Insurance hell

[Capt K]

I'm only bustin' on ya. I actually am in the business as an agent/broker. You're basically correct. We cannot really start our own gig unless we want to fully fund it, which is basically impossible. From the companies' point of view, they are just protecting the bottom line from the inevitable, but isn't that what they got into the game for? The odds were always in their favor.

Don't let them fool you. The odds are still heavily in their favor when you consider how much they take in, investment income on the money, etc. BUT... natural disasters have increased lately and so have man-made losses (attorney driven)(another thread entirely). Also, some investment numbers are lower. Sooooooo, guess who gets caught in the middle....us!!

I own an agency, been in the biz for over 20 years, have boats, bikes, etc....I see both sides. Only the Buffets (Warren, not Jimmy) gain from this, no matter what happens. OK, Jimmy gains, too.

Until there's a wide-spread change in the industry, we are all just beating the proverbial horse to death. However, you guys below the North/South line are really getting it up the exaust hose.

Just my 2 cents.

K

[Boss Lady]

I found out the hard way about the reinsurance monopoly. when I first got into aviation we shopped our policy on our first jet, and they canceled all our insurance. The point about tail numbers on planes and hull numbers on boats tracking is not a myth. The only break you will ever get comes from your local broker taking less profit, the reinsurance guys do not discount their prices and they do retaliate. I also have friend who worked as a private investigator for an insurance company, they do their homework to reduce their liability, and have a full toolbag to throw at you to keep from paying.

[Boss Lady]

I also got introduced to Lloyd's of London at the tender age of 19, since i accumilated enough speeding tickets to only be able to purchase liability insurance from Lloyd's. I had to pay $2000 per year back in the 70's to keep insurance. The law didn't slow me down, Lloyd's did, I also had to sell my corvette,other muscle cars, purchase an acceptable model of car, and promise to behave before they would write the policy. I never had an accident, but getting speeding tickets and reckless charges for speeds approaching 200 mph on the public highways in three different states is what got me. I haven't had a ticket since I was 21. I have been eyeing a Ferrari lately though. LOL

[MarioG]

I just wish there is something we (I) can do besides hold on for dear life.

[Boss Lady]

You can buy out Warren Buffet. LOL

[Capt K]

You can buy out Warren Buffet. LOL

I've got $20 to throw into the pot. Anyone else?

[Angela]

Insurance...aaahhhh, welcome to my hell!

I've been trying to get coverage since December 2006, and just yesterday, I got coverage bound, though it did cost $10,029.30/year. My choices this time were Markel and Great Lakes. I despise GL, so I bought the Markel policy which is a true agreed value policy. GL likes to claim it's agreed value policy, but go read the policy....it's NOT and by the time they get done adjusting a claim, you'll owe them money for the damage.

Both companies' premiums were the same price in terms of dollars and stated coverage limits. And much to my surprise, both offered windstorm coverage. Great Lakes would not write a policy without the hurricane coverage. Markel offered it either way and their hurricane coverage was only around $1,000 or $1,500 more. This is for a policy in Miami, FL. Previously, Markel had told us time and time again that they would NOT write windstorm coverage. I don't know what changed their position on that, but the only difference this time around was that we went for a commercial policy rather than the recreational policy. Hey, if that's what it takes.....

So, within just a few hours of receiving the insurance binder, we were out cruising in the bay after a long period of being uninsured and stuck in the slip. Yesterday was the first time we had a really dry run. Not a single bilge pump ran and our bilges are still dry. Nice. Previously, we had battled this or that on just about every outing. But yesterday's outing didn't come completely trouble free. Apparently, there is a large concrete beam under our slip with large lines tied to it. Our starboard prop got all caught up in that mess, but our dockmates came to the rescue and the marina said to send them the bill - I hope it's not for a new tranny or shaft. We'll see. We're headed back out today. The marina is going to have SeaTow float or drag that mess out of here this week.

Maybe we'll be on Pascal's Hatt Cam today!

[Tawney1]

Just got the renewal quote on our insurance. No claims whatsoever, but coverage with same limits as last year - $1,050 more....

[Westfield 11]

I found out the hard way about the reinsurance monopoly. when I first got into aviation we shopped our policy on our first jet, and they canceled all our insurance. The point about tail numbers on planes and hull numbers on boats tracking is not a myth. The only break you will ever get comes from your local broker taking less profit, the reinsurance guys do not discount their prices and they do retaliate. I also have friend who worked as a private investigator for an insurance company, they do their homework to reduce their liability, and have a full toolbag to throw at you to keep from paying.

Is this the deal where the 1st company you call for a quote gets your personal/yacht info and then sends that around the industry claiming you for their oen? That way you are stuck with only 1 choice of insurers? I had heard about some such thing in Aviation but thought that it was a myth. What is the best way to get a quote from several companies if this is true?

[Boss Lady]

If you are going to do it you had better get several different people to call and get quotes try to avoid the hull id info, then get the quote in your name from the company that offers what you want for coverage. If you call and give them your name and hull id and they can find out you are shopping, because some of the brokers will be using the same re-insurance companies the re-insurance company will see the same hull id coming in from different brokers and just may not offer you any coverage.