Another Keel Lost; Another Capsize

[valhalla360]

Originally Posted by RPZ

This no insurance and "so others have to pay" is interesting.

If they had taken out insurance, paid a couple of premiums prior to sailing, how much would that had amounted to? Recovery costs how much? Who pays the difference?

"The insurance company of course". They do - with OTHER PEOPLES' MONEY. Insurance is a collective sharing of costs, and the insurance company takes a big slice from everyone.

If they intentionally sunk the boat as part of an insurance scam what you describe makes sense. Or if everyone sank their boat after 2 months of premiums were paid.

The issue is insurance is about averaging over a large sample. On average you go years between claims and the math works out just fine.

Or, the insurance company would have laughed at the idea of insuring these ill prepared kids...which would have been a benefit as it would have given them another clue how poorly they were prepared.

[alaskaflyfish]

Originally Posted by RPZ

This no insurance and "so others have to pay" is interesting.

If they had taken out insurance, paid a couple of premiums prior to sailing, how much would that had amounted to? Recovery costs how much? Who pays the difference?

"The insurance company of course". They do - with OTHER PEOPLES' MONEY. Insurance is a collective sharing of costs, and the insurance company takes a big slice from everyone.

It is laughable that some are critical of a GFM appeal which is voluntary and non profit, versus insurance which is extortionately high, and makes a pile of money for a predatory industry.

The irony of similarity didn't escape me. I found it somewhat humorous even if just loosely associated. I treat uninsured boaters like I would any other navigational hazard and purchase insurance to cover that detail. After all, if you go to a 3rd world country, none of the local boaters and fisherman have insurance either and we do not denigrate and dump hate on them. Why would we do it here to our struggling young ones?

[Jim Cate]

Originally Posted by RPZ

This no insurance and "so others have to pay" is interesting.

If they had taken out insurance, paid a couple of premiums prior to sailing, how much would that had amounted to? Recovery costs how much? Who pays the difference?

"The insurance company of course". They do - with OTHER PEOPLES' MONEY. Insurance is a collective sharing of costs, and the insurance company takes a big slice from everyone.

It is laughable that some are critical of a GFM appeal which is voluntary and non profit, versus insurance which is extortionately high, and makes a pile of money for a predatory industry.

Well, lets consider what would have happened if they were successful in running that inlet in the fog and dark, and then T-boned a large and expensive yacht once inside, causing 100K$ in damages?

If they had made the small premium payment to the predatory insurance company they could have made reasonable restitution. As it is, do you think the crowd funding would cover the costs? I kinda doubt it myself...

I'm not a big supporter of the world of insurance, but for folks without assets third party liability insurance seems the responsible thing to do.

Jim

[GTom]

Originally Posted by RPZ

This no insurance and "so others have to pay" is interesting.

If they had taken out insurance, paid a couple of premiums prior to sailing, how much would that had amounted to? Recovery costs how much? Who pays the difference?

"The insurance company of course". They do - with OTHER PEOPLES' MONEY. Insurance is a collective sharing of costs, and the insurance company takes a big slice from everyone.

It is laughable that some are critical of a GFM appeal which is voluntary and non profit, versus insurance which is extortionately high, and makes a pile of money for a predatory industry.

Indeed, insurance takes its tax, but insurance companies tend to reduce the risks involved, e.g. ask for surveys, give discounts for trained skippers, etc.

Besides, a good policy covers things you can't possibly cover unless you're Mr.Goldfinger. I am wondering if they had a liability insurance? Else, what happens if they scratch a 10M$ boat?

[newhaul]

Originally Posted by alaskaflyfish

That's hard to say because the US is not my home country and the "generation identity" didn't really apply to me. I'm from Canada where I am currently resisting draconian "Identity Politics" and "Political Correctness" spewed by our current Prime Minister. Age wise I would fall into GenX.

so you don't like Mr peoplekind either eh?
( granddad was from Saskatoon)

[alaskaflyfish]

Originally Posted by GTom

Indeed, insurance takes its tax, but insurance companies tend to reduce the risks involved, e.g. ask for surveys, give discounts for trained skippers, etc.

Besides, a good policy covers things you can't possibly cover unless you're Mr.Goldfinger. I am wondering if they had a liability insurance? Else, what happens if they scratch a 10M$ boat?

