Here’s what Mark  found out about Edward William and Ion (the policy underwriter):

Here is a link to the UK site that CLEARLY states “be wary of dealing with this unauthorised firm”. There’s a reason they have stated this. They don’t just make stuff up and just put it on consumer watchdog sites. This is a real warning! https://www.fca.org.uk/…/edward-william-marine-services

I asked EW for a quote so I could read the policy. Even though I am not an attorney, I found loopholes that would void claims most other reputable companies would pay out on. Before you do business with them, I suggest you have an attorney read it over for a professional opinion. Then, you will understand why they are so cheap. It’s easy to sell cheap policies if there is no intent to pay the claim. While you might think you understand the policy, I guarantee you don’t. Get a professional’s opinion.
Reputable insurance companies will open their books to obtain a rating by a third party such as AM Best. The higher the rating, the more financially solvent the company. Meaning they have the ability to pay claims, even very large ones. This is a third party verification regarding the solvency. A good rating is considered “A”, or higher. The current underwriter for Edward William is ION. ION is not rated by AM Best, or any other third party agency.
Up until two years ago, Edward William Insurance was selling cheap policies underwritten by Northernreef policy subject to Uruguayan law and practice. They convinced their customer base Northernreef was a sound underwriter. Like ION, Northernreef were not rated. Northernreef went bankrupt and closed. EW Policyholders had to cough up additional funds to EW in the middle of their policy terms or be canceled. https://www.edwardwilliam.com/…/Northernreef-Yacht…

The address listed in IONs policies and on their web page are shell companies. These are not physical offices. They are nothing but mail drops. This includes addresses they have published in D&B and on their corporate page, American Samoa, Costa Rica, and London. Others have stated there is a physical office in the Bank of America Building in Ft. Lauderdale. This isn’t listed anywhere. I wonder why they don’t want you to know where they are.
The address given on ION’s American Samoa page appears to be a mail drop on the second floor of a shopping complex. Google it. I did: 210A 2nd Floor, Fagatogo Square, Pago Pago, American Samoa 96799
On the D&B listing, ION states they offices are: Plaza Roble Corporate Center, Las Terrazas Building 5th Floor San Jose Escazu, San Jose Costa Rica. Google the address. This is either a small rented space or virtual office. Here is the link to the building ION claims to be their corporate office address. This also appears to be a mail drop. https://www.regus.com/…/plaza-roble-las-terrazas-1349

So, do they have funds? You might find they have no money whatsoever. Or perhaps they do. Who really knows. I guess you can “hope” they have enough to pay your claim. Because, you can’t verify they do. Fact: the latest shared financial information ION (American Samoa) posted on their website is 4 years old – FYE 2019. Their cash on hand is only US$3M. Interestingly the value of their long-term assets hasn’t varied by a single dollar in 3 years. The claims paid amount in 2019 is $372,779. This is for the total ION (not just the EW part). The net revenue for this company is $2,448,242. Yep. A whole whopping $2.4m. Hardly the massive titan of the insurance industry they project to be on their internet page. The Costa Rica division is much lower still. https://www.ioninsuranceco.com/2019_ION_Group_FS.pdf

All of the people listed on their corporate site have zero internet presence, nothing. This includes Robert Harrison, Director of Underwriting and Ashley Watson, VP of International Sales.
The helpline phone number listed on their site appears in an advertisement for a Physician’s Office in Costa Rica. Yep, you read this correctly!
You need to keep in mind, if they don’t pay a claim you are personally accountable for any damage you cause. If you have an environmental claim against you, this could easily be a massive amount of money. In many countries, you can be jailed for not paying. Do you really wish to trust a company whose solvency is not verifiable? Or, are you willing to trust a shell company that can easily just close shop if faced with a large claim(s), rather than pay?
States (or countries like UK, AUS, NZ etc.) will oversee the policy language to ensure the policy meets the criteria set by their law. If the insurance company fails to pay, your recourse is to file a complaint with the state or government. If the insurance company is out of compliance it can lose its license to sell there.
If ION fails to pay your claim, what is your intended action? The policies have a governing law (like any insurance policy). On the quote they sent me the governing law was American Samoa. American Samoan law is not US law. Are you familiar enough with the laws, terminology and the court systems of these countries to feel comfortable? If they don’t pay you and you believe they have violated the policy, you must hire a lawyer in one of these countries for representation. And, at what cost? And, can you regain legal fees spent to win your case?
From ION’s webpage, “IIC (yet another shell company) is also registered and in good standing in the State of Louisiana under Registration No. 42291649F as well as with the National Association of Insurance Commissioners (NAIC) under Registration No. 15936.” A FB user asked the state of Louisiana and posted the states reply. Shelia Cooper from the Louisiana Department of Insurance states, “they are not registered there and never have been”. Don’t believe this? Write to the state LDI and ask them yourself.
Enough said.