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Insurance companies will look at capsizes vers claims. Cats hd more capsizes but lower value of claims. Tris have less capsizes but higer value of claims (offset by multi million claim for groupama). Insurance is a managed risk game. Tri's are more financial risk so harder to insure. It is simple.

 

Perhaps cat sailors are more resourceful and can deal with a capsize without having to claim on insurance! :twisted:

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Insurance companies will look at capsizes vers claims. Cats hd more capsizes but lower value of claims. Tris have less capsizes but higer value of claims (offset by multi million claim for groupama). Insurance is a managed risk game. Tri's are more financial risk so harder to insure. It is simple.

Dam It Sendit are you going into politics or law? I had to read that twice to figure out the hidden message.

Just filled out the application forms: " have you had a recent claim YES / NO."

"Details_________ ." Now I'm sorry guys but that line was barely big enough to write " Lost Mast" I'm sure they will come back at some later date and say that I didn't supply enough information, I can't write that small....

 

ANYWAY WE PUT A NEW SHINNY BIT UP TODAY (long may it stand)

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Surely insurance would depend upon how seaworthy and how suitably equipped a vessel is. Stability would be vital, surely.

 

Eric Taberlay once told me, but with a French accent:

 

"There is nothing more stable than a trimaran,

and a FULLY RIGGED UPSIDE DOWN one is best".

 

Such is the wisdom of vast experience.

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my february start line fender bender cost >$3k for professional repair + >$6k to the other boat and cost me only the $500 excess. The damage to cubic turned out to be pretty superficial thanks to the bobstay taking most of the impact. Doesnt take much for it to add up so anybody would be mad to race without insurance unless they had deep pockets. It seems the key to tri insurance with clubmarine is a trailer and locked gate otherwise they wouldnt insure it, so does that mean road transport is safer than a mooring??

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Tower have insured us - or at least part of us (up to $10k) for $30 / month including racing - all I had to do was insure my contents with them to, and move the boat from Shoal Bay to a pole mooring in Westhaven. Don't know if this is useful but hope it helps.

 

JM

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hahahahahahahahahahahaha

 

dont expect them to pay out without a sh*t load of arguing, pointing, threatening and persistance.

 

they are the worst insurance company i have ever had to deal with.

 

Their policy wording was incorrect and they had know idea what our boat actually was or the risk involved.

 

racing excess was $100. !!!!

 

sounded too good to be true.

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hahahahahahahahahahahaha

 

dont expect them to pay out without a sh*t load of arguing, pointing, threatening and persistance.

 

they are the worst insurance company i have ever had to deal with.

 

Their policy wording was incorrect and they had know idea what our boat actually was or the risk involved.

 

racing excess was $100. !!!!

 

sounded too good to be true.

 

Absolutley true, if you want cheap, don't bitch when it all turns to custard.

If you have say a 100 k yacht that you race and you cant afford say a $800 premium, then you are never in a million years goning to be able to pay any sort of major claim.

 

You always get what you pay for. Your boat is a huge investment don't scrimp on the cover it will only end in tears

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hahahahahahahahahahahaha

 

dont expect them to pay out without a sh*t load of arguing, pointing, threatening and persistance.

 

they are the worst insurance company i have ever had to deal with.

 

Their policy wording was incorrect and they had know idea what our boat actually was or the risk involved.

 

racing excess was $100. !!!!

 

sounded too good to be true.

 

Absolutley true, if you want cheap, don't bitch when it all turns to custard.

If you have say a 100 k yacht that you race and you cant afford say a $800 premium, then you are never in a million years goning to be able to pay any sort of major claim.

 

You always get what you pay for. Your boat is a huge investment don't scrimp on the cover it will only end in tears

 

Well said 3021,

 

Can I try out my sea flea cannon on your FF? See if can punch a whole through the keel, make you a multi hull with a lopped off hull :clap: :clap:

 

One of the more interesting dive spots out of taka! :twisted:

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Well said 3021,

 

Can I try out my sea flea cannon on your FF? See if can punch a whole through the keel, make you a multi hull with a lopped off hull :clap: :clap:

 

One of the more interesting dive spots out of taka! :twisted:

 

I dunno, phone Aaron from Mariner and ask him if intentional damage by a Crew.org member is covered. Apart from that you will have to get close first :lol: :lol:

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Well said 3021,

 

Can I try out my sea flea cannon on your FF? See if can punch a whole through the keel, make you a multi hull with a lopped off hull :clap: :clap:

 

One of the more interesting dive spots out of taka! :twisted:

 

I dunno, phone Aaron from Mariner and ask him if intentional damage by a Crew.org member is covered. Apart from that you will have to get close first :lol: :lol:

 

Won't that look amusing on the claim for Third Parties Involved - Flying Pom...

