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Re: Insurance
[Re: Roger]
#114370
12/12/2016 07:05 PM
12/12/2016 07:05 PM
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Joined: Nov 2014
Posts: 1,049
StormJib
Traveler
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Traveler
Joined: Nov 2014
Posts: 1,049
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Welcome to the rest of the world. Once you leave the most competitive markets. We usually pay $5000 cash or wired well in advance that is not returned until 14 days after the charter.
In very general terms. The better the boat and the stronger the charter operator. The larger the damage deposit to ensure the boats are returned in the same or even better condition than they left the dock.
Last edited by StormJib; 12/12/2016 07:07 PM.
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Re: Insurance
[Re: Roger]
#114372
12/12/2016 08:44 PM
12/12/2016 08:44 PM
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Joined: Jul 2012
Posts: 559 Apex, NC
agrimsrud
Traveler
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Traveler
Joined: Jul 2012
Posts: 559
Apex, NC
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I think you should give them a call and double check if you have that right. I paid $40 for the boat plus $10 for the dingy just a few months ago.
Life's short - sail more!
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Re: Insurance
[Re: agrimsrud]
#114373
12/12/2016 08:58 PM
12/12/2016 08:58 PM
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Joined: Feb 2002
Posts: 925 Michigan
rhans
Traveler
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Traveler
Joined: Feb 2002
Posts: 925
Michigan
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agrimsrud said: I think you should give them a call and double check if you have that right. I paid $40 for the boat plus $10 for the dingy just a few months ago. Just paid 75.00 pd total for a boat called "Dream Machine" <img src="http://www.traveltalkonline.com/forums/images/graemlins/Grin.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/Grin.gif" alt="" />
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Re: Insurance
[Re: rhans]
#114375
12/12/2016 11:29 PM
12/12/2016 11:29 PM
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Joined: Jul 2012
Posts: 559 Apex, NC
agrimsrud
Traveler
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Traveler
Joined: Jul 2012
Posts: 559
Apex, NC
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rhans said: Just paid 75.00 pd total for a boat called "Dream Machine" <img src="http://www.traveltalkonline.com/forums/images/graemlins/Grin.gif" alt="" /> <img src="http://www.traveltalkonline.com/forums/images/graemlins/Grin.gif" alt="" /> Rick, Lol. When are you heading down to visit my sweet heart? I'm heading the wrong direction - have to visit Detroit on Thursday. I'm going to have to find my winter coat. I'd much rather be sailing for sure. OP - sorry... The 45 Beneteau "Dream Machine" at CYOA is indeed my boat. She's lovely. I had her stable mate "Day One" out in June. She is nice as well. I am required to pay insurance on boats that are owned by others but unless the gray matter has completely failed me I'm sure the insurance rate was not what you are indicating. Accordingly, I highly encourage you to ping CYOA reservations and have a conversation with the lovely and competent Kirsten. I'm afraid I'm not much help. You would think I would know the answer to this but I do not.
Life's short - sail more!
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Re: Insurance
[Re: agrimsrud]
#114376
12/12/2016 11:54 PM
12/12/2016 11:54 PM
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Joined: Apr 2002
Posts: 7,105 GA/NC
GeorgeC1
Traveler
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Traveler
Joined: Apr 2002
Posts: 7,105
GA/NC
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Keep in mind you are not really buying insurance when paying the insurance fee. All charter boats are insured generally to a 5000 dollar deductible. The insurance tacked on by the charter companies buys down that 5000 dollar deductible to around 800 dollars depending on the company. There is no actual insurance being purchased and the charter company simply pockets the money. They know that most damage is Dock rash and under 800 or something big that's well over 5000. They also often get the repairs done for considerably less then is quoted. Many charter companies will allow you as posted earlier to put a 5000 dollar deposit down instead of purchasing the gap insurance. Paying 500 dollars to protect a max loss of 4200 dollars is not a good buy. I always due the deposit given the option. The size or cost of the boat should have no impact on what is charged if you do take the insurance because you are only covering the gap from 5000 to 800 however some companies use a scale based on boat size for more profit. G
Last edited by GeorgeC1; 12/12/2016 11:57 PM.
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Re: Insurance
[Re: GeorgeC1]
#114377
12/13/2016 12:25 AM
12/13/2016 12:25 AM
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Joined: Mar 2012
Posts: 847 Redmond, WA
MrEZgoin
Traveler
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Traveler
Joined: Mar 2012
Posts: 847
Redmond, WA
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Agree with previous post - I have never purchased the extra insurance, except in two instances when it was included in the flotilla fee.
