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post #11 of 13 Old 09-10-2017
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Re: Nanny Cay Post IRMA

Very sad to lose a boat to a storm. It's not that we don't know the risk is there. We do. We expect to dodge the bullet and take measures to do so. Unfortunately as we see with these super storms... this is virtually impossible.

Is it practical for all recreational, cruising live aboard and charter boats to be moved out of harms way such as down south where the hurricanes don't seem to pass?

How much can an insurance company absorb? Will they spread this around to every policy they write?

What about Florida? Does it make sense to move their boats north? Storms do go up the coast.

This is very depressing.
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post #12 of 13 Old 09-10-2017
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Re: Nanny Cay Post IRMA

Originally Posted by SanderO View Post
......How much can an insurance company absorb? Will they spread this around to every policy they write?......
In the old days of door to door insurance salesman, it was common for insurance companies to take on way more risk than they could pay out. Regulations have now required minimum reserves, which vary from state to state. However, they simply can't reserve enough for seriously catastrophic losses. Even those companies that survive the hit will have to increase premiums to everyone to replenish those reserves.

On the flip side, when there have been relatively few systemic losses, the insurance companies compete for business by lowering premiums. If you're running a responsible company, you find yourself losing business to some new player who is charging less, so everyone follows.

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post #13 of 13 Old 09-10-2017
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Re: Nanny Cay Post IRMA

A few years ago when we were in St Martin we visited with an American 20 something who had dropped out of college and was basically a beach bum, guiding tours for the cruise ships and tending bar part time while living on an old boat. He told us that his best income was from sailing wealthy folks yachts out of the way of hurricanes as it paid well and he ate well on their dime, but I do not believe that there are enough beach bums with sailing skills and responsibility to sail all boats out of harms way......
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