RANT - Insurance

[Capt. Rick]

So I get my renewal policy from my insurance company in the mail with the little yellow note attached like they always do. The note says to carefully check your coverages for any changes and to notify them if there are any issues. ISSUE.... They dropped the Hurricane Haul out coverage. That coverage used to pay for half of what it would cost for a haul out if an impending Tropical Store or Hurricane was forecasted. Yes, alot of guys put in claims for Irene including me. But for the previous 10 years of more, there were no haul outs for Storms that I can recall. What a bunch of BS, really riles me.... will be on the phone on Monday, but expect a take it or leave it attidude or an additional cost not worth doing..I Love insuranc companies, a necessary evil I suppose... end of rant.

[EC NEWELLMAN]

the squeaky wheel that gets the grease."

On the to do list next Monday morning.....

I would venture to say if you complain, some accommodation and adjustment in the policy will be made.

[fetchdup]

The insurance business is great. You get to make huge profits in the risk business, while assuming no risk what so ever. This is why Warren Buffet's Berkshire Hathaway group owns so many insurance companies. By the way , when your insurance company screws you it's because the wonderful state of New York lets them. The state insurance board in N.Y is owned ,bought and payed for by the insurance companies.

[MisterX]

Sorry to hear that Rick. I guess they would rather you leave the boat in the water and pay for a total loss than have you secure it on land.

Hopefully we wont have a big storm for anonther 10 years!

[EC NEWELLMAN]

The state insurance board in N.Y is owned ,bought and payed for by the insurance companies.

The first thing they teach you when your in the insurance business:

"Profits over Policy Holders"

As for Mr 'Boob-feeh"...............

He became a 1%er by buying into one of the most profitable industries in the word....the insurance business.

Interesting article that recently came out, but gives you a little idea on how he feels about the 'little guy.'

Warren Buffett, the former hedge fund manager who built Berkshire Hathaway Inc. into a $195 billion company by gaining leverage through insurance premiums, said this traditional source of new funds is drying up.

Warren Buffett’s Insurance Growth Engine May Stall

As for New York State, look no further then maybe the shrewdest politician in the country, Shelly Silver up in Albany and his links to the insurance industry.

What can one say other then they are die-hard DEMOCRATS!

[Capt Richie]

WOW I guess i have to check mine....I did pull the boat last year...


Let's see how they do with my running gear...I'm looking at 10K in damage

[Hawkboat]

A-Typical..they had to pay out of that particular account.

You should see the insurance down here.

One of the main reasons they now name tropical storms is so that kicks in our hurricane insurance whic has totally differnt deducatble

I just had wind mitigation done, saved me a TON! almost 40%

[Capt. Rick]

UPDATE, looks like i got riled up for no reason, after calling up my insurance company, the Hurricane
Haulout coverage IS still included, just not in the p/w they sent me.... they will split the haulout cost
up to 1,000 per incident up to 2,000 per season. I feel better now

[peterk814]

Hey rick-

What insurance company do you use for your charter boat and/or business?

[Capt. Rick]

Peter, I am using Mott Agency to handle my Charter Boat Policy.... Just want to make this clear, it was my mistake on the issue I ranted about here. Mott has been nothing but good, I got money back on the haul out and also last year when I got nailed for a tow in from offshore....