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Armand28
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Joined: 08/22/05
Posts: 683
Loc: Roswell, GA
Re: Protecting charter boats? [Re: StormJib]
      #1743230 - 09/06/17 07:03 PM (99.114.96.176)

I was watching Foxy's cam until it got really wet then shut off. It was the last working cam in the area, and showed some of the workers getting ready. I really hope they are all ok.

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GlennAModerator
Moderator


Joined: 04/06/04
Posts: 10846
Loc: Macon, Georgia
Re: Protecting charter boats? [Re: StormJib]
      #1743308 - 09/06/17 10:51 PM (70.177.22.163)

StormJib, have you seen the pictures of Paraquita Bay and the Moorings docks??? Not much of that mess is going to buff out any time soon. Most of the buffing is gonna be with insurance adjusters.

It is doubtful that Moorings/Sunsail would have more than a couple dozen boats available by Thanksgiving.

--------------------
Travel is fatal to prejudice, bigotry, and narrow-mindedness, and many of our people need it sorely on these accounts. - Mark Twain


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sailaway42
Traveler


Joined: 12/26/08
Posts: 1318
Re: Protecting charter boats? [Re: onlymedication]
      #1743321 - 09/06/17 11:37 PM (173.3.82.12)

Here is what we did to do our best to protect Catatonic: https://www.facebook.com/dadelo/videos/10213573873199054/

--------------------
S/Y Catatonic
yachtcatatonic@mac.com
http://www.yachtcatatonic.com
http://www.facebook.com/yachtcatatonic


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Christo
Traveler


Joined: 01/04/17
Posts: 46
Loc: UK
Re: Protecting charter boats? [Re: sailaway42]
      #1743349 - 09/07/17 05:03 AM (81.157.86.113)

We received this from Sunsail / Moorings this morning:

"We have suspended charters until mid-September for the moment while we assess the damage.

We will be contacting customers who’s charter have been affected in due course, however we remain hopeful that your charter in January will be unaffected."


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GeorgeC1
Traveler


Joined: 04/24/02
Posts: 4754
Loc: GA/NC
Re: Protecting charter boats? [Re: Christo]
      #1743390 - 09/07/17 08:42 AM (108.213.0.118)

I suspect the Moorings will be able to Salvage about half the boats and have them in charter by 15 Dec. They will also pull boats from other bases to the BVI. It will however take years for the industry to recover. That will be devasting to local employment.
G


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maytrix
Traveler


Joined: 09/18/10
Posts: 5427
Loc: Massachusetts
Re: Protecting charter boats? [Re: GeorgeC1]
      #1743395 - 09/07/17 08:49 AM (76.19.126.165)

I'm sure insurance also won't just want to total them all either, so that makes sense. If they aren't sunk or have serious structural damage, they probably can be repaired.

I wonder what Moorings did with their 58's? That's a lot of money and a lot of windage..

--------------------
Matt


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EllenS
Traveler


Joined: 10/10/05
Posts: 237
Loc: Lake Norman, NC
Re: Protecting charter boats? [Re: maytrix]
      #1743411 - 09/07/17 09:06 AM (174.108.54.67)

I'll be able to give you our personal experience as we are waiting to hear about our boat. Seems like it is going to be a really long process.

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maytrix
Traveler


Joined: 09/18/10
Posts: 5427
Loc: Massachusetts
Re: Protecting charter boats? [Re: EllenS]
      #1743424 - 09/07/17 09:33 AM (76.19.126.165)

Quote:

EllenS said:
I'll be able to give you our personal experience as we are waiting to hear about our boat. Seems like it is going to be a really long process.




Closest we've come to dealing with something like this was after Hurricane Irene, we lost a house we had bought 3 months earlier in Vermont. Got pushed right off its foundation and filled with 3-6" of mud and structure too damaged to salvage anything so it was a total loss. Insurance first gave an estimate of 60-70% of the value since flood insurance is based on depreciated value.. Since we had only bought it 3 months earlier, we argued it hadn't depreciated yet.. fortunately we said the right things and got full payout. Happened in August and we got paid in December I think.

I have not idea what boat insurance is like, but hopefully it would be similar, although my initial feeling is it is probably a bit more drawn out.

--------------------
Matt


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StormJib
Traveler


Joined: 11/30/14
Posts: 1036
Re: Protecting charter boats? [Re: EllenS]
      #1743458 - 09/07/17 10:48 AM (199.168.151.165)

Quote:

EllenS said:
I'll be able to give you our personal experience as we are waiting to hear about our boat. Seems like it is going to be a really long process.




The banks likely will not wait or want to wait. The long standard industry process is for the underwriters and/or the bank to put a professional marine surveyor on the boat. That surveyor will document the damage and loss in very short order. The best practice but not required is for the owner(s) to put their own independent surveyor on the boat.

No two marine insurance policies are created equal. The variables are too long to list and are generally even more complicated in a named storm.

One worse case, is the bank and underwriter determine the hull is totaled or beyond practical repair with an insurance payment capable off paying of the loan but little or nothing more wiping out any owner's down payment, equity, or perceived equity. In almost every case of severe damage the finance partner will be focused on getting the loan paid off before the loan is delinquent and the moment they have a surveyors report that declares the collateral worthless or compromised.

Anything that takes more than buffing out will be very expensive on a good day in islands. Boats in a non assembly line are very, very expensive to fix.

Any experienced professional marine surveyor should be able to easily explain the marine industry practices here. Maybe on first step is to determine if the charter operator has already engaged independent professional survey resources on your behalf. Does the person writing the report(s) work for the owner, operator, finance partner, or underwriter? History shows at this point the bank always gets paid first.

Edited by StormJib (09/07/17 12:12 PM)


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EllenS
Traveler


Joined: 10/10/05
Posts: 237
Loc: Lake Norman, NC
Re: Protecting charter boats? [Re: StormJib]
      #1743472 - 09/07/17 11:20 AM (98.101.85.2)

Thanks for the info. Good questions to ask whenever we can get through.

Our minimum plan is to go down if we are not totaled to see for ourselves. Now I have a better idea of what's to come.

Thanks,
Ellen


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