Excess liability for high net worth fast cat owners
06-23-2015, 01:49 PM
#1
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Excess liability for high net worth fast cat owners
I'm in the process of binding a 160 mph cat with a combined liability limit of $10,000,000.!
06-24-2015, 06:58 AM
#2
06-30-2015, 10:03 AM
#4
wow.......someone actually pays 100K a year for liability insurance? Divide that bill and the boat cost/maintenance per hour and that is a really really expensive boat ride!
Somewhat related, I know someone personally going through a brain damage case on a Sunseeker type boat with ZERO insurance. Boat is registered in the Bahamas to a corporation and the owner let coverage lapse. Guy falls off the boat and goes head first onto a metal dock edge. Coma/long term recovery. Owner of boat hired a captain so he wasn't even driving.
Ridiculous litigation......owner's liable up to the value of the boat (10+ years old, 350K at best). Owner expects 50K in legal bills and they can get a judgment but they have to petition the Bahamian courts to order the boat to be seized but the boat is here in the US so getting the boat is going to be a long process. Owner considers the boat "a lost asset in his possession." He is still using the boat, still with no insurance (figures why insure it now, boat is already gone in his mind).....also maintenance is down to "put $100 in diesel in it"
Somewhat related, I know someone personally going through a brain damage case on a Sunseeker type boat with ZERO insurance. Boat is registered in the Bahamas to a corporation and the owner let coverage lapse. Guy falls off the boat and goes head first onto a metal dock edge. Coma/long term recovery. Owner of boat hired a captain so he wasn't even driving.
Ridiculous litigation......owner's liable up to the value of the boat (10+ years old, 350K at best). Owner expects 50K in legal bills and they can get a judgment but they have to petition the Bahamian courts to order the boat to be seized but the boat is here in the US so getting the boat is going to be a long process. Owner considers the boat "a lost asset in his possession." He is still using the boat, still with no insurance (figures why insure it now, boat is already gone in his mind).....also maintenance is down to "put $100 in diesel in it"
