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Old 10-06-2016, 08:32   #16
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Re: Underwriter wants invoices -Port Risk

You know, there are several mutual insurance companies in existence. They were formed by associations of individuals who'd experienced similar difficulties as described here.

The fundamental concept behind it is, enough individuals with a large enough collective net worth contract together to put money into an escrow-type account to mutually insure against one another's risk. What gets used in claims payout each month/year becomes the actual individual cost of the insurance policy. What isn't paid out is either retained for future claims or rebated to the individuals, depending on the amount and the agreement in place. This eliminates the middle man and any profit motive, as the company thus formed is merely a co-operative enterprise. Theoretically makes it cheaper for everyone. It usually works for a period of time until the enterprise grows large enough for bilkers to gain control of the operation. They then find ways to siphon money off into their own pockets.

Anybody out there with an entrepreneurial background willing to set one up for cruisers?

JK
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Old 10-06-2016, 09:33   #17
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Re: Underwriter wants invoices -Port Risk

An insurance broker and close friend explained life insurance to me very simply... the insurance company is betting you are going to live and the insured is betting he/she is going to die. Extrapolating that to boat insurance, the company is betting you are going to stay afloat and you are betting you will sink! Phil
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Old 10-06-2016, 09:56   #18
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Re: Underwriter wants invoices -Port Risk

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Originally Posted by Ann T. Cate View Post
hpeer, probably the simplest fix is to scan the invoices and e-mail them to the ins. co. On occasion, we've photocopied them and mailed them, too, return receipt requested, so you know they were delivered.

Ann
Ann ~ I think one of his problems is that he doesn't have invoices for work he has done himself. Maybe he can prepare invoices billing himself for his work?? Probably not. Insurance companies are on another planet when it comes to marine liability insurance. They generally have little experience or knowledge about non-commercial sailing craft.
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Old 10-06-2016, 14:43   #19
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Re: Underwriter wants invoices -Port Risk

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Originally Posted by Capt Phil View Post
An insurance broker and close friend explained life insurance to me very simply... the insurance company is betting you are going to live and the insured is betting he/she is going to die. Extrapolating that to boat insurance, the company is betting you are going to stay afloat and you are betting you will sink! Phil
True words. At the end of the day insurance is no more than trading in fear. I have given up on insurances less those required by law (liability). Life becomes a lot easier that way. Nothing to worry about and if things fail I need to fix them myself, but that is what sailing is about to me; taking care of things myself and not depend on others. Our forefathers didn't have insurance when they went west, did they? I don't have to pay insane companies anymore, it saves a lot of money. And If I loose my boat i'll find a way to get another one, if I have to build it myself from beer kegs and duct tape.

Stop worrying, start sailing! In the end you will die anyway, with or without insurance, guaranteed!
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Old 10-06-2016, 14:58   #20
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Re: Underwriter wants invoices -Port Risk

Years ago, we had an insurance agent speaking at our Celestial Navigating class...
His recommendation, if you're going cruising, the moment you splash the boat, write it off. Get enough insurance to pay off damages and enough left over to get airline tickets home.
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Old 10-06-2016, 15:16   #21
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Re: Underwriter wants invoices -Port Risk

The underwriter said to send o we photos. I did. Awaiting response.
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Old 11-06-2016, 13:48   #22
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Re: Underwriter wants invoices -Port Risk

I think insurance is a good thing and all the companies I have dealt with - car - marine - home have been good to deal with. Seriously. The only sour experience ever was with a travel insurance group called TID in Australia, quite ordinary attitudes, but did pay my claim, every one else, very happy.
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