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TWB
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Joined: 05/10/17
Posts: 9
Re: BVI and Insurance Companies? [Re: maytrix]
      #1748015 - 09/28/17 08:53 PM (75.60.163.199)

Quote:

maytrix said:
Personally, If our boat was there, I'd be wishing for a total loss or minor cosmetic damage. I'd hate to think of how any significant damage would impact future value.




Exactly. I was relieved when I was told my 8 1/2 month old boat was "unsalvageable."


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Deepcut
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Joined: 01/22/16
Posts: 335
Loc: Georgia & South Carolina
Re: BVI and Insurance Companies? [Re: TWB]
      #1748028 - 09/28/17 10:04 PM (96.32.194.30)

The insurance companies frequently use "Re-Insurance" to spread the losses and thereby the increased business viability.

Some the boats have depreciated values. Some are new(<1 year), and agreed upon value at or near purchase price.
My boat had a 4% deductible for named storm (double the baseline deductible).

Still awaiting surveyor's full report (the less than totaled usually take more time than the obviously totaled yachts)

--------------------
Wes
s/v Sea Tiger (Lagoon 42)


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CGB
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Joined: 03/22/13
Posts: 345
Loc: now - or when ?
Re: BVI and Insurance Companies? [Re: Deepcut]
      #1748099 - 09/29/17 12:53 PM (70.49.187.173)

Will be curious to see how "fair" insurance companies are in dealing with losses

The "good hands" commercial of past years... isn't always how the various companies treat policyholders
But - can hope for the best


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NCSailor
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Joined: 12/26/07
Posts: 1634
Loc: Charlotte, NC
Re: BVI and Insurance Companies? [Re: CGB]
      #1748116 - 09/29/17 02:33 PM (173.221.237.132)

I work in the insurance business on behalf of policyholders. The insurance market will not go under from these two events. Far from it. They will use the losses from Irma and Maria as an excuse to raise rates and eventually they will profit from the storms. As far as paying claims the total loss vessels will be paid at hull value per the contract less the deductible. In some cases the deductible is 10% so be prepared to come out of pocket that amount.
On damaged vessels the surveyors hired by the insurers will come with an estimate of damages. They will attempt to settle the claim based on that estimate regardless of market conditions or the availability of qualified repair yards in the Leewards. To get a damaged BVI yacht repaired it will need to be transported down island or to the US. Or you can wait 2-3 years for a slot to open in the VIs.
If you have a damaged boat in the VI push to have it totaled then negotiate to buy back the salvage. The boat is likely worth more to you than the insurer so there are opportunities to be had that benefit both sides.
Insurance is a for profit business. Lloyds members have not gotten rich over the past 400 years by paying claims quickly or by settling at fair numbers.
Good Luck.


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CGB
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Joined: 03/22/13
Posts: 345
Loc: now - or when ?
Re: BVI and Insurance Companies? [Re: NCSailor]
      #1748119 - 09/29/17 02:46 PM (70.49.187.173)

NC - nicely said

To all... keep in mind that the Inse Co's are not your friend today... regardless of what you want to believe

It's business...
keep that in mind
100% of the time


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Maria_and_Steve
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Joined: 03/08/01
Posts: 968
Loc: Colorado and Sailing the World
Re: BVI and Insurance Companies? [Re: CGB]
      #1748125 - 09/29/17 03:19 PM (71.218.233.166)

Great comments NCSailor and CGB!!! Thank you for this.

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StormJib
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Joined: 11/30/14
Posts: 1036
Re: BVI and Insurance Companies? [Re: Maria_and_Steve]
      #1748128 - 09/29/17 03:35 PM (165.225.38.81)

For at least Irma the reinsurers were open and writing reinsurance and secondary coverage to primary underwriters who thought they may have a risk of overexposure to the path and level or threat. As long as the primary underwriter was liquid before the storm there is no reason why any of the underwriters should be at risk of insolvency from Irma. No one in the financial markets or banking it talking about underwriters not covering insured claims.

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burge
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Joined: 10/04/11
Posts: 61
Re: BVI and Insurance Companies? [Re: Maria_and_Steve]
      #1748131 - 09/29/17 03:45 PM (71.62.222.93)

Couple added thoughts observations. Say you are in a guaranteed revenue program and your boat is 1/2 loss. The charter Co has to still pay you revenue, have the boat repaired ( like a phase out ++) and they do not have a boat to rent. Meanwhile you still have owners privileges on other boats and then end you have a "damaged good " to - keep, sell, or trade... In this case, I am thinking there will be more totaled boats as possible from the charter co perspective.

Second thought/opportunity-If someone that is reputable and reliable could make a good living if they arranged for owners that buy the salvages to barge a whole load of them down Island and be repaired under the watchful eye of said person. It would offer some compensation to this person as well as jobs to locals and hopefully end up with the previous owner a good boat at a fair price or put more boat back in the used market. I realize this may be wishful thinking but I am guessing there is someone out there with this kind of knowledge and connections to make it happen.

This is definitely "one for the books"


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Maria_and_Steve
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Joined: 03/08/01
Posts: 968
Loc: Colorado and Sailing the World
Re: BVI and Insurance Companies? [Re: burge]
      #1748145 - 09/29/17 05:19 PM (71.218.233.166)

"salvages to barge a whole load of them down Island and be repaired" - That won't work.

The facilities down island cannot compare with Florida and the parts availability down island is very poor. The best thing to do is bring them to the States where they can be easily repaired and then brought back to the Caribbean.


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CGB
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Joined: 03/22/13
Posts: 345
Loc: now - or when ?
Re: BVI and Insurance Companies? [Re: Maria_and_Steve]
      #1748147 - 09/29/17 05:34 PM (70.49.187.173)

I imagine... from the insurer's perspective....
Ditch'em... pay off best'minimum.... and close the file

Tortola does not/ will not... have the manpower to deal with volume
And... moving hulks... only some other entrepreneur... might have a concept
btw... count me in... for the thinking... participation if it makes sense


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