 

I'm going with the excuse of that thug of dumb sh*t who shot his missis in tha face on the news and got 3 years jail - "uh didn't know it was loaded" :lol: :lol: :clap:

 

OR

 

Umm I was making some holes for 3021's electric motor...so he can eat his sandwiches while playing catch-up :thumbup:

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Iguess this is why they don't insur tri's Pic care of sailing anarchy

 

I'd be Interested to know what one these "flips" actually cost the insurance companies - apart from Silveraider (gone) - the last few flips - frantic, deeds? - one on auck-Tauranga cant remember who - would the claims be any greater than the average T-bone type collision that happen fairly regularly? Two boats and typically one with pretty major hull damage?

 

For a multi flip: Motors need flushed, some towing?? - biggie is rig staying together I guess. Any thoughts on those who have been through the process?

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You got rocks in your head if you think a flip don't cost much!! To tow silver raider from bottom of Waiheke to pine harbour 10k. plus broken mast plus new outbord plus new chartplotter and instruments. :eh:

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You got rocks in your head if you think a flip don't cost much!! To tow silver raider from bottom of Waiheke to pine harbour 10k. plus broken mast plus new outbord plus new chartplotter and instruments. :eh:

 

Was more a question than a statement - so save the rocks... type statements please, and even if it was in the region of 30K?? - I'm pretty sure there would be a few mono fender-benders that would have cost in that region. One collision I observed left a Y88 on the bottom of the ocean for a day or so which must have cost significant cash to recover.

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The other point from an insurance point of view is the ratio of mono's insured vs the number involved in T-bones. It would probably have to occur more than once a day, 365 days a year to be comparable.

As we all know 90% of yachts never leave their berth, but are still fully insured. This pool of money is funding the claims made against them.

The difference with racing multis is that a far greater % are out there racing hard, and at risk of the unthinkable occuring. Insurance companies know this too.

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is there really a greater percentage of multi's racing? -sure there are more monos sitting unused in actual numbers but surely the percentage is about the same?

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Can you insure a car for Car racing ?

 

I don't think so.

 

And your family saloon ain't insured if you give it a spin at the drags open day.

 

in that case the "pool of money' from all cars insured could cover the Race cars but instead due to the competition in Car insurance the Insurance Co's just put a blanket ban on racing.

 

Fraid to say the Marine Industry will end up going the same way.

 

There'll be, on your mooring and out of trouble insurance, and every one will get that.

 

Then there'll be, so u want to use your boat but are a low risk user, and every one will get that.

 

Then there'll be full race cover, and in 20 years no one will even have a clue what you are talking about. "The "pool of money" from the rest simply doesn't cover the massive and outrageous claims that have been put in ,in the past.

The risks of all yacht racing are higher than all other uses combined. I think this also covers blue water cruising Insurance as well.

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I'd agree with that Tim.

(opps post edit - I meant tim mcmurph - not timberwolf who beat me by a nano second)

 

However I think if you look at it objectively then its probably not too hard to understand why multis are getting so hard to insure. The insurance industry players are primarily private enterprises - that is their 1st responsibility is to their shareholders, 2nd is their staff and third is their customers/clients. They are there to make money, they are generally in a competitive environment and they know more than anyone else exactly how much it costs to sort out boating damage/accidents because that is how they make their money. It is now difficult to get 'good quality cover' because the insurance companies just cannot make any money out of it. Internationally they probably loose out.

 

I'd also argue that there is a 'higher risk' of damage in a racing multihull fleet compared to a mono fleet simply because of the added risk of capsise. Arguably the primary cause of damage in a mono fleet is collision where most damage is on the outside. Aguably this risk is more or less the same in both fleets (we can argue about sailing ability etc till the cows come home on that). However when you facter the odd turtle (which generally destroys the fitout as well as possibly the stick, hoisted sails, standing rigging, boom and much higher salvage costs of towing an upside down lemon) is it surprising we're in this situation?

 

We could try and get someone along to the club from the industry to talk about this . . . would anyone care enough to show up?

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Surprisingly I have keelrs racing more, around 13.5% doing five or more races in the last two years vs multis at 8.5%

is there really a greater percentage of multi's racing? -sure there are more monos sitting unused in actual numbers but surely the percentage is about the same?
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