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Started By
Message
re: Should insurance companies keep paying
Posted on 9/28/22 at 9:35 pm to Basura Blanco
Posted on 9/28/22 at 9:35 pm to Basura Blanco
quote:
But to the point of gambling, how is this different than a casino blackjack table as it applies to doubling down, 5 shoe decks, and 6/5 vs 3/2 payout on blackjack? All of these are risk calculations, no?
I see what you're saying, But with gambling, whenever you put down a bet and or make a side bet, you are creating the risk for yourself and creating an all new risk every time you do it. Insurance is completely different. Risk is already established. We know what the risk is ie: fire, wind, theft, etc.. Those risks aren't created each time you pay a policy.. they're already there.. Truly that's why we can have these discussions because I believe the differences and similarities all come down to nuance honestly..
quote:
I agree. Of course in Texas this is even more so as Texas Windstorm policies are state subsidized. As far as number of companies in the game, I have yet to see a Texas Windstorm policy that was not underwritten by Wright Insurance. I'm actually curious why that is. Do you have knowledge of that?
I know Texas has TWIA for wind coverage for the 14 counties along the coast.. As far as Wright goes I'm not sure.. they could have won a bid to underwrite for the policies.. Similar to the company I'm with, we won a blind bid to underwrite one of State Farms products.. I'm sure I could find out..
quote:
I build them, so of that, I am well aware. (no letters behind my name, but I can bore you to death for hours on why power beams are a better investment than larger pilings)
that's greek to me..powers beams sound like space lasers. I think any advanced designation in any field can be absolutely boring to anyone outside of the industry.. But I got them because like anything else you gotta keep learning and honing your skills at whatever it is you do.. This post was edited on 9/28/22 at 9:54 pm
1
Posted on 9/28/22 at 9:35 pm to CaptainsWafer
quote:
If the premiums were paid on the boats, yes.
So the insurance company should pay if you paid your car premium but have an accident an icy road that has been closed?
Posted on 9/28/22 at 9:37 pm to Spoonbilla
Boat policies will keep getting more and more complex w requirements etc of storms and risk posed
Posted on 9/28/22 at 9:37 pm to weadjust
This guy also gets it. Risking life for a boat is a no go. That’s what we pay the insurance premiums for…
Posted on 9/28/22 at 9:40 pm to tigerinthebueche
quote:
I have no sympathy for insurance companies. They gobble up premiums all year long and pay the absolute minimum they have to on every claim. They “assess” fees whenever they have to actually pony up for events like Ida or Ian. Then pull out of states where they actually had to honor the policies they sold. frick em. They’re like casinos. The odds are always in their favor. So if they take it in the arse, I really don’t care.
This is an overly simplistic way of looking at things. Anyway, Insurance companies are like the police…it’s fine to bash them until you need them to save your arse.
Posted on 9/28/22 at 9:41 pm to Spoonbilla
There are cases in La that have dealt with this issue in the last year. Typically there is a clause in your policy for hurricanes. There is a plan in place per your policy of what the vessel owner must do or attempt to do to protect it from damage. Where the vessel should be moored or attempted to move it from harms way. If you don’t comply with the terms of your policy you are SOL.
Posted on 9/28/22 at 9:44 pm to lostinbr
quote:
Whether it’s “high AF” is entirely subjective, but one would think the insurance company knows why they’re writing the policy.
EXACTLY. They know exactly what they are doing. They write the policy's for ONE reason. It is more profitable to do so than not do so.
Posted on 9/28/22 at 9:53 pm to Spoonbilla
Some policies for bigger boats require haul outs in the event of a storm. Many marinas help with this.
Posted on 9/28/22 at 9:58 pm to Spoonbilla
No boat but screw you. Insurance sucks yes they should pay
Posted on 9/28/22 at 10:03 pm to DarkDrifter
quote:
that's greek to me..powers beams sound like space lasers.
I contract all of my framing to a group of four Mexican brothers that started their own construction company 25 years ago. Over that time, we have become each others extended family. When myself and the oldest brother get to talking shop we can clear a room in minutes.
quote:
I think any advanced designation in any field can be absolutely boring to anyone outside of the industry.. But I got them because like anything else you gotta keep learning and honing your skills at whatever it is you do..
It wasn't until I started my own company that I realized how crucial it is to surround yourself with those type people. Whether its engineering, HVAC, tile work...or insurance, I have mad respect for anyone that cant help themselves from boring they hell out of everyone in their field of expertise. I might bust your balls about it, but I'm doing it after I hire you.
Posted on 9/28/22 at 10:06 pm to armsdealer
For Sally, thousands in OBA left their pontoon boats and small center consoles in their boat lifts or docks, where it would be as simple as just backing in your trailer and hauling it out with your truck
Everyone I know still got their insurance payments with ease
Everyone I know still got their insurance payments with ease
This post was edited on 9/28/22 at 10:10 pm
Posted on 9/28/22 at 10:13 pm to Basura Blanco
quote:
When myself and the oldest brother get to talking shop we can clear a room in minutes.
