Statistical Risks of Ocean Voyaging? - Page 2

sailingdog · #11 04-29-2006

One other point... lighter vessels are more easily able to change direction, having less inertia and kinetic energy, so may be damaged less in a collision, and may have a greater chance of avoiding a collision in the first place. Also, shallower draft vessels are generally safer, as there are fewer objects to hit...

sneuman · #12 05-18-2006

Well, the problem here is that all our prejudices get thrown into the mix. The insurance companies often work off those same prejudices in preparing their actuarial tables (at least that's how it seems to me).

One person (such as myself), is going to say the only safe sea boat is a full keel, narrow beamed, traditional monohull.

Another will say a fast boat is better because it can get out of (weather) harm's way.

Then someone will say fast, light, shallow draft, etc. etc.

You could argue any of these positions (although the last seems a difficult case), and you can probably muster statistics to back up your position. People who pore over actuarial tables are (I'm guessing) not cruisers themselves, so what makes them better able to sift this data? Yes, it comes down to money for them, and that's a motivator to get things right. But, for us, it's about our own skin, and to me that's an even bigger motivator.

LaLeLu · #13 05-19-2006

All life insurance applications that I have seen ask you if you are planning to travel outside the country. You are considered to be a greater risk if you travel outside US. If you lie on your insurance application, and you die within the contestability period - usually 2 years, the insurance company can deny the claim brought by the bene's of your policy. If you are applying for a significant amount of life insurance, the company does their own investigation of you, to determine their risk, through their underwriting department. Life insurance underwriters look at two aspects of risk: medical and financial. If you have medical factors that make you a bad risk, then you can expect to pay a higher premium. If you have financial/other factors that make you a bad risk, then you can expect that the amount of the policy that the insurance company is willing to extend will be lower.

My personal opinion is that cruising is safer than driving to work on the freeway.

sneuman · #14 05-19-2006

I couldn't agree more about cruising, or traveling. I have lived and traveled in Asia for the past decade, and feel I am MUCH safer here than anywhere in my home country (USA).

sneuman · #15 05-19-2006

Here's an example of what I said about insurance:

When I was in Hong Kong, my premium for liability insurance doubled when my Hereshoff-esque 28ft sloop turned 30 years old. The explanation from the insurer was thus: "older boats are more likely to hit other boats."

I am not kidding here.

Meanwhile, the very same month I got the bad news about my insurance payment, I watched as a speedboat pulling a skier literally sliced a beach cat in two at high speed because the power boat's "lookout" was not looking forward, but back at the skier. The couple on the beach cat (very experienced sailors who routinely won their class in club races) somehow managed to ditch their boat in the nick of time and were basically unhurt. But, it was an extremely close call.

So, I was curious, and asked for a liability quote from my insurer on this exact make, model and year of power boat. (I was a witness to the accident and so had to give a police statement and was therefore also privvy to the particulars on the offending boat). That guy was paying half the liability of my cruiser, with its blistering 6-knot hull speed!

In addition, I had a Hong Kong government-issued license for operating my boat. He was unable to produce his at the time of the accident (though, it's possible he did present it later - also possible, he didn't have it).

Now, that doesn't make a bit of sense, does it?

jared · #16 05-20-2006

Susan-
"cruising is safer than driving to work on the freeway." So...you have fewer drive-bys and road rage shootings where you sail than where you drive? Wow, that must be nice.

Sneuman-
Insurance doesn't have to make sense to anyone. Except, the actuary working for the insurer. The really great thing about this, is that anyone--even you--can start a new insurance company, following you own gut feeling and your own definitions of "sense". And if you've really got a better way to do it, you're going to pay out less in claims and gain more customers and along the way...MAKE A FORTUNE!
Let me know when it gets funded, I'll apply for a job with you.

Oh, don't know about HK, but in many parts fo the world? You can post a personal bond and self-insure, instead of having liability insurance. For the rest, you can always ask for bidders at Lloyds.