Yes Virginia, there are good insurers, and happy claimants. Before Isobel took a turn up the Chesapeake Bay
, I owned a Simpson designed home built wooden catamaran
worth more than twice what I could earn in a year. After Isobel passed, I had a pile of wood splinters perched perilously on two pilings at the end of the neighborhood dock
, threatening to leak 55 gallons of gasoline into a national wildlife reserve. I also had a comprehensive policy with Markel American that got me an Adjuster in two days, divers and tow boats inside a week, and a check for the entire agreed value of the vessel and all associated recovery expenses, in time for the Annapolis Boat Show
in October! Was that policy expensive? YES. Was it wasted money
? NO. Did the Insurance Company try to cut corners, or wiggle out of some of the expense? NO. Was I the perfectly blameless victim of an act of God? Not really. I had a previous substantial claim for a very expensive lightning
strike. I had considered taking the boat three hours upwind to have it hauled out rather than leave it in the water
, and waffled to long to do it. Maybe your insurance company would have used that as a reason to withhold payment, but Markel did not. Nor did they cancel me. They did not keep me because I was a rich and famous war hero, so my only explanation is that they are a responsible and responsive Insurer. Maybe they are the only one, but at least now you know there is one good insurance company. I'm very glad to still have insurance, first to protect and repair my most significant possession, and second to protect everyone else from my ignorance, incompetence, or just bad luck. Why?
Can your wages be garnished for being uninsured? Yes they can. I know three former Captains who will be paying for not being adequately insured for the rest of their lives here in Maryland
. Every time they make a buck there's a Sheriff at the door to take part of it. They remain underemployed because they bitterly refuse to make any more money that will just go to the state or the insurance companies. They are doomed to be victims for the rest of their lives. I'm sure there are a hundred more who have moved and assumed different names to try to escape judgements against them, for back child support, breach of contract
, or other examples of trying to be litigation proof. They are a long way from carefree.
Believe what you will, but don't expect a Judge to be amused.
Insurance has saved me 6 figures, at a cost of 4 figures. Go figure.