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Started By
Message
re: Should insurance companies keep paying
Posted on 9/29/22 at 12:02 am to BamaCoaster
Posted on 9/29/22 at 12:02 am to BamaCoaster
quote:
Incredibly wrong. Pontoons and personal boats, no, there is no issue. Larger vessels and yachts, there is absolutely a haul out clause.
I have to say, this has become an interesting conversation and I am appreciative of the discussion.
In my past experience, we owned a 42’ powerboat in the Clear Lake area of TX and haul out was NOT a provision of the policy we signed. If I had agreed to that provision, perhaps my premium would have been much lower?
Up North, winter haul outs are much more common, and I assume that is driven by the insurance industry due to the higher premiums they would charge should one choose to NOT haul out (I.e. ice damage).
However, in Clear Lake, and I mention this only for scale, the number of sailboats here (unsure about powerboats) is second in number only to San Diego. But there are almost no haul out facilities here.
While winter freeze is a known and yearly hazard, hurricanes are not necessarily the same.
I guess what I’m saying, is the the insurance providers build in all these factors into the policy you buy.
However, taking to open sea to save a boat could never, in my opinion, be written into a policy to assure payment because of the additional risk it would present to the insurance company (I.e. not just a lost boat, but also a list life).
0
Posted on 9/29/22 at 12:38 am to Spoonbilla
I can tell you if you have a yacht in the gulf, and I assume many places especially the rest of FLorida, that your policy almost always requires you to either A) have the boat north of a certain line of Longitude or cat 2+ damage (maybe just a named storm? I can't remember now) will not be covered OR B) you must have an approved hurricane haulout plan. This entails having a plan in place for the boat to be taken out of the water, tied down, and protected in a way the insurance company deems acceptable
There are also certain marinas that are deemed hurricane safe by insurance companies but I'm not as familiar with that process and have never been offered a policy with an option to keep a boat in water at one
Insurance companies definitely don't just insure yachts allowing them to stay for hurricanes crossing there fingers hoping for the best and you wouldn't believe how expensive even the policies I have mentioned above can be
There are also certain marinas that are deemed hurricane safe by insurance companies but I'm not as familiar with that process and have never been offered a policy with an option to keep a boat in water at one
Insurance companies definitely don't just insure yachts allowing them to stay for hurricanes crossing there fingers hoping for the best and you wouldn't believe how expensive even the policies I have mentioned above can be
This post was edited on 9/29/22 at 12:40 am
Posted on 9/29/22 at 12:45 am to Klondikekajun
quote:
I'm an advocate of requiring ALL mortgages to carry flood as they do homeowners, premiums adjusted for risk. My logic being that any structure is susceptible, perhaps from risingcreeks,flash floods, levee breaches,etc. not just coastal.
My house is paid off so I guess it doesn't matter to me but this is absurd. I cannot fathom what it would take for my house to flood as it's in a very, very high spot with no nearby creeks or streams. I know most houses prolly aren't in that situation but there's just no reason to require it for ALL structures
Posted on 9/29/22 at 12:47 am to tigerinthebueche
quote:
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 millennial commie attitude is why the country is in shambles
Posted on 9/29/22 at 2:50 am to BamaCoaster
quote:
Larger vessels and yachts, there is absolutely a haul out clause.
I would guess they’re probably hoping the yacht owner takes care of his yacht so they’re not forced to pay millions for a single yacht. Maybe thinking the yacht owner is so rich he might just say “ frick it, I ain’t worried about the boat, I’ll just buy a new one if something happens to it”. Hence, violating the haul out clause, voiding the contract.
Posted on 9/29/22 at 5:04 am to 1965tigerpaw
I’ve definitely seen requirements to move in advance of a storm. There might be distinctions for vessels that are crewed full time vs. small
Yachts w/o permanent crew, but the expectation for crewed yachts was that the vessel be moved or dry docked for a hurricane.
Yachts w/o permanent crew, but the expectation for crewed yachts was that the vessel be moved or dry docked for a hurricane.
Posted on 9/29/22 at 6:51 am to Joshjrn
NM
This post was edited on 9/29/22 at 6:53 am
Posted on 9/29/22 at 7:04 am to Spoonbilla
If I paid those frickers for insuring my boat and shite like damage from hurricanes, etc. were covered damn right . frickers took a risk and they fricking lost.....that is capitalism.
I don't get all the insurance company love.....those frickers will frick you hard in the rear and purposely go in dry. I never feel bad for an insurance company.
I don't get all the insurance company love.....those frickers will frick you hard in the rear and purposely go in dry. I never feel bad for an insurance company.
This post was edited on 9/29/22 at 7:12 am
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