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Old 06-01-2015, 20:12   #46
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Re: Cruising without Insurance.

Don't take the work.
Something smells and it's not 3 day old fish.
Owner entirely irresponsible.
Unsophisticated and/or wishes to bring you into something.
Actually sounds nefarious.
Regardless of ANY agreement you may have contractually as skipper,"you're the man" holding the bag.

The idea is just farcical.
My 2 cents



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Old 06-01-2015, 20:18   #47
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Re: Cruising without Insurance.

Quote:
Originally Posted by skipmac View Post
Bank paying 3%? I would like to know about that as well as the 1 mill liability for $200.

My credit union currently paying some fraction of a percent.
A $100,000 investment x 3% yield = $3,000, not $200.

According to Kiplinger, Union State Bank, in Kansas, My Rewards checking account pays 2.5% on deposits up to $25,000. An overseas bank account would pay higher rates. You can earn 3% or 4% in WorldCurrency CDs from EverBank.

But it's really not about the money, anyway; It sounds like the vessel owner has a distrust of financial entities like banks and insurance companies. That's his choice. He's not required by law to get insurance (while in the USA), but knowledgeable qualified captains don't have to work for him either.
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Old 08-01-2015, 17:24   #48
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Re: Cruising without Insurance.

Quote:
Originally Posted by TabbyCat View Post
A $100,000 investment x 3% yield = $3,000, not $200.

According to Kiplinger, Union State Bank, in Kansas, My Rewards checking account pays 2.5% on deposits up to $25,000. An overseas bank account would pay higher rates. You can earn 3% or 4% in WorldCurrency CDs from EverBank.

.
not that it has anything to do with the insurance question, but you made me look

they pay 0.4% on a 1 year CD so I doubt they are paying 2.5% on something else
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Old 08-01-2015, 20:12   #49
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Re: Cruising without Insurance.

Too much is being read into the original post.

The original owner says he doesn't want insurance. Probably, he knows that lots of cruisers don't carry insurance and get away with it. Not much to that.

The OP says it right. Here's the decision: Tell the owner nicely that he has to have insurance, for him to take the job. If he still doesn't, thank him and decline.
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