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Go Back   SailNet Community > General Interest > General Discussion (sailing related) > BoatUS: 65,000 boats damaged by Sandy
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Topic Review (Newest First)
01-08-2013 09:54 PM
smurphny
Re: BoatUS: 65,000 boats damaged by Sandy

I have heard that Lloyd's underwrites a lot of the marine insurers so they will take the hit.
01-08-2013 09:08 PM
SloopJonB
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by chef2sail View Post
We just got our bill...Went up 33%
Youse guys should check out getting insurance from Lloyd's of London - maritime insurance is their basic game and their risk is distributed worldwide.

For a 1/3 increase it's worth checking out.
01-08-2013 08:54 PM
PorFin
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by Jgbrown View Post
I'd like to see the numbers on claims paid out vs denied.
I too am curious, particularly since this was a "named storm." I'd be willing to bet that many of the damaged/destroyed boats owners had policies that exclude payouts for damages suffered as a result of a named storm.
01-08-2013 05:12 PM
chef2sail
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by smurphny View Post
WOW! that's unbelievable. I can't wait to see the numbers justifying such an increase. Who do they think they are, health care insurers?
We need an Affordable Care Act for Boaters now
01-08-2013 02:44 PM
miatapaul
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by Jgbrown View Post
Funny how it doesn't go down when there aren't any claims. I'd like to see the numbers on claims paid out vs denied.


Is there going to be any type of registry where you can check and see if a boat was listed as written off as a result of this? I forsee a lot of these boats getting trucked somewhere, a cheap repair and flogged off without mention of the issues.
Well any boat that has been totaled will have the title flagged as "salvage" but taking the boats to different states may wash that out, since titles are issued by the states.
01-08-2013 12:58 PM
smurphny
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by chef2sail View Post
We just got our bill...Went up 33%
WOW! that's unbelievable. I can't wait to see the numbers justifying such an increase. Who do they think they are, health care insurers?
01-07-2013 11:47 PM
Jgbrown
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by chef2sail View Post
We just got our bill...Went up 33%
Funny how it doesn't go down when there aren't any claims. I'd like to see the numbers on claims paid out vs denied.


Is there going to be any type of registry where you can check and see if a boat was listed as written off as a result of this? I forsee a lot of these boats getting trucked somewhere, a cheap repair and flogged off without mention of the issues.
01-07-2013 10:25 PM
chef2sail
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by MSN2Travelers View Post
The January 2013 issue of Seaworthy (BoatUS Insurance monthly) arrived yesterday. In an article on page 13, they made it known that rates were going up ... way up.

Their suggestion is that owners might consider liability only policies.

While I do understand the theory behind national/international insurance companies (ie: shaared risk), I believe owners on the Great Lakes and the west coast are going to get screwed.
We just got our bill...Went up 33%
01-07-2013 09:38 PM
MSN2Travelers
Re: BoatUS: 65,000 boats damaged by Sandy

The January 2013 issue of Seaworthy (BoatUS Insurance monthly) arrived yesterday. In an article on page 13, they made it known that rates were going up ... way up.

Their suggestion is that owners might consider liability only policies.

While I do understand the theory behind national/international insurance companies (ie: shaared risk), I believe owners on the Great Lakes and the west coast are going to get screwed.
11-15-2012 08:05 PM
svHyLyte
Re: BoatUS: 65,000 boats damaged by Sandy

Quote:
Originally Posted by JimMcGee View Post
Those're some amazing numbers.

I've also been wondering where all that gear will end up, hopefully not in landfills. But the only used gear shop I know of in the Northeast is Bacon's in Annapolis.
Jim--

Zoom over to the "Good Old Boat" web site and you can find a listing of salvage and consignment shops, many in the northeast. There is a treasure trove of gear aboard those boats that the insurance company's don't want to bother with. I had a 1950's era Thunderbird 26 when I was a kid that finally gave up the ghost due to rot under the cockpit that was endemic. I couldn't give that boat away and finally had to wreck it out (a horrible job, physically and emotionally--I still have a chunk of her sitting on our mantle and her oil lamps are on our current boat). Long and short. What I got for her spars, sails, winches, keel (cast iron with a 500# lead shoe), rudder, et al, far exceeded her value even had she been in reasonable shape.

I feel terrible for the guys/gals that lost their boats. Hopefully they will be able to recover something and go on or rebuild and go on. For the lost causes, however, they may find that "parting out" a yacht through a consignment shop offers them a better deal.

Not routinely dealing with hurricanes, I don't think many up north really understood or appreciated the risks, or knew how to prepare. Unfortunately, the northeast has gone through a very benign period that now seems to be changing and folks will have to change with it. Or not.

N'any case, when I saw the article I couldn't believe the carnage. All you folks up north have my sympathies and best wishes.

svHyLyte
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