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Old 03-30-2019, 09:05 AM   #41
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Thanks - I am very happy:-)
We also had a similar scare with insurance when we purchased our 32NT. But it was because of the tugs age not our expierence. At first even our home owners insurance said no to us. But the agent called us back after a week or so and said the underwriter had changed their policy and are now excepting boats up to 35 years old.
We were a little nervous for a few weeks, having already made the boat purchase. So anyone planning to purchase an older boat may want to check for insurance first.
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Old 03-30-2019, 09:24 AM   #42
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Mine was written by multi-line agent. This year they dropped coverage here in the Gulf Coast area, wait for it....because hurricanes tore up a bunch of boats. Agent switched us to different carrier at a higher premium, again because of good old Harvey! I have had no claims or suffered any loss. You bet the boat is going to be destroyed, they bet it will float gently in my marina!
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Old 03-30-2019, 09:43 AM   #43
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Mine was written by multi-line agent. This year they dropped coverage here in the Gulf Coast area, wait for it....because hurricanes tore up a bunch of boats. Agent switched us to different carrier at a higher premium, again because of good old Harvey! I have had no claims or suffered any loss. You bet the boat is going to be destroyed, they bet it will float gently in my marina!
All part of the reality of insurance- highlighted by Falvey Insurance shuttering itís doors after handing in $70m of losses due to a single storm.

Insurance is a pool- a bet that something will not happen. If it does, you have a financial partner to assist with repairs or to stroke a check for the total loss.

All this for a yearly premium that is a fraction of the actual value of the boat.

Losses do happen, and insurance is there to assist. Massive losses caused by storms will affect the market in the form of higher premiums, refusal to offer coverage in hurricane prone areas, or (like Falvey) closing the doors and shutting down the business unit.
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Old 03-30-2019, 11:43 AM   #44
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Losses do happen, and insurance is there to assist. Massive losses caused by storms will affect the market in the form of higher premiums, refusal to offer coverage in hurricane prone areas, or (like Falvey) closing the doors and shutting down the business unit.
Also a reason insurers take many steps to try to protect themselves. They place some of their risk with others. They limit the percentage of their business in specific products or areas. What really hurts them is when multiple areas get hit. Over the past two years it's been Texas, the Florida Gulf Coast and West Coast, the Keys, the Florida East Coast up to and including Jacksonville, Puerto Rico and both Carolina's hit hard.

Then you have homeowners' insurers hit by all that plus other parts of the country and then the California Fires tossed in.

What insurers are now dealing with though is a change of conditions and strength. Their challenge is figuring out what the new norm is. Suddenly, history doesn't seem to cover it as just a very small rise in water levels or temperature changes things and destroys a lot of their actuarial assumptions. Do you forecast 2019 or 2020 based on 2017 and 2018 or on the 100 year history?
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Old 03-30-2019, 12:28 PM   #45
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Markel is a very big player in marine insurance. They are also a top holding of many pention and mutual funds. Their bottom line has taken a big hit. They are getting a lot of heat from their investors to raise premiums. When I say they are a big player it’s more than just writing policies, they are also a big reinsurer and this is were the price increases are going to come from. Which means increased premiums for all.
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