Reminds me of:
I was young, just out of school, first job other than summer, my own sideline business and working in father's office. We had manufacturing in Jamaica. The year was early 1990. We got a notice from our property insurer in Jamaica.
Seems Gilbert had been through in 1988 and the company had filed a $250k claim against a $40 million policy. It was a nice either/or notice. Either pay 10 times the premium or do the following:
-Have the Jamaican government (owner of our building) replace it with one built to 150 mph hurricane standards.
-Have the building fully sprinklered with a wet sprinkler system.
Now, to know the nature of the claim filed. It was water damage from the flood. Nothing from the storm. No damage to the building. So the building (and all the others in that free zone) came through with no issues but now it must be torn down and replaced. As to wet sprinkler systems, seems odd this requirement comes about after flood damage rather than fire. We did ask them if they knew anything about the water pressure in the area and then informed them there wasn't enough to support a wet system. When all you can get is a trickle of flow, you're not going to be able to sprinkle a 200,000 sq ft building.
Clearly, they like others had losses from Gilbert. We were actually proof however to the relative safety. Well, we got another insurer who came in at the same rate we'd had before the hurricane.
It's like all the talk about hurricane plans and coverage in Florida and not to have your boat below a certain point that all peaked again after Sandy. Yet, if you went by Sandy, Florida is 100% safe and you should declare the Northeast to be a hurricane zone and require all boats to stay below a certain point. Simply, they'd suffered big losses and were attempting to recover from anywhere they could. You also hear insurers say you must go north of the state line during a hurricane, and refusing to insure if you won't. Yet, there are more boats in South Florida than anywhere else and the vast majority of those don't move north during a hurricane and are insured.
When I first noticed Pantaenius added the Select Policy I wrote a very brief email to the person we'd dealt with reading "What the h... is this? Why? Horrible idea." I had no idea at that time that they were going to force people into that plan.
I was young, just out of school, first job other than summer, my own sideline business and working in father's office. We had manufacturing in Jamaica. The year was early 1990. We got a notice from our property insurer in Jamaica.
Seems Gilbert had been through in 1988 and the company had filed a $250k claim against a $40 million policy. It was a nice either/or notice. Either pay 10 times the premium or do the following:
-Have the Jamaican government (owner of our building) replace it with one built to 150 mph hurricane standards.
-Have the building fully sprinklered with a wet sprinkler system.
Now, to know the nature of the claim filed. It was water damage from the flood. Nothing from the storm. No damage to the building. So the building (and all the others in that free zone) came through with no issues but now it must be torn down and replaced. As to wet sprinkler systems, seems odd this requirement comes about after flood damage rather than fire. We did ask them if they knew anything about the water pressure in the area and then informed them there wasn't enough to support a wet system. When all you can get is a trickle of flow, you're not going to be able to sprinkle a 200,000 sq ft building.
Clearly, they like others had losses from Gilbert. We were actually proof however to the relative safety. Well, we got another insurer who came in at the same rate we'd had before the hurricane.
It's like all the talk about hurricane plans and coverage in Florida and not to have your boat below a certain point that all peaked again after Sandy. Yet, if you went by Sandy, Florida is 100% safe and you should declare the Northeast to be a hurricane zone and require all boats to stay below a certain point. Simply, they'd suffered big losses and were attempting to recover from anywhere they could. You also hear insurers say you must go north of the state line during a hurricane, and refusing to insure if you won't. Yet, there are more boats in South Florida than anywhere else and the vast majority of those don't move north during a hurricane and are insured.
When I first noticed Pantaenius added the Select Policy I wrote a very brief email to the person we'd dealt with reading "What the h... is this? Why? Horrible idea." I had no idea at that time that they were going to force people into that plan.
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