Forum-Based Cooperative Insurance . . .

[Oz_Avanti]

Hmmm. I once belonged to a Motor Home Club here in Oz (CMCA for those in the know) and one of the big attractions in being a member was the much cheaper (and highly effective) insurance.

Basically, the club put out the insurance to tender and ended up with a broker who negotiated excellent rates. Claims were submitted to the broker who handled all interaction with the insurance company.

This may have worked so well because the club in question had '000s of members and I know that the broker did very well out of it as well as the club members.

Maybe something along these lines. Or this may work on a national basis only.

[Cruising Couple]

I actually think the OP has a rather good idea -- not a Co-Op, but rather a group (health) insurance. A group insurance for cruisers -- not just CF, but any full-time cruiser who desired to join and met the criteria. This is a large group of people and smaller groups are insured all the time at considerable discounts.

Moreover, I just met an individual who is employed by a large group (US Restaurant Chain) and his company just switched to a format where the premiums are no longer taken from his paycheck, but he has to pay it by draft from his checking account. So, the payment format could be the same.

I think the bigger questions are:

1. How many cruisers are now otherwise insured with a good plan (i.e., from former employer) and don't have a need for this product?

2. How many cruisers are completely uninsured for healthcare and need at least a catastropic (major medical) plan?

We must have a CF member who is in the insurance business who can speak to this. And, no, I am not in the insurance business -- I am in healthcare.

Thanks,
Darby

[Yachtmops]

This is a good concept & I for one would be interested in developing it with other stakeholders. Some people might find it interesting that before the early 1990’s, the Insurance industry was considered a service Industry;‘ ' 'working for the people. ‘

It changed & became driven by maximizing profits at the peoples expense with a manifesto that came out of McKinsey & Company that they developed for ALLSTATE Insurance. The Florida courts ordered them to publish the 150 thousand-page Mckinsy manifesto. If you go to Allstate Insurance’s website, you’ll find it. Conversely, Google – Mckinsey/Allstate & you can read a brief history.

Many Insurance companies around the world adopted these statratgies outlined & recommended by McKinney’s. I think understanding the player’s in the Industry is critical, if you want to become a competitor. If you succeed, developing a market base, I don’t think will be a problem.

[s/v Beth]

I actually suggested this a while back. Making an international insurance company would be difficult. Making a one nation company easier. Negotiating for Group rates as CF's would be the easiest.
Since you re-insure on a secondary market there is not need to keep alot of cash. I'm in if we ever get it together.

[Kettlewell]

Self insure--form your own company and put your premium money into it and have the company invest it in something like Treasuries that are safe.

[avb3]

Originally Posted by s/v Beth

I actually suggested this a while back. Making an international insurance company would be difficult. Making a one nation company easier. Negotiating for Group rates as CF's would be the easiest.
Since you re-insure on a secondary market there is not need to keep alot of cash. I'm in if we ever get it together.

I guess it depends on where you are basing your costs from. If your assuming the U.S., premiums will be $$$. If elsewhere, not so much. It is probably cheaper to fly some one on medvac to Canada, and pay for care there then in the U.S., and for a lot of things, Cuba is actually full of very good doctors. Their equipment may not be uptodate, but a Caribbean Cruisers HMO could well negotiate such things.

[SURV69]

If you're talking of "insurance", that actually pays for repairs or boat replacement, it would be complicated and possibly unworkable.

What might make better sense, is to have a site where people can post what kinds of things(boat-related), they have that can be had in an emergency to another.

I'm not talking simply sales and advertising, cause it appears that people always have a lot more things than they're ever willing to sell . . . for the purpose of selling, but more than willing to sell for a reasonable low price to a person in "need", more than "want".

Hoarders are a fine example of sources of stuff that are NEVER for sale, but in an emergency or case of real need . . . well, that's different.

[Kettlewell]

One person's junk is another person's treasure. If you ever end up in Florida you will find some wonderful nautical fleamarkets that are huge. The one in Dania takes place in the parking lot for a large football stadium. There are a good number of used marine equipment stores too. In any case, my point being that there can be money in your old stuff if you are willing to work a bit to sell it, so I'm afraid anybody offering free or cheap gear will have it collected by someone else who will then turn around to make a profit (nothing wrong with that) instead of it going to those with damaged boats.