I agree, insurance is a positive thing. Those who choose not to have insurance are simply riding on the coat tails of those of us who do (not against the law by the way). But as a rational, responsible adult who owns a 10M yacht, I would defiantly carry a policy for uninsured boater. Its just the cost of living with other people. The insurance companies don't seem to care about perusing the uninsured offending party, if they did maybe there would be an incentive to do things properly. Instead the insurance companies just write a check and forgets about it. No follow up at all. But then again, the insurance needs a little chaos to inspire people like me to buy the policy, which on average they benefit greatly.

[thruska]

Originally Posted by alaskaflyfish

Please show me where they are begging for money or have a YT channel. Or did you just a$$ume they did? And before you get too smug Baby Boomer, Millennial kids have to face challenges you never dreamed of. Lets see if you can make it in their world. Doubt it.

“Lighten up Francis”. The boomer/ millennial thing was invented by journalistic people with a pension for the continued civil conflict to which they subscribe.
Not every boomer or millennial really fits into their box, so to speak.
I’m never considered myself a boomer , as I have to deal with the same issues and challenges that you millennials face today and more.
I’ll take your comment with a grain of salt.
I suggest you listen a bit closer what comes from the pie hole of the boomer.
I had a note on my frig for my snotty nosed teenagers, “Leave now while you still know everything “ That in answer to the remark aww you don’t know anything!
Now why such angst in your comments ?

[alaskaflyfish]

Originally Posted by newhaul

so you don't like Mr peoplekind either eh?
( granddad was from Saskatoon)

We used to call him Zoolander after the movie character, elected on a haircut, now just embarrassing. Peoplekind, whats next Woman=Wopeople. Coming to this country too unfortunately.

[thruska]

Originally Posted by valhalla360

If they intentionally sunk the boat as part of an insurance scam what you describe makes sense. Or if everyone sank their boat after 2 months of premiums were paid.

The issue is insurance is about averaging over a large sample. On average you go years between claims and the math works out just fine.

Or, the insurance company would have laughed at the idea of insuring these ill prepared kids...which would have been a benefit as it would have given them another clue how poorly they were prepared.

No insurance company will pay out on a boat they will have surveyed on their own dime. They will condemn the boat as unseaworthy even after the fact of the sinking and they will even arbitrate and still not pay. The system is rigged in their favor.

[RPZ]

Yes, all who responded, if you have a big expensive boat get unisured coverage. But don't kid anyone, it's other peoples' money that pays for everything else too.

[newhaul]

Originally Posted by alaskaflyfish

We used to call him Zoolander after the movie character, elected on a haircut, now just embarrassing. Peoplekind, whats next Woman=Wopeople. Coming to this country too unfortunately.

hopefully by the time it does I will just be another expat.

[alaskaflyfish]

Originally Posted by thruska

“Lighten up Francis”. The boomer/ millennial thing was invented by journalistic people with a pension for the continued civil conflict to which they subscribe.
Not every boomer or millennial really fits into their box, so to speak.
I’m never considered myself a boomer , as I have to deal with the same issues and challenges that you millennials face today and more.
I’ll take your comment with a grain of salt.
I suggest you listen a bit closer what comes from the pie hole of the boomer.
I had a note on my frig for my snotty nosed teenagers, “Leave now while you still know everything “ That in answer to the remark aww you don’t know anything!
Now why such angst in your comments ?

To answer your questions- Not a Millennial, but have kids who are. I agree the dissent is manufactured by the elites. Angst,,fair enough, defending this young couple from the unjustified mountains of hate being dropped on them by those who sit in air conditioned yachts. I especially defend how they are breaking free from the false paradigm they were brought up in and the challenges they face. You appear to be aware of their plight, but most of the older generation seem disconnected from young peoples reality and believe what methods and mores worked for them will work for young people today. Completely different circumstances.

[Simi 60]

Most marinas, fuel docks and travel lift/slipways in Australia wont let you in unless you have insurance documents.
Almost guarantees everyone has it.
Almost.

[GTom]

Originally Posted by Simi 60

Most marinas, fuel docks and travel lift/slipways in Australia wont let you in unless you have insurance documents.
Almost guarantees everyone has it.
Almost.

That's liability, not full coverage I suppose.

[boatman61]

Thats all one needs to be a responsible person.. carry your own load.