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  #31  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

Since I live in the sunshine state, I already pay 2-3 time the price for boat insurance than most here in the US.. in other words I already pay through the nose for severe weather occurrences. I have BoatUS insurance and my policy is coming up in a few months. It has gone up each year at least 5-10% since living now in the sunshine state. My big objection to the rate increase is I already pay dearly for the privilege of sailing down here hence my rates shouldn't go up to pay for the NE storms.
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  #32  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

Gotcha. Discontinued fuel dock usage, blame game, and insurance in ought 8.

Finds spending alltime offshore avoiding exposure to liability from paper cuts to be favorable.

Quite well reasoned.


Do you still have ground tackle on board? When was the last time you set foot ashore?

Last edited by c. breeze; 04-02-2013 at 12:40 PM.
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  #33  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

So there is a cruiser that never ever comes in close proximity to anyone else's property or the shore, for that matter.

I highly doubt it.

If you don't carry liability insurance and do not have the personal resources to cover the potential damage you might do to another's property, your lifestyle is being supported by all those that take that risk being in your presence.

If one is fully willing to pay out everything of value that they own to make another whole, then make that your deductible. The policy would be pretty cheap.

In my experience, the uninsured are the first to hit and run.
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  #34  
Old 04-02-2013
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Re: Boat Insurance Rate Increase

I don't mean to be negative, but there is another side to the Sandy story. Many people worked hard to save their boats and still lost them. I want to be clear I am not talking about those boat owners.

The insurance companies were very good about paying out claims from Sandy, which was the right thing to do considering the massive impact of the storm.

I can tell you from personal experience that many owners in the greater NYC area were severely underwater on their boat loans and had been for some time. Some of these boats had been up for sale a year or more with no hope of selling because of unrealistic asking prices and complete neglect of maintenance since the owners had stopped putting money into them.

These guys were in an impossible position in a bad economy. Their boats were worth 20, 30k less than they owed the bank, or worse.

As the storm approached, you could see these boats at the dock, with the same old chafed docklines loosely tied and all the ratty canvas still up. It was no surprise when they ended up on the bottom or up the street the next day.

Sandy was an easy way out of boat ownership for some people and now it is the responsible owners who have to pay the price.

Again, I'm not talking about the folks who lost their pride and joy. I'm talking about the people who took advantage of a terrible situation.
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Old 04-02-2013
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Re: Boat Insurance Rate Increase

I don't use BoatUS. I have my insurance through the US Power Squadron. My increase this year was quite modest, but it was the first increase I've had in a while.
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Re: Boat Insurance Rate Increase

When Sandy was inbound, it was right on top of scheduled winter haulout time. I know for a fact that many owners asked our marina to bill a hurricane haulout, rather than just winter storage. They could submit a claim for a hurricane haulout, but not winter storage that includes the haulout. The marina refused to be a part of the scam and I agreed with them.

There is another side to why insurance companies are always on the lookout for bad claims.
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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 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.
Or causes an environmental issue such as a fuel spill
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Old 04-02-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by Melrna View Post
Since I live in the sunshine state, I already pay 2-3 time the price for boat insurance than most here in the US.. in other words I already pay through the nose for severe weather occurrences. I have BoatUS insurance and my policy is coming up in a few months. It has gone up each year at least 5-10% since living now in the sunshine state. My big objection to the rate increase is I already pay dearly for the privilege of sailing down here hence my rates shouldn't go up to pay for the NE storms.

Mel,

I saw an increase in my insurance after Hurricanes Andrew ( 1992) and the duo of Hurricanes Frances and Jean ( 2004) all in Southern Florida. I assumed that my increases those years in insurance were due to the Florida storms.

I might venture to say to your insurance would even be higher if not for the northeastern boats/ California boats funding the hurricane pot.

We and the Californians have never really been visited by more than one storm in a year. Usually none while you have been visited by an average of 2 or three a year.

I am not sure you fully really pay for that advantage as the bet is that the NE and Cal boats won't have an insurance claim.
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  #39  
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by TakeFive View Post
Quote:
Originally Posted by aeventyr60
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.
Once you venture beyond the friendly confines of US borders and courtrooms, you might be surprised how many folks like aeventyr60 are out there, living the life, without the sort of insurance most of us here might typically carry... For many people, who might not be doing Round-the-World Rallies in their Oysters, it simply isn't feasible or affordable to do so...

Hell, in many places, the risk posed by other cruisers are likely to be the least of your worries...

Just a hunch, but I'm guessing if any of these boats I shared this harbor with dragged down on me during a squall some night, I doubt I would have received much in the way of satisfaction from their insurance carrier... (grin)

If I wasn't willing to accept that level of risk, I had no business being there to begin with...


Last edited by JonEisberg; 04-02-2013 at 08:26 PM.
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  #40  
Old 04-03-2013
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Re: Boat Insurance Rate Increase

Quote:
Originally Posted by Minnewaska View Post
When Sandy was inbound, it was right on top of scheduled winter haulout time. I know for a fact that many owners asked our marina to bill a hurricane haulout, rather than just winter storage. They could submit a claim for a hurricane haulout, but not winter storage that includes the haulout. The marina refused to be a part of the scam and I agreed with them.

There is another side to why insurance companies are always on the lookout for bad claims.
I'm confused. Are you saying that the marinas refused to haul?
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