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post #41 of 50 Old 04-03-2013
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Re: Boat Insurance Rate Increase

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Originally Posted by NaviGsr View Post
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.
yes, I'm afraid that's probably more common than most of us might realize...

Years ago, I spent some time in a yard in Ft Pierce, and got talking with one of the yard workers... The place had a large inventory of boats being stored long term on the hard, and he conceded it was commonplace to see a spate of launchings prior to the approach of a hurricane, boats that were undoubtedly being taken out into the Indian River, and 'prepped' with a virtual clothesline as a storm anchor rode... (grin)

And, that was before the current recession...

On the Sunday prior to Sandy, I had to go back up to Staten Island, to retrieve my car that I'd left parked at the Richmond County YC at Great Kills Harbor... Clubmembers were working furiously and diligently in a concerted effort to try to secure boats and the property, but I was shocked to see a similar lack of activity elsewhere in the harbor, particularly at the large marina to the west, occupied primarily by larger powerboats... It was obvious that pretty much nothing in the way of storm prep was gonna be done to many of those boats, not even so much as doubling up docklines, even over the course of a sunny weekend...

Not that it likely would have mattered in the end, as Great Kills suffered some of the worst devastation anywhere from the storm...

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post #42 of 50 Old 04-03-2013
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Re: Boat Insurance Rate Increase

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I'm confused. Are you saying that the marinas refused to haul?
No, they hauled on their winter schedule and tried to fit in anyone that want out early. They refused to bill the hauling separately, as if it was a hurricane haulout. The winter storage bill is by the foot and includes hauling.

Some were going to try to get their insurance company to pay for a part of their winter bill, when they were coming out anyway. There was no additional expense incurred.


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post #43 of 50 Old 04-03-2013
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Re: Boat Insurance Rate Increase

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..........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......
Our current marina is fairly well protected, but a past marina was not. You can stay in at ours now, if you choose to. At the past marina, you had to haul or leave. Period. Otherwise, they were as concerned that you would damage the marina, as much as lose your boat. Good policy.


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post #44 of 50 Old 04-03-2013
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Re: Boat Insurance Rate Increase

Call them up and talk to them about it.

My Boat US insurance cost increased. I called them up, discussed it, explained no claims, what happened to no claims discount, etc. They removed the increase. Overall a polite, professional discussion.
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post #45 of 50 Old 04-03-2013
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Re: Boat Insurance Rate Increase

I have come to the conclusion that there is really no such thing as true insurance. You pay for years and years and then one day make a claim, and as a result the policy goes up for the same coverage, to cover their expenses, even though the value of the insured item typically continues to decrease. All they seem to be doing is financing your claim for you over time, into the future. They never loose, you never really win unless you total out and do not return.

We just cut our coverage in half and raised our deductible just to keep the same premium. Simply could not afford to keep it as it was. They really do not want us and having an older boat it is difficult to change companies. Next we will probably be forced to go the liability only route in order to stay in the game.

We fear the new rate for our house will force us out of here and onto the boat in the near future. I knew there must be something positive about all of this.

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post #46 of 50 Old 04-05-2013
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Re: Boat Insurance Rate Increase

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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.
Actually I can afford it, and have carried both comprehensive and liability insurance when CONDITIONS warrant, which usually means being in a 1st world, lawsuit crazy country.

Sure, we are in contact with other people's property from time time, mostly in marina's where the majority of offshore sailors, are not insured. I guess we've spent to much time at sea to worry about the "what if's", "roque waves" , "Pirates" and all the other startling disaster stories that everybody seems to cling to. I've been impressed with other sailors owning up to their mistakes, mostly anchor dragging damage, which is usually scratches and some bent stanchions. Both parties seem to work out the damages issues with cash, or DIY repairs. The larger disaster scenarios seem to be figments of the imagination for some and greatly exaggerated.

Since we are double handing, not many others our in our presence. The anchorages in SE Asia are wonderfully free of the crowds elsewhere. Guess what? For liability reasons we don't take USA crew. Many others won't also.

With some of the other stories about insurance fraud in this thread I can see where you are coming from. A lot of dirt bags out there. But, also a lot of sailors and seaman who understand the risks, accept and prepare to mitigate those risks with sound seamanship skills.

The last thing on insurance, I never want to have in the back of my mind the idea that I could take an extra chance, be less prepared, enter a coral reef at night, have less then 5 anchors etc, etc, etc...all because I have insurance......I wonder how some other folks who have met with so called disaster, abandoned perfectly sound floating boats, lost a mast etc etc, would have fared if it was a little more painful financially to walk away?
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post #47 of 50 Old 04-05-2013
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Re: Boat Insurance Rate Increase

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The last thing on insurance, I never want to have in the back of my mind the idea that I could take an extra chance, be less prepared, enter a coral reef at night, have less then 5 anchors etc, etc, etc...all because I have insurance......I wonder how some other folks who have met with so called disaster, abandoned perfectly sound floating boats, lost a mast etc etc, would have fared if it was a little more painful financially to walk away?
The recent abandonment of the CS 36 VIEWFINDER would appear to be a perfect example, sounds like the owner was browsing Yachtworld before the merchant ship that picked them up even reached port, and he has acquired another boat within weeks...

Not sure whether his insurance company has already paid up on a boat that is likely still afloat, and making its way slowly towards the Caribbean... But, given how quickly he's purchased a replacement, one might presume that they have, or at least that he's very confident they will before long...
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post #48 of 50 Old 04-05-2013
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Re: Boat Insurance Rate Increase

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......I wonder how some other folks who have met with so called disaster, abandoned perfectly sound floating boats, lost a mast etc etc, would have fared if it was a little more painful financially to walk away?
It doesn't talk me out of having insurance or suggesting the same to others, but point taken.


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post #49 of 50 Old 04-05-2013
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Re: Boat Insurance Rate Increase

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...I wonder how some other folks who have met with so called disaster, abandoned perfectly sound floating boats, lost a mast etc etc, would have fared if it was a little more painful financially to walk away?
That's one of the reasons why premiums are so much lower for high deductible policies.


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post #50 of 50 Old 04-06-2013
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Re: Boat Insurance Rate Increase

One question for the thread...A few folks have talked about fuel spills and liability issues. What is Fueling this concern? Is refueling your boat with diesel an environmental disaster in the making? Are those California standard fuel jugs making it impossible to refuel without spillage? Are the fuel pumpers unaware that small tanks may not accept full flow rates from hi out put pumps? Has the Gulf oil spill/tragedy spilled over now to the recreational sailor/boater?


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