Insurance

[JLR]

Just received the renewal on my 74. The premium literally doubled with no claims. Not happening. Just a word of caution for those of you in the Florida area.

 

[Boatsb]

Thank the aholes that didn't haul or tie off well and had losses. It's going to be a few years before it stabilizes again.

 

[SEVEN]

That should be illegal.

 

[Pascal]

Not a surprise... it s not just those who didn't tie their boats its those who left boats in places where there was no chance. I understand that options are often limited for smaller boats but here in the grove there were a number of larger boats that should have never been left in the exposed locations they were in. That includes two newish 65/75 sportfish and a 90' motor yacht docked at two marinas fully exposed to the open bay.

Right now our marina waters are covered with diesel from a 65' Cheoy Lee that was finally raised today. It had been left on a tee head and had no chance whatsoever. See pic

We are paying for this

Then you have owners of lightly damaged boats who took zero precautions after the storm to prevent further damage. Not even adjusting the lines after the storm even though their boats without rubrail were rubbing on pilings

Finally the insurance companies are paying crazy labor rates and appear not be trying to keep costs under control. There is a lot of money being made and free refits being done. Owners without hull insurance or with high deductibles are getting repairs done quickly, in water and at a fraction of the cost whereas insurers are just writing big checks with little attempt to control costs

 

[JLR]

Forgot to mention that in all prior years, I received the renewal quote from the same agent 45 days before the policy expired. With this renewal, they gave me only six days notice before expiration. After speaking with them, they refused to adjust the premium, advised that they did not shop for any other quotes and gave some bs about it being twice as expensive to remain in Florida(not in hurricane season) than to go North and South each year ( not in hurricane season). I am now looking in to another broker. It is a real shame because for the past ten years, they have been great but, then again, it is easy to be great with no claims.

 

[Cricket]

Pretty sure your broker must be in violation of notification requirement for policy renewal, especially involving major changes.

Everyone should be expecting auto policy increases in the very near future. The carriers are getting killed on multiple fronts, mostly distracted driving and increasing repairs costs because the cars are so complicated along with the automakers placing patents on their parts so they can't be duplicated by the aftermarket folks.
Took them a long time to figure out the drug makers key to success.

 

[Pascal]

And don't forget the million or so cars flooded between Harvey and Irma, most because the owners didn't even try to move them to high ground.

 

[Briankinley2004]

I am in the middle of closing on a 55 Convertible. When I first started looking at her in May I sent the survey to my agent who got a quote of 1800 from the carrier on my other boats. They were ready to bind and I told them no I was still negotiating. After shopping and offering all summer I wound up making a deal on the same boat just prior to the storms. Now the cheapest quote is $3,800 with a $12,000 deductible on an 80K coverage. The original company he shopped says they cannot cover "due to the age of the boat and mooring location". Thinking of going liability only and self insuring. I will already be 15 grand in hole if I had a loss in first year

 

[rustybucket]

I am in the middle of closing on a 55 Convertible. When I first started looking at her in May I sent the survey to my agent who got a quote of 1800 from the carrier on my other boats. They were ready to bind and I told them no I was still negotiating. After shopping and offering all summer I wound up making a deal on the same boat just prior to the storms. Now the cheapest quote is $3,800 with a $12,000 deductible on an 80K coverage. The original company he shopped says they cannot cover "due to the age of the boat and mooring location". Thinking of going liability only and self insuring. I will already be 15 grand in hole if I had a loss in first year

We decided to go this route as well. We have a liability policy and self-insuring the boat itself. After 6yrs we should be in the positive on the deal. Of course if the boat burns to the ground tomorrow it is going to be painful and will definitely hurt my feelings, but eh, life will go on.

 

[Pascal]

Here is another reason why insurance is going thru the roof. 92' hatteras left on a side tie in the icw near boyton beach or boca.

No excuse to leave a boat like that with the speed, range and crew to get out of the way

https://instagram.com/p/BaG56wTDCbz/

 

[tonytrakovich]

That boat was at Hillsboro inlet. It beat itself to death against the dock for the entire storm. Pure insanity that it was left there for the storm. Its people like that that drive prices up for the rest of us. I was there for the righting by TowBoatUS.

 

[Tinman]

We have temporarily paused our boat hunt until the new insurance rates are fully out. Could be a lot of new listings on the market. The boats posted that were destroyed certainly did not comply with an acceptable hurricane plan and may not be covered. Happens all over Fl, many boats left vulnerable to storms whether intentional or not affecting our insurance rates.

 

[rsmith]

My insurance got to over $4000 nearly 20 years ago for 100k on the hull. I’m way ahead at this point. You guys have been getting away way too cheap now it’s time to pay the piper. It’s bad news again for these old boat prices as you need the insurance to finance them. Pay cash and go bare bones.
We’re not the only ones the last several Dr’s I went to had signs and disclaimer forms that they had no malpractice insurance. My AME and this is the FAA guy that does my aviation medical added “ if you want to sue me you can have my house car office and alimony payments to my ex wife”

 

[rsmith]

That boat was at Hillsboro inlet. It beat itself to death against the dock for the entire storm. Pure insanity that it was left there for the storm. Its people like that that drive prices up for the rest of us. I was there for the righting by TowBoatUS.

With the glut of mega yachts that have been built over the last 20 years I’ve been wondering when we would start seeing these older ones becoming derelicts. I’ve heard there is a significant number of these big white elephants in Lauderdale that don’t even run just get towed from place to place.

 

[Pascal]

That hatt was far from being neglected, it had been recently upgraded with new electronics and other work according to a captain on another forum Once you get into the 70/80' range most underwriters require a full time captain; if that was the case there was really no excuse for not moving her to safety

 

[Boatsb]

They should not pay on the loss because they did not meet a basic level of preparedness and use common sense.

Mr Smith and I posted pictures of how we tied side to kind of in a similar situation and had no damage although the wind and waves beat us pretty good.

I bet they didn't even put anchors out to help bold the boat off the dock.

The insurance companies seem to be too easy on these people but woukd be all over me and others for small stuff.

 

[saltshaker]

Awful lot of speculation as to what was or should have been done. None of us know the details of how the boat was prepped and the specific conditions affecting the owner or crew.

 

[Pascal]

Speculation? True to some extent and maybe the boat was suddenly disabled... otherwise there are things you don't do during hurricane season like scheduling any maintenance which may disable the boat, keeping fuel low or traveling away from the boat... down here you have to take things seriously. A week before Irma we were in the berrys about to come back and as soon as Irma formed I left a VM on the fuel delivery phone to schedule a delivery the first day after we got back. By Thursday peolple here were scrambling to get diesel for their boats...

It s common sense. Which ain't so common anymore

 

[Boatsb]

Awful lot of speculation as to what was or should have been done. None of us know the details of how the boat was prepped and the specific conditions affecting the owner or crew.

Maybe not that one but there were plenty in my are that were left to die in the storm because they were not tied up well. Of all the boats in my area only the poorly tied sank or sustained manor damage. A friend had A 115 foot boat side tied to dock and deployed anchors hold it off the dock. It had minor damage but survived. My buddy's 44 Chris my had 4 anchors holding it off his dock. No damage. I had 10 anchors and no damage. My neighbor sank his sailboat that he 3 line to tye dock. And nothing else. I winder why it sank.

Sadly the ones who decided to sell their boats to the insurance company will be paid and we get to fund them.

 

[Red Hatt]

That 92 hatteras I think has been for sale along time.