Here we go again with Insurance issues

Discussion in 'General Discussion' started by GypsmJim, Sep 28, 2022.

  1. GypsmJim

    GypsmJim Well-Known Member

    827
    Aug 8, 2018
    Western New York
    '19 SPX 190 OB, 150 & 5 Mercs
    '17 Whaler 150 Montauk
    '15 Yamaha FXHO
    '60 Mulray Dinghy
    '52 Lyman 15'
    Mercury 150 4-stroke
    68 Outboards representing 11 manufacturers
    I imagine that many boats and homes will be destroyed by Ian. Even if you live in a nice quiet safe area with no chance of a hurricane, tornado, etc, (and that's WHY you live there) your marine and homeowner's insurance will skyrocket next year so that the companies can recover their losses.
     
    dwna1a, Pirate Lady and Nater Potater like this.
  2. Jaybeaux

    Jaybeaux Well-Known Member SILVER Sponsor

    Jan 3, 2016
    Upper Potomac River
    2006 Sea Ray 48
    Naught On Call
    Cummins QSC-540s with V-Drives
    11 KW Onan Genset
    By definition, insurance is "pooled risk", is it not?
     
    Tucker K5 and mrsrobinson like this.
  3. highslice

    highslice Well-Known Member GOLD Sponsor

    Mar 28, 2008
    Table Rock Lake, Hollister Missouri
    270 SLX
    2013 Sea Doo 155 Wake
    496 Mag
    Bravo III
    Corsa
    It is.
     
  4. yobub

    yobub Well-Known Member PLATINUM Sponsor

    922
    Jul 29, 2016
    Northern Illinois
    1998 400 Sundancer
    Cat 3116's
    And here we go again with inventory issues. Boats destroyed, cars destroyed, huge new demand for building materials, clothing, furnishings, etc. Prices are going up again.
     
    tdschafer and Nater Potater like this.
  5. MonacoMike

    MonacoMike Well-Known Member

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Shouldn’t the “pooled risk” be paid by those with comparable risks?
     
  6. Pirate Lady

    Pirate Lady Well-Known Member

    Jun 2, 2020
    Chesapeake, Middle River
    Sundancer 250 ‘91
    7.4 Bravo 1
    Would be nice but the larger the pool the less the cost to each.
    Oh, and I want to thank you all for contributing to my new house when it burned down in 2014.
     
  7. GypsmJim

    GypsmJim Well-Known Member

    827
    Aug 8, 2018
    Western New York
    '19 SPX 190 OB, 150 & 5 Mercs
    '17 Whaler 150 Montauk
    '15 Yamaha FXHO
    '60 Mulray Dinghy
    '52 Lyman 15'
    Mercury 150 4-stroke
    68 Outboards representing 11 manufacturers
    I understand the pooled concept. I just don't agree with it because its not fair to the people that live a cautious life.

    You can build a house on a canal in Tampa with a backyard a mere 2 feet above sea level. That's your right. But it should be you that is taking the risk, not me.

    If your house burns down, I'm happy to be in THAT risk pool. We all share that risk (unless you built next to a sometimes active volcano....LOL)
     
  8. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    1998 370 Sundancer
    7.4 MPI
    Well what I am not getting is I see a number of small trailerable type boats still in the water. I thought insurers wanted the boats out of the water during the storm.
     
  9. b_arrington

    b_arrington Well-Known Member GOLD Sponsor

    Feb 21, 2007
    Setauket, NY
    Back Cove 37
    AB Ventus 9VL
    Cummins QSC 8.3 600
    That’s why your policy costs more if your risk is higher. My boat insurance cost dropped when in brought it home to NY from SC. Also, costs are much higher if your boat remains south in hurricane season.
     
    Nater Potater likes this.
  10. hottoddie

    hottoddie Well-Known Member

    Jan 11, 2012
    Boston/Cape Cod
    1986 Sea Ray 390 EC
    Garmin 4212 Chartplotter
    Garmin 24 HD Radar
    Garmin 546s Plotter
    454 Crusaders
    Speaking of Florida which has very high car insurance rates. 25% of cars on the road in Florida are uninsured so 75% of the drivers that are insured pay higher rates. In todays world of technology it would be easy to identify and get those cars of the road until fines are paid and insurance is obtained.
     
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  11. FootballFan

    FootballFan Well-Known Member

    Jun 20, 2012
    Florida
    Marquis 59
    MTU Series 60
    Have you priced boat insurance in Florida lately?

    I know when we moved our boating experience from inland to Florida several years ago the cost of insurance was a very significant increase.

    Even within Florida significant difference in rates based on "where" in Florida.

    I have no idea if the allocation of risk/cost of coverage across the country is an equitable formula or not. I also don't know how insurance companies evaluate and determine policy costs they charge. Do they approach on a state by state basis and focus on the "Florida" pool versus the "non Florida" pool? I don't know.

