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NCSailor
Traveler


Joined: 12/26/07
Posts: 1653
Loc: Charlotte, NC
Re: BVI and Insurance Companies? [Re: CGB]
      #1748151 - 09/29/17 06:29 PM (70.196.142.43)

As I said above. The salvage value from an insurer perspective and an insureds perspective are different. The insurer to recover is dealing with a large number of boats in a crowded market. The owner with resources and knowledge can benefit. But don't discount repair costs. There is almost no capacity in the BVI

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cwoody
Traveler


Joined: 01/10/03
Posts: 599
Loc: Middleburg, VA
Re: BVI and Insurance Companies? [Re: NCSailor]
      #1748463 - 10/03/17 01:04 PM (64.79.49.75)

Quote:

NCSailor said:
They will use the losses from Irma and Maria as an excuse to raise rates and eventually they will profit from the storms.



So true!
When I inquired why the rate for my boat had increased every year for 6 years with out a claim from me , I was told to blame hurricane Sandy and all the other natural events the company had to settle with their clients.
Don't suspect boat rates will be going down any time soon.

--------------------
Chuck W.

BVI Pics


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cwoody
Traveler


Joined: 01/10/03
Posts: 599
Loc: Middleburg, VA
Re: BVI and Insurance Companies? [Re: cwoody]
      #1748466 - 10/03/17 02:04 PM (64.79.49.75)

Hurricane Irma and Maria's Impact on the Yachting Market

Video Recent take on storms impact on yachting market in Islands

--------------------
Chuck W.

BVI Pics


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sail445
Traveler


Joined: 07/09/08
Posts: 2152
Re: BVI and Insurance Companies? [Re: cwoody]
      #1748472 - 10/03/17 03:12 PM (107.72.162.25)

KARMA Time for the insurance companies

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CGB
Traveler


Joined: 03/22/13
Posts: 348
Loc: now - or when ?
Re: BVI and Insurance Companies? [Re: sail445]
      #1748478 - 10/03/17 03:38 PM (70.49.187.173)

sail445.... no man... you have it backwards

They are a business.... they only facilitate payment
with the vig... no different than any other bookie

it is the everyday man that will suffer... not the Co's


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BaardJ
Traveler


Joined: 05/28/04
Posts: 203
Re: BVI and Insurance Companies? [Re: CGB]
      #1748570 - 10/04/17 05:30 PM (70.194.17.198)

Based on investor confidence, there appears no need to worry about the insurance industry. Just look at mutual fund price for FidelityŽ Select Insurance Portfolio (FSPCX). It's just off its all-time high set in early August just prior to Harvey, Irma and Maria, and has recovered nearly all the price dip that occurred as these storms rolled through.

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GeorgeC1
Traveler


Joined: 04/24/02
Posts: 4764
Loc: GA/NC
Re: BVI and Insurance Companies? [Re: BaardJ]
      #1748577 - 10/04/17 06:30 PM (12.174.139.122)

It appears that there will not be payment issues on the fleet policies in the BVI. There may be issues where policies were not current on payments. I am not sure of the legalities in that situation. The big fleets have for the most part stated value policies so no real arguments over boat value.
G


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