual benefit of its members.’ They were after new blood, I know from a conversation I had with a member, but they didn’t seem to really open up to my mind, and, quite frankly, for a similar boat I thought they were expensive. Hey Ho!
During this autumn and early winter, I have received a number of emails asking me where I insure my Finesse 24, Whimbrel. There have been verbal requests too: it seems some former Mutual members are finding it difficult to find an insurer.
For anyone’s information, I currently insure with Nautical Insurance Services of Leigh-on-Sea, Essex.
See: https://nautical-insurance.co.uk/
If you don’t have a recent survey, they will probably want one. They are local to my sailing grounds. They know where the boat is berthed, its safety and such. Sometimes, a local firm is best.
I have a quote on file from nearly a decade ago from a ‘responsible national insurer’ … it is still well above what i pay annually now, and that is for 12 months in use.
The reason for the high quote from 10 years ago was … ‘you have a wooden boat and wooden boats are difficult to get repaired.’
What Rot! Not within the greater Thames estuary shores they ain’t! Several places trip off the tongue without any thought. So, I told the insurance Co. to proverbially ‘get stuffed’…
If anyone has any further information on the closure, I’d be pleased to know…
Yachting has changed immensely over the past 100 years, and even more so over the past few decades, where a boat is ‘just another thing’ and many are treated in that manner, sitting out the year, unused and racking up expense.
The simple life can still be attained and nurtured…
