Cat Insurance - Enough is Enough! - Page 3

Joe · 10-02-2009, 03:32 PM

Quote:

Originally Posted by Tres

Much of cat insurance is high no question. Here is your reasons why. And it is going to sky rocket if..... This is what is happening, Agents are willing to write a policy on a new cat owners with no experience because they need the sale. I have done a few people this year that should have not been on the water at all . They had enough sense to call and request training.Some dont. As these folks get on the water and something bad happens, a claim is submitted. This is not profitable for the underwriters. The blame goes deep. Todays vessels are more complex than ever and everyone thinks they can drive them. That is why we offer skilled base training, and no more who you may have experience with, it may not hurt to obtain new knowledge that is proven. As far for the high prices, many have brought this on themselves.

Tres (and Brad),

Thanks again for what you guys are doing for the industry, and are trying to preserve. I can personally say that I feel quite a bit more comfortable on Poker Runs knowing how much you guys have shared with so many folks that never would have had the opportunity to tap into your years of knowledge and experience.

joe

Tres · 10-02-2009, 04:30 PM

Quote:

Originally Posted by Joe

Tres (and Brad),

Thanks again for what you guys are doing for the industry, and are trying to preserve. I can personally say that I feel quite a bit more comfortable on Poker Runs knowing how much you guys have shared with so many folks that never would have had the opportunity to tap into your years of knowledge and experience.

joe

Why thank you! we hope to slow down the accidents! Keeping performance boating alive is my passion! We cannot guage how much we have helped the industry but I am sure we have prevented a few incidents already.

Brad · 10-02-2009, 05:33 PM

Quote:

Originally Posted by Joe

Guys, i think it's fair to say i have received TONS more knowledge from JT than one could imagine getting from Tres and/or Brad (not that either of them are bad --- but rather, thank goodness there is someone out there, are of their quality (multi-time world and nat'l champs) that has chosen to make the time for 'the majority').

The difference is JT has not developed a curriculum and put in place a recognized training program working with insurance companies. I have the utmost respect for JT, his skill and his contributions to the sport. But telling an underwriter that you have spent time with the Top Throttle Man in the world does not mean anything from an underwriting point of view. Maybe another approach would be to require certification/license for operating a HP cat.

WakezoneINS · 10-02-2009, 11:38 PM

Quote:

Originally Posted by Dueclaws

Wake Zone won't write insurance along the Texas Gulf Coast.

I have to correct what you said as it is incorrect.

We write all coastal states including TX. CATS and VEES... there are very few states in which we don't write in.

Dueclaws · 10-03-2009, 11:59 AM

Quote:

Originally Posted by WakezoneINS

I have to correct what you said as it is incorrect.

We write all coastal states including TX. CATS and VEES... there are very few states in which we don't write it.

Really? I'm confused.
I contacted you about this in '08 and you told me that you couldn't write insurance because we were on the Texas Gulf Coast.
Did something change: please enlighten.
Thanks

WakezoneINS · 10-03-2009, 12:21 PM

Quote:

Originally Posted by Dueclaws

Really? I'm confused.
I contacted you about this you told me that you couldn't write insurance because we were on the Texas Gulf Coast.
(I believe the email is on file)
Please enlighten.
Thanks

No problem.

First thing everyone should realize with insurance is that insurance companies guidelines and rules change constatantly. So, what is valid one year isn't the next and what quote you get in May might not be the rate in November.

John, your quote request to me was on April 14, 2008. We sent you and email declining to quote several days later. I just read a copy of the email that I sent to you declining your boat.

Your boat was declined BACK THEN because of the age of the vessel and our available market (American Reliable) would not consider any boat over the age of 15 years. It was not declined because of your Texas Coastal location.

Dueclaws · 10-04-2009, 09:14 AM

Stacy-
Thanks for the information and the clarification: looks like the No Limits plan might be interesting if it the rates are more reasonable.

Joe-
Sorry, didn't mean to hijack your thread.

John

Joe · 10-05-2009, 07:05 PM

Quote:

Originally Posted by Dueclaws

Stacy-
Thanks for the information and the clarification: looks like the No Limits plan might be interesting if it the rates are more reasonable.

Joe-
Sorry, didn't mean to hijack your thread.

John

no prob.... what happened to you last sat? i was looking around for you?

Joe · 10-05-2009, 07:17 PM

Quote:

Originally Posted by Brad

The difference is JT has not developed a curriculum and put in place a recognized training program working with insurance companies. I have the utmost respect for JT, his skill and his contributions to the sport. But telling an underwriter that you have spent time with the Top Throttle Man in the world does not mean anything from an underwriting point of view. Maybe another approach would be to require certification/license for operating a HP cat.

skillset is not the issue... in my instance --- actually, quite the opposite. not to say too much, but i received a phone call from 'Elton Porter' a couple years ago when i had my 100+ MPH cigarette. 'they' were trying to get me over to them, from Total Dollar.... commenting about wanting the exposure etc.. of me doing so many poker runs etc... 'they' said. they couldn't match rate-to-coverage, so i stayed with TD --- who are great guys and ALWAYS did what they said (that would be John Posey and Uni-baller).

when i got my cat, EP was/is the best program in town (even with the issue of integrity i am dealing with). moreover, i have known and been friends with 'them' for 10+ years, which makes me even more upset with the lack of integrity and finite response to my 'reminder' re: the reduction in premium conversation.

joe

ps: your post on SOS displayed a great level of 'supposition.' regarding, 'taking the class.' you have no idea!!!! but, that said, on another note, you are right... it would be a great idea for everyone to be required to take, and pass, a driving class in a boat similar to the boat length, hp, speed etc... of the one they own and/or will/would be using/captaining.

joe

Pro1 · 10-05-2009, 08:04 PM

when we broke 150 MPH, i got to see another skill set, which is completely different from running slower in rolling swells. oh, and then there's the whole, 'don't turn a cat too sharp thing.' JT answered that question perfectly.

i was actually cut off by my friend on the run back from Top Water that weekend... he drifted toward me in excess of 100 MPH, while making the turn at April Fool's Point, pushing me toward another boat that was iding w/ the hatch up and the shore...

Gee why is my insurance so expensive? You post statements like this and wonder why your insurance is so expensive.