Insurance hell

[Pascal]

indeed government is not the solution and nobody suggests that they set prices or that rates for boats in So Fl shoudl be the same as for inland boaters...

what we have are businesses picking only certain markets where they can make large profits and dropping those where they are more likely to get losses. This destabilizes the system and leaves large markets uninsurable.

[Boatsb]

And as a regulated business they need to be shown that all need to have insurance available.

Its like the cable or phone franchise. The need to offer services to all at the same appropriate rate. They can not pick and choose.

[kwerges]

Not to divert the thread, but boat insurance was a motivating factor when members of the forum were looking to start a Hatteras Owner's Club, complete with the availability of boat insurance. If I missed the thread describing the demise of the possibilities of the club, my apologies, but what ever happened to that idea???

[krush]

Over and over you hear that it's the governments fault. T............

A big +1!

If anything, the regulations set on insurance companies should be repealed. Why should the government step in (especially fed) and use my tax dollars to come up with a impractical solution to the simple problem that you keep your boat in an area where tons of carnage occurs?

Maybe if there weren't so many stupid hoops to jump through to start/run an insurance company, more would start up and get into the big boat market. Large merchants that own ships started P&I clubs way before the government knew what the heck insurance is.

You can't get something (insurance) for nothing (low premiums) unless somebody else (me) pays for it (through taxes). Regulated industries are the evil son of Stalin.

[Boss Lady]

Read this article to see what a bunch of liars these guys are, the only way for a monoply to exist is for the government to regulate it. Just try to start an insurance company. The richest corporations are insurance companies. They are guaranteed a profit.

http://www.latimes.com/news/nationwo...home-headlines

I would gladly accept the measley $6 billion dollar profit made by just one insurance company in Florida, while claiming poverty. This is as bad as the 'not for profit' Blue Cross/Blue Shield posting a $500 million dollar profit and then trying to become a 'for profit' company so they can keep the money. We need to burn some of these guys at the stake. They take your money and then do not want to pay.

[krush]

How do you think Warren Buffet got to where he is?

[Pascal]

"Why should the government step in (especially fed) and use my tax dollars to come up with a impractical solution to the simple problem that you keep your boat in an area where tons of carnage occurs?"

nobody wants the govt to step in with tax dollars... the area is pretty big... from the Tx/mexican boarder up to the cheasapeake.. 3 years ago, with my renewal came a letter saying my premium was going up because of the massive losses suffered with Isabel in the Ches... so it's not a small problem and while in the past couple of years Florida and the gulf have been in the bullseye, a big chunk of coast list in at risk.

Insurance works by spreading the odds over a large number of policies, the problem is that companies are allowed to pick the low risk and not service the high risk area.

[Boss Lady]

I think the government should get out completely. Open the market to free enterprise so that more companies can get in the game. If you build a crappy house that cannot withstand the environmental forces it will reasonably encounter then you should suffer the consequences of poor judgement, and not be able to push the costs off on your neighbor. The same goes for flood plains or earthquake zones. Build something appropriate for the area or rebuild it at you own expense. The government and the insurance industry is to blame for the current situation. Florida passed more stringent building codes years ago, but what happened? The Panhandle builders association used their influence in Tallahassee to get their area exempted from the new codes, they used the excuse that it would make houses more expensive to build. Well, guess what? How much does it cost to rebuild and replace the contents when the roof blows off? About ten times more than building it right to begin with. The insurance companies could have trumped the builders by simply refusing to insure any house not built to the new codes. But they didn't and when the last hurricanes came through the Panhandle, the entire area turned blue. At least that was the way things looked from the air, since blue was the color of the tarps used to cover all the houses that had the roof blown off. We have to stop subsidizing stupidity. If you want to build a house on the water, great, build to last, if not don't expect me to help you rebuild it, but that is currently what happens, either through higher insurance rates or tax dollars.

[Capt K]

I dunno, guys. Some of our "previous" members are excommunicated for peeing off a few insignificant members (no offense meant, we all are), and you guys attack an entire industry/financial segment.

Any questions; comment; comebacks?

K

[Boss Lady]

I don't think we attacking, but having a discussion to better understand how things work and come up with solutions. We all are affected by insurability of homes and boats. I have a high school buddy in Panama City and he cannot get insurance on three of his rental houses and neither can his bank. So he is totally exposed. Price isn't even an issue when they refuse to write a policy. If I wanted to start an insurance company it is impossible due to government regulation. I can start an insurance brokerage firm to resell insurance policies from one of the monopoly players, but I cannot start an underwriting company. If I have this wrong please set me straight.