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Old 04-30-2019, 06:56 PM   #41
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Originally Posted by Rain Dog View Post
Marine insurance is so terrible. I have been waiting for some company to realize they can make a killing by selling insurance at lower rates to responsible boat owners. Marine insurance does not seem to have even a basic interest in evaluating risk. That seems insane to me when you sell insurance.
What? Where does this thought process come from?

Tell me, how does an insurer identify "responsible boat owners"? Is a "responsible boat owner" who has a claim due to a sudden, direct, accidental physical loss to the boat (the situation that insurance is designed for) not in the category of non-responsible?

We evaluate risk 24/7, and I think we do a pretty good job at it, especially given the volume of policies we have on the books. We have to ascertain and plan for not just the true claims, but the unforeseen claims such as storm events, as well as plan for fraudulent claims (yes, they do happen).

The shared risking pool that insurance is does keep costs down, despite rumors to the contrary. If one chooses to live in a CAT zone, part of that choice is the higher insurance costs based on the frequency and severity of storm events. Conversely, lower insurance premiums are realized in areas not subject to storm events, such as the Northeast or Northwest.
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Old 04-30-2019, 07:01 PM   #42
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Peter I think we spoke in the past about insurance. Do you know of anyone reasonable that would write a policy on a SeaFlex'ed boat (FRP over Wood)?
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Old 04-30-2019, 07:07 PM   #43
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"Insurance companies should require people to have a written plan before hurricane season starts and then execute that plan."
My insurance company requires a written plan with gps coordinates and tie off diagrams once in said hurricane hole
This is required by most reputable marine insurance companies-
  • Markel
  • Travelers (when they offered coverage in hurricane zones)
  • ACE/Chubb
  • GEICO Marine
  • New Hampshire
  • One Beacon/IMU
  • AIG
  • Lloyds (various syndicates)

and many more. At a minimum, written plans that must be approved by underwriting pre bind are required. If an absentee owner, additional requirements apply.
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Old 04-30-2019, 07:14 PM   #44
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Peter I think we spoke in the past about insurance. Do you know of anyone reasonable that would write a policy on a SeaFlex'ed boat (FRP over Wood)?
Unless the boat is of cold molded construction, or the glass over wood is original to the vessel construction, I don't know of any markets that will write the vessel.

The problem is that wood vessels were hauled, and fiberglass was laid over the wood as a solution to the inevitable degradation of the wood- only, the FG created an environment that hastened the demise of the wood structure. Further, the glass overlay keeps the vessel from having the fasteners and planking inspected and repaired/replaced as needed.
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Old 05-08-2019, 04:05 PM   #45
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This wasn’t even a named storm of any type...just your typical spring time thunderstorms.

Apparently, the I surname did NOT pay as he made a reference to giving up on that. He’s got a total of 4 citations and his latest on the subject is he’s accusing someone of sabotaging his boat.
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