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Old 19-10-2017, 12:15   #1
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Join Date: Sep 2017
Location: Alexandria, VA
Boat: Leopard 40 / Moorings 4000
Posts: 8
Hull Insurance Deductibles

I am doing some planning for when I take possession of my Moorings 4000 (Leopard 40) cat in a few years -- it is at another base and is completely undamaged. One of the big questions driving many considerations is the necessity to bring the boat back and forth from the Bahamas, where it is now and where we want to keep it, to someplace in the Chesapeake. While there have been may discussions on insurance premiums as a percentage of boat value (ACV, replacement cost or an agreed figure) I have not found any discussion of deductibles, especially deductibles for named storms.

My bottom line here is that while moving the boat up north may save on insurance premiums, is the reduction in premium commensurate with the costs incurred in storing the boat in a high cost / low storm risk area and getting the boat back and forth? As I see it, the missing piece of information is just how much risk am I accepting through deductibles, especially named storm deductibles, if I chose to keep the boat in the Bahamas year round vs. outside of hurricane season only.

These financial considerations are completely aside from considerations of the pleasure and enjoyment of sailing our boat back and forth, airline tickets and and the necessity to bring along more than we can put into luggage.

Thanks for the help.
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Old 19-10-2017, 12:28   #2
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Location: Port Aransas, Texas
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Re: Hull Insurance Deductibles

Quote:
Originally Posted by tmccaffery View Post
I am doing some planning for when I take possession of my Moorings 4000 (Leopard 40) cat in a few years -- it is at another base and is completely undamaged. One of the big questions driving many considerations is the necessity to bring the boat back and forth from the Bahamas, where it is now and where we want to keep it, to someplace in the Chesapeake. While there have been may discussions on insurance premiums as a percentage of boat value (ACV, replacement cost or an agreed figure) I have not found any discussion of deductibles, especially deductibles for named storms.

My bottom line here is that while moving the boat up north may save on insurance premiums, is the reduction in premium commensurate with the costs incurred in storing the boat in a high cost / low storm risk area and getting the boat back and forth? As I see it, the missing piece of information is just how much risk am I accepting through deductibles, especially named storm deductibles, if I chose to keep the boat in the Bahamas year round vs. outside of hurricane season only.

These financial considerations are completely aside from considerations of the pleasure and enjoyment of sailing our boat back and forth, airline tickets and and the necessity to bring along more than we can put into luggage.

Thanks for the help.
Ask your insurance agent to give you two quotes.
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Old 19-10-2017, 14:42   #3
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Location: St. Petersburg, Florida
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Posts: 332
Re: Hull Insurance Deductibles

Insurance is a dicey subject after Irma and Maria. Many insurers are now insisting that written "hurricane plans" for dry haul out be included as part of the insurance contract. The problem is that specifying the (forecast) sustained wind speeds at which we agree to have our vessels hauled onto the hard limits our decision making as owners. NOAA routinely forecasts higher winds than are ultimately experienced (that's my observation as a Gulf resident and sailor, you don't have to agree). What point of a storm's approach, temporally or distance-wise, will be the legal definition of "forecast sustained winds" for a given location? As a hurricane moves north, it tends to be diminished by intermittent landfalls, so I'm just asking at what point in time do we define what the "official forecast sustained winds" for a given area are? Also, topographic features of mooring sites vary greatly. Land-sheltered moorings, for example, can sustain higher winds without damage than those protected by a mere coastal sea wall; should the same wind speeds apply to both policy locations? Lastly, if Irma's destruction of St. Maarten taught us anything, it's that you can do all the right things, land-anchoring your vessel on the hard, and still lose it.

If I agree to dry haul my vessel at some arbitrary (predicted) wind speed and nebulous point of storm approach, I am rendering myself uninsured if my experience at the moment tells me to choose another course, or if for some reason I am unable to HAVE my vessel hauled (marina demand/capacity, etc.). Insurers seem to want hear that you'll dry haul your vessel if forecast sustained winds are 70 mph or above; but no one I know here on the Gulf Coast of Florida hauls out for this. In fact, local opinion holds that any storm with forecast winds of below 100 mph is cause for a hurricane party and doubling up of dock lines, not an evacuation or haul-out. Judge that if you will, but that's the local wisdom, born of many years of experience. I really don't want to be put in a position of hauling out one or two times a year for the sake of minimizing the insurers' claims experience. I'm gravitating more toward buying a policy that won't restrict my options, even if the premiums are higher. The market may be changing as a result of recent claims experience to where all insurers will require a stated haul-out plan at a given sustained wind speed. What are your thoughts?
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Old 19-10-2017, 15:37   #4
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Re: Hull Insurance Deductibles

The only thing I can tell you was I was talking to the captain of 80' yacht the other day they move the yacht out of FL every year for Hurricane season (in this case SC) and he says insurance is the driving reason.
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