M4000 "Lio Kai"
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Re: Insurance
[Re: MrEZgoin]
#114378
12/13/2016 09:48 AM
12/13/2016 09:48 AM
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Joined: Apr 2002
Posts: 7,105 GA/NC
GeorgeC1
Traveler
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Traveler
Joined: Apr 2002
Posts: 7,105
GA/NC
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MrEZgoin said: Agree with previous post - I have never purchased the extra insurance, except in two instances when it was included in the flotilla fee. It's a huge profit center for the charter companies and the don't have to share it with the boat owner.
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Re: Insurance
[Re: Roger]
#114381
12/13/2016 04:37 PM
12/13/2016 04:37 PM
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Joined: Apr 2013
Posts: 381
dayhiker
Traveler
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Traveler
Joined: Apr 2013
Posts: 381
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Roger said: Has anyone else noticed that CYOA mandatory insurance has sky rocketed. For example, for a Benereau 45 it is $100 per night with a $3,000 deductible. Seems rather high compared to other companies. This past summer I got a quote from them and their insurance was something like 3x what the others required. I kept on looking.
Last edited by dayhiker; 12/13/2016 04:38 PM.
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Re: Insurance
[Re: Roger]
#114382
12/13/2016 06:29 PM
12/13/2016 06:29 PM
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Joined: Apr 2002
Posts: 7,105 GA/NC
GeorgeC1
Traveler
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Traveler
Joined: Apr 2002
Posts: 7,105
GA/NC
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Roger said: I agree. I have confirmed that CYOA is indeed $100 per night with a deductible that varies with the boat. The one I'm looking at has a $3000 deductible. For a 10 day charter this would be $1000 and you are still on the hook for up to $3000. I have no problem if I mess up and cause some damage that I am responsible for it. However for a $1000 mandatory "insurance, I am not getting much relief. I have chartered many times in the BVIs but this seems to be out of line with other companies. I wonder if this is a new trend or just an one off. I wonder if this will affect CYOA business. I would double check with them since that seems really high. The boat more then likely has a charter policy with a 5000 deductible. To charge 1000 to buy the deductible down 2000 is pretty extreme.
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Re: Insurance
[Re: Roger]
#114386
12/13/2016 11:32 PM
12/13/2016 11:32 PM
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Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
Traveler
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Traveler
Joined: Sep 2010
Posts: 5,720
Massachusetts
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Is there any option to not pay the insurance and just have a higher deductible? This is what we always did in Moorings - never paid the daily insurance rate, just had a deductible that (if I recall correctly) was 1% of hull value. As owners, with all the times we went, it ended up being a decent savings since we never had to pay any deductible as we brought the boats back in the same or better condition then when we left.
Matt
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Re: Insurance
[Re: GeorgeC1]
#114387
12/14/2016 06:39 AM
12/14/2016 06:39 AM
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Joined: Jan 2007
Posts: 1,277 Saint Thomas, USVI
CaptainJay
Traveler
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Traveler
Joined: Jan 2007
Posts: 1,277
Saint Thomas, USVI
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I am posting this response from John under my account as he is having difficulties logging into the CYOA Account.
Hello Everyone,
CYOA’s fleet insurance policy has a 2% deductible for hull loss. We currently offer vessels with deductibles that range from $4,110 to $22,000. Additionally our deductible on tender and outboard loss is 100%.
In January 2016 CYOA changed the pricing of our deductible buy down program, known by us as DRA (Deductible Reduction Agreement) to more accurately reflect the risk we take on each client’s behalf for a given vessel. The nightly fees range from $50 to $100 with a maximum risk on hull loss that varies by boat from $2,000 to $6,000.
As others have written, charterers are responsible, for “uninsured amounts” and deductibles are considered “uninsured amounts”. Most clients appreciate the protection this affords them in the event of a grounding or collision.
It is a profit center and it allows smaller companies like CYOA, without the financial wherewithal of publicly traded companies, to both attract owners with expensive new yachts and allows us to offer million dollar yachts for charter with risks that are affordable for the client. And, contrary to what has been written by others, it is shared regularly with boat owners by way of paying for client caused damage without asking the boat owner to do so. Our boat owners, without whom we would have no business, are happy with this arrangement.
For questions about the DRA fee for a specific boat please contact our reservation office.
John Jacob
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