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BVI and Insurance Companies?
#145077
09/28/2017 02:04 PM
09/28/2017 02:04 PM
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Joined: Jan 2003
Posts: 972 Middleburg, VA
cwoody
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Traveler
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OP
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Joined: Jan 2003
Posts: 972
Middleburg, VA
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Any body have any idea what % of hurricane damage is/will be covered by insurance. We had a major hail storm locally a couple of years ago (not to be compared to a hurricane) but millions of $$ of damage to houses and autos none the less. All though it took some time, there are a lot of folks in new cars, and a lot of houses with new roofs and paint thanks to the influx of insurance dollars. Don't know if the same will happen in the US/BVI but might be a small consolidation at the end of what looks to be a long dark tunnel. Unless you work for the insurance companies...
Chuck W.
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Re: BVI and Insurance Companies?
[Re: CGB]
#145080
09/28/2017 06:25 PM
09/28/2017 06:25 PM
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Joined: Apr 2002
Posts: 7,155 GA/NC
GeorgeC1
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Traveler
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Posts: 7,155
GA/NC
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On the charter boat side insurance policies are from all over. Voyage a few years ago used a company in South Africa. I suspect they still do the same. Moorings underwrites through Lloyds. There were some smaller companies using a local company. The average value of a charter boat payout I suspect will be closer to 200,000.00 if totaled, less if repaired. I don't see how a company can just refuse to pay. They would cease to be a insurance company at that point. They could however fail which could be a nightmare for those of us who own boats. If a specific charter companies insurance fails I see know way the associated charter company would not fail so they have a vested interest. One thing that will be interesting is how many owners choose to invest the insurance money in a new boat verses taking the money and running!
Last edited by GeorgeC1; 09/28/2017 06:28 PM.
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Re: BVI and Insurance Companies?
[Re: CGB]
#145085
09/28/2017 08:33 PM
09/28/2017 08:33 PM
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Joined: May 2017
Posts: 27
TWB
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Traveler
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Posts: 27
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I've spoken with my insurer. My policy is underwritten by Lloyd's. It is a stated value policy. So no depreciation. I have a 4% deductible for "windstorms" and a $250 deductible on my personal property. So with the deductibles I won't be whole, but I will be OK. Much better than the people who live down there.
Last edited by TWB; 09/28/2017 09:21 PM.
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Re: BVI and Insurance Companies?
[Re: GeorgeC1]
#145086
09/28/2017 08:41 PM
09/28/2017 08:41 PM
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Joined: Sep 2010
Posts: 5,720 Massachusetts
maytrix
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Traveler
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Posts: 5,720
Massachusetts
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GeorgeC1 said:One thing that will be interesting is how many owners choose to invest the insurance money in a new boat verses taking the money and running! I think this will greatly depend on how many come out whole. I believe with a new boat, insured value is the purchase price, so presumably they could take that money, pay off the loan and still have enough for a new down payment? I think with Moorings it might be 100% the first 2 years, so someone close to 2 years in probably is in the best possible position if a total loss? 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.
Matt
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Re: BVI and Insurance Companies?
[Re: maytrix]
#145087
09/28/2017 08:53 PM
09/28/2017 08:53 PM
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Joined: May 2017
Posts: 27
TWB
Traveler
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Traveler
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Posts: 27
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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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Re: BVI and Insurance Companies?
[Re: NCSailor]
#145098
10/03/2017 01:04 PM
10/03/2017 01:04 PM
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Joined: Jan 2003
Posts: 972 Middleburg, VA
cwoody
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Posts: 972
Middleburg, VA
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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.
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