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  #21  
Old 04-01-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by Scallywag2 View Post
My insurance went from $700 a year 7 years ago to $2500 a year with BOATU.S. I could lower my cost if I keep my s/v on the St. Johns River or the Chesapeake Bay. I do not know what the rates would be this year after the Northeast storm. I called and I was told my rates would go up this August but they could not tell me how much. So when I hear $900, you still are getting cheap rates. I will take the s/v somewhere this August to get cheap rates.

You should pay a lot more insurance in Florida than I do in the Chesapeake. You use your boat more and are at greater distruction risk from the weather. Noty sure what your complaint is?

Your boat is in a hurricane zone and has 10 times the possibility of damaging winds and seas, therefore your insurance is more expensive. Chances are you and others in your area utilize you boats year round while in the Chesapeake we usually sail at the most 9 months of the year.

You guys who live in Florida remind us about the year round sailing and warm weather, with that comes named storms and increased insurance costs. Just a small fact of life.
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  #22  
Old 04-01-2013
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Re: Boat Insurance Rate Increase

chef2sail,
Yes, I agree. Everyone in Florida is rich and retired so we can sail 52 weeks a year. This area of Florida has not had a hurricane since 1963. But our rates will go up because of the NE area hurricane! Floridians work to survive. Just ask the retirees that make minimum wage and works 50 weeks a year. Just like up north, we have weekend rains and windy weather. The head boats do not leave port when the winds are up. My health insurance is higher than my Social Security and the medicare premium comes out of my retirement income. There are too many people that think the grass is greener on the other side of the state line. There is a different mentality upnorth. Go boating today no matter the weather because winter is coming. Down South the mentality is if today it is not a nice day wait until tomorrow. I have boated in Delaware River, Delaware Bay, and the New Jersey coast. The NJ ICW is like I-95 at rush hour. Since you seem to imply that you do not boat that much up north, you rates should be higher since you are not experienced. The fact is Insurance Companies have a large overhead, Employees and buildings. The insured comes last. By the way, I like my insurance company dividend.
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  #23  
Old 04-01-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by Minnewaska View Post
Being a CEO of a public company is nothing like winning the lottery. You have to earn the job and have the technical expertise to do it. They get fired regularly too.
Actually for a select few it's a LOT like winning the lottery, and many CEO's have kept their jobs after making amazingly bad decisions.

This chart from the Washington Post
pretty much says it all.

But back to boat insurance. Discussions of CEO compensation and qualifications are a subject for Off Topic.

Quote:
Originally Posted by Minnewaska View Post
I'm not commenting on whether that particular pay package is appropriate, only that it has nothing to do with whether insurance companies always win. Some go out of business for having to pay out more than they have.
Actually you have to be a VERY dumb insurance executive to go out of business. The analogy of comparing them to "the house" is an apt one. They can lay off risk on the secondary reinsurance market the same way a bookie can lay off bets. The whole idea behind managing an insurance company is to diversify risk so a single catastrophic event like Sandy won't wipe you out.
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Last edited by JimMcGee; 04-02-2013 at 08:46 AM.
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  #24  
Old 04-01-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by Scallywag2 View Post
chef2sail,
Yes, I agree. Everyone in Florida is rich and retired so we can sail 52 weeks a year. This area of Florida has not had a hurricane since 1963. But our rates will go up because of the NE area hurricane! Floridians work to survive. Just ask the retirees that make minimum wage and works 50 weeks a year. Just like up north, we have weekend rains and windy weather. The head boats do not leave port when the winds are up. My health insurance is higher than my Social Security and the medicare premium comes out of my retirement income. There are too many people that think the grass is greener on the other side of the state line. There is a different mentality upnorth. Go boating today no matter the weather because winter is coming. Down South the mentality is if today it is not a nice day wait until tomorrow. I have boated in Delaware River, Delaware Bay, and the New Jersey coast. The NJ ICW is like I-95 at rush hour. Since you seem to imply that you do not boat that much up north, you rates should be higher since you are not experienced. The fact is Insurance Companies have a large overhead, Employees and buildings. The insured comes last. By the way, I like my insurance company dividend.
Your point is??????

No one but you say the people in Florida are rich. I lived in Ocean Cirty for 18years so probabky have a good idea of NJ boating and NJ ICW ( there really is none thats a joke). Who cares about wealth. perception of wealth etc.

All your other musings or rant are superfluous to the rise in insurance costs and the difference people in different areas get charged differently.

Insurance is an acruarial risk business. It is riskier and more insurance claims more likely to be paid in Florida...why....weather ( hurricanes), boat usage, and the amount of accidents.

You live in the riskiest state....you pay more..simple as that. You live in a big city, you pay more auto insurance than if you live in the country.

If you dont want to pay it...dont or move somewhere else its cheaper. No one says you have to live there. If you live there...you pay for being the greater risk simple as that. My insurance went up 30%.
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  #25  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

My Boat US went up $200 this year(about 16 %). No claims. With all the storm exposure they have had it seems quite reasonable.
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Old 04-02-2013
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Re: Boat Insurance Rate Increase

What's insurance?
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  #27  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by aeventyr60 View Post
What's insurance?
It's something that responsible sailors buy so that if our own boat causes damage to a fellow sailor's boat or (God forbid) injury to their person, they can be fairly compensated instead of just shoving off and leaving them holding the bag.

You got a problem with that? If so, please don't come anywhere near my boat.
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Last edited by TakeFive; 04-02-2013 at 12:47 PM.
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  #28  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by TakeFive View Post
It's something that responsible sailors buy so that if our own boat causes damage to a fellow sailors' boat or (God forbid) injury to their person, they can be fairly compensated instead of just shoving off and leaving them holding the bag.

You got a problem with that? If so, please don't come anywhere near my boat.
A bit different concept when your far, far offshore. We don't subscribe to the insurance companies holding you by the balls either. Heaven forbid a crewmember getting a "paper cut" and suing your ass for everything your worth. I''ll take my chances, and am responsible for my own actions. How about you?
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  #29  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by aeventyr60 View Post
A bit different concept when your far, far offshore. We don't subscribe to the insurance companies holding you by the balls either. Heaven forbid a crewmember getting a "paper cut" and suing your ass for everything your worth. I''ll take my chances, and am responsible for my own actions. How about you?
Your paper cut example is lame.

Here's a more likely scenario: Let's say you stop to buy fuel, and due to a malfunction in your boat it catches fire and destroys the fuel dock and several nearby boats.

You say you are responsible for your own actions. Do you have the financial resources to make those other boat owners whole? If not, please stay far away from my boat.

You say you'll take your chances. Actually, I think you're letting your fellow boaters take your chances for you.

I repeat: Please stay far away from my boat.
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Re: Boat Insurance Rate Increase

The last time I Fueled up at a fuel dock was in 08 in Darwin, Australia, And I did have a liability policy as Oz is just as bad with liability issues as the USA. I'm, sure the lawyers would wrangle for years trying to place blame.
Most folks out here are in the same boat, escaped the blame game and take their own responsibility, we don't live in your world, and would never ever come close to your boat anyway.
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