Don Ward <[log in to unmask]> wrote:

> So, in looking around I came across DiveAssure:  http://www.diveassure.com/
> 
> This seems to be too good to be true.  All coverage is primary. Does
> anyone know anything about DiveAssure?

The problem with individual insurers, never mind how big they are, is 
that they require underwriters (they sign, underwrite, the policy), 
assessors if you like, who classify the risk. They then, if they're 
good, re-insure *some of* the risk at a lower premium (the re-insurer 
has considerably less expenses, including zero commissions) and the 
re-insurer might indeed also re-insure part of their risk, and so it 
goes on. Most (not all) re-insurers are specialists only (Munich Re, 
Swiss Re for example are two of the heavyweights) at that and, boy, are 
they good at what they do (Lloyds of London is, dare I say it, more of a 
betting ring for the, mostly syndicated and then controlled by an 
underwriter, boys). It is not at all uncommon for an original 
underwriter to ask their primary re-insurer for advice as to risk, 
either generally or individually, depending on the amount of risk involved.

If, for example, Don Ward insured himself for diving insurance to the 
tune of, say, $100m with DiveAssure they would/should (a) ask him why he 
needs such an amount (his name's actually Bill Gates?) and (b) rush to 
their re-insurers to advise that this risk is being considered and what 
do they think about it.

Geeeez - the thought of Bill Gates diving - the mind boggles.

The problem is to actually establish whether DiveAssure has a good and 
proper arrangement in this regard, are properly set up, rather than some 
fly-by-night operator quick to rake in a bunch of premiums and then take 
off.

That's your call Don.

You know, just as well as I do, that lots of Insurers have gone t*ts up 
particularly during the last three decades or so.

As for DiveAssure itself, sorry, I have no knowledge whatsoever. It 
remains to be said though that if it sounds too good to be true, then it 
could well be so. Steak knives and lunches do not, in fact, come free.

Cheers, HTH,

Christian