Oh I understand that completely, my wife and I being in the same industry but with different companies talk shop a lot of course.. It's when we're with friends and talking you can see the glaze occur over their eyes..
quote:
It wasn't until I started my own company that I realized how crucial it is to surround yourself with those type people. Whether its engineering, HVAC, tile work...or insurance, I have mad respect for anyone that cant help themselves from boring they hell out of everyone in their field of expertise. I might bust your balls about it, but I'm doing it after I hire you.
100% agree with this.. the one thing I've learned is have people that know what the hell they're doing in different industries that you can rely on them whenever the needs arises.. Especially for customers.. a customer in need and you set them up with someone you trust and they take absolute care of them that customer stays with you for life.
.. thanks for the civil discussion.. pretty few and far between on the OT This post was edited on 9/28/22 at 10:18 pm
Posted on 9/28/22 at 10:13 pm to Athanatos
quote:
You better believe that those policies have hurricane clauses that require the owners take reasonable efforts to protect the vessel. Some will even compensate you for moving the boat out of the path.
I’m sorry but insurance companies ask where the boat will be moored, is it a fixed or floating dock, does the marina meet (design standard which I do not recall) among many other questions. Your answers set the risk they can expect, and therefore the premium due.
At NO point do they ask: will you move the boat out of harms way or require you to do so to obtain “coverage”.
Think about the additional risk the insurance company would assume by forcing you, or a hired captain, to move a boat while a storm is bearing down and potentially both the yacht and captain end up lost.
A jury would love to get their hands on that case….
Posted on 9/28/22 at 10:25 pm to tonydtigr
I certainly hope that it wasn’t me you were thinking was an insurance agent. Nothing could be further from the truth.
I was merely stating that they don’t gamble AT ALL. They are sure thing operators. They KNOW they are going to win. The law of large numbers guarantees it. Pay no attention to all the belly aching and crying they do when they have a large number of claims. It’s all figured into the premiums they take in. Plus if they object enough, they might get someone to chip in to help pay, or maybe a governor will cave and say please don’t leave our state.
Just like a casino, they don’t care if you win, they know with the law of large numbers how much they will win and how much they will pay out. They probably think winners are good for business, as it calls customers in, thereby allowing them to more than make up for what they paid out. Possibly from the winner they just paid.
I was merely stating that they don’t gamble AT ALL. They are sure thing operators. They KNOW they are going to win. The law of large numbers guarantees it. Pay no attention to all the belly aching and crying they do when they have a large number of claims. It’s all figured into the premiums they take in. Plus if they object enough, they might get someone to chip in to help pay, or maybe a governor will cave and say please don’t leave our state.
Just like a casino, they don’t care if you win, they know with the law of large numbers how much they will win and how much they will pay out. They probably think winners are good for business, as it calls customers in, thereby allowing them to more than make up for what they paid out. Possibly from the winner they just paid.
Posted on 9/28/22 at 10:32 pm to gizmothepug
Yes, it’s delay, delay, delay. Then they will dangle a check in front of you in hopes that you will be so desperate that you almost have to take it, or you are so tired of dealing with their bs that you just say eff it, give me the check. Then they win. They got you to take less, and meanwhile they profited off your money they were holding, because the money was still in their account, working for them.
Posted on 9/28/22 at 10:32 pm to DarkDrifter
quote:
thanks for the civil discussion.. pretty few and far between on the OT
We were lucky. It was one of the few topics on here that politics didn't drive the conversation into the shitter.
Posted on 9/28/22 at 10:33 pm to Crimson1st
quote:
So the insurance company should pay if you paid your car premium but have an accident an icy road that has been closed?
Did they close the gulf before Ian hit?
This post was edited on 9/28/22 at 10:34 pm
Posted on 9/28/22 at 10:44 pm to 9rocket
quote:
Yes, it’s delay, delay, delay. Then they will dangle a check in front of you in hopes that you will be so desperate that you almost have to take it, or you are so tired of dealing with their bs that you just say eff it, give me the check. Then they win. They got you to take less, and meanwhile they profited off your money they were holding, because the money was still in their account, working for them.
Bravo 9Rocket. That is how all the “formulas” regarding the risk they were assuming and the commensurate premiums they collected since the policies inception make their “deal” become even more profitable on the backend.
To me, the hassle on the backend is the real insidious part of the insurance game. At a time when a person is at their weakest, let’s push them harder in hopes they go away.
Hurricane Ike as well as a totaled auto claim taught me that lesson…
Posted on 9/28/22 at 11:15 pm to 1965tigerpaw
quote:
At NO point do they ask: will you move the boat out of harms way or require you to do so to obtain “coverage”.
Incredibly wrong.
Pontoons and personal boats, no, there is no issue.
Larger vessels and yachts, there is absolutely a haul out clause.
Posted on 9/28/22 at 11:28 pm to armsdealer
quote:
2footitis
Explain please.
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