    Do have a pretty strong feeling that the total dollars contributed to the "pool" for boat insurance is greater than any other area of the country. I don't have the hard numbers to back that up, so just my feeling.
     
    Nater Potater likes this.
  12. MonacoMike

    MonacoMike Well-Known Member

    Sep 15, 2009
    Indiana lakes and Lake Michigan
    2000 Cruisers 3870
    8.2 Mercs
    85 Sea Ray Monaco 197
    260hp Alpha 1
    Information from the insurance companies themselves in the past has said that rates in other markets were raised because of losses to hurricanes. Probably nothing is a greater loss risk than a hurricane and many of us in safe areas of the country are tired of funding it.

    This crap is an outgrowth of national insurance rather than regional companies that keep the market honest.
     
    firecadet613 likes this.
  13. yobub

    yobub Well-Known Member PLATINUM Sponsor

    922
    Jul 29, 2016
    Northern Illinois
    1998 400 Sundancer
    Cat 3116's
    Data isn't specific to marine, but here is an early industry read on the situation as of yesterday:
    https://www.insurancejournal.com/news/national/2022/09/28/687154.htm

    For those who don't want to read boring insurance language, early estimates are total loss of between $20 billion and $40 billion, with the top 10 Florida carriers owning 55% of the market by premium (2021 data). Only 4 of the top 10 are the brand-name companies you would recognize.

    The largest, Universal Insurance Holdings, writes 83% of its premium in Florida, so clearly a regional carrier. Like most insurance companies, Universal uses reinsurance to spread its risk to other companies, so they aren't going to eat all of this, but the loss still gets spread through the entire insurance ecosystem.
     
    Nater Potater likes this.
  14. mrsrobinson

    mrsrobinson Well-Known Member SILVER Sponsor

    Mar 9, 2006
    Virginia, USA
    2001 Sea Ray 380DA
    3126 purring CATs
    Pooled yes, shared risk yes, and folks forget they are collecting, and investing, our premiums; they don't store in a piggy bank. And the employees who mange the investing are not hurting for money.

    I worked in the Insurance Industry for 8 years out of college and have no sympathy for them.

    Medicare/Medicaid works the same, I pay more to cover the folks who don't.
     
  15. GypsmJim

    GypsmJim Well-Known Member

    827
    Aug 8, 2018
    Western New York
    '19 SPX 190 OB, 150 & 5 Mercs
    '17 Whaler 150 Montauk
    '15 Yamaha FXHO
    '60 Mulray Dinghy
    '52 Lyman 15'
    Mercury 150 4-stroke
    68 Outboards representing 11 manufacturers
    EVERYONE needs health insurance. It's just like paying school taxes even if you have no kids.

    Owning a boat or a house is optional. I opt to live in a safe place, yet I'm penalized by those that live in hurricane alley.
     
  16. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    1998 370 Sundancer
    7.4 MPI
    I was with Allstate after Andrew. Their big problem was they where way overexposed in Florida. Their remedy was to cancel and non-renew everyone they could which made the regulators go nuts. Need more insurers to spread the risks. Also to help lower costs, just need to rebuild the house, not replace all the personal stuff.
     
  17. royalpiper

    royalpiper Member

    40
    Jul 29, 2021
    Belmar, NJ
    1976 Silverton 28 FLYBRIDGE SOLD
    1984 Sea Ray SRV 225 Cuddy Cruiser SOLD
    2003 Sundancer 260 CURRENT
    Mercruiser 5.0L MPI Bravo 3
    Could we see the day when in places like Florida the only policies available will be liability only, not replacement value or storm repair reimbursable?
     
  18. Golfman25

    Golfman25 Well-Known Member

    Sep 12, 2009
    IL
    1998 370 Sundancer
    7.4 MPI
    I doubt that because lenders won't lend. But back then Allstate policies replaced everything, including landscaping. IMO you get your basic structure back so you can live, but replace everything else over time on your own.
     
    royalpiper likes this.
  19. royalpiper

    royalpiper Member

    40
    Jul 29, 2021
    Belmar, NJ
    1976 Silverton 28 FLYBRIDGE SOLD
    1984 Sea Ray SRV 225 Cuddy Cruiser SOLD
    2003 Sundancer 260 CURRENT
    Mercruiser 5.0L MPI Bravo 3
    Sorry, I should have said in regards to boats.
     
  20. FootballFan

    FootballFan Well-Known Member

    Jun 20, 2012
    Florida
    Marquis 59
    MTU Series 60
    NJ had Sandy, maybe we should restrict anything other than Liability there?

    Or how about if the government sets up a new agency, with czar to see if they could manage recreational boat ownership?

    Don't they see, how all these people who love boating is making it such a mess?

    Sorry, couldn't resist a bit of tongue in cheek...
     

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