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Insurance for Cats?

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Old 08-03-2005, 11:17 PM
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Default Insurance for Cats?

I ran across this on the web, anyone using them.

http://www.racensur.com/
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Old 08-04-2005, 12:29 AM
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Default Re: Insurance for Cats?

Nope... I was chatting with a customer of mine that just got his new 39' Nortech. He was talking with a "cat" owner that says he pays up wards of $12,000 a year for insurance! OMG !!!! I can tell you what type of boat I will never own.
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Old 08-04-2005, 12:39 AM
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Default Re: Insurance for Cats?

That's not a bad price, I have heard amounts alot more than that on 43 Nortechs
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Old 08-04-2005, 12:51 AM
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Default Re: Insurance for Cats?

cheap cat insurance

cheap cat ins
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Old 08-04-2005, 12:51 AM
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Old 08-04-2005, 01:01 AM
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Default Re: Insurance for Cats?

Quote:
Originally Posted by apache21
That's not a bad price, I have heard amounts alot more than that on 43 Nortechs

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Old 08-04-2005, 06:53 AM
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Default Re: Insurance for Cats?

Quote:
Originally Posted by Pwrbt33
He was talking with a "cat" owner that says he pays up wards of $12,000 a year for insurance! OMG !!!!

Depending on the circumstances, anywhere from 6 grand to no insurance at any price.

If you cannot get insurance you can still purchase the boat as long as you write a check. Without insurance they cannot be financed.

Last edited by expresscat39; 08-04-2005 at 06:55 AM.
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Old 08-04-2005, 10:01 AM
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Default Re: Insurance for Cats?

I would love a cat and I know this subject has been beaten to death for the past year or so. Who can afford to own one of these things? I mean, seriously...to spend several hundred thousand dollars for a boat and you can't get insurance? Or to think that you will have to pay $10,000 plus per year for insurance...that's the most ridiculous thing I've ever heard of. I know Terry (aka Salesmanship) from Nor-tech might be able to chime in here but is it realistic to think people are going to be knocking down the door to have one of these boats only to have no coverage on it or ridiculous insurance premiums?

I realize that performance boating is expensive but at $10,000+/year for insurance I would think that there is only a very select market segment who can afford this type of premium on a regular basis????

What about us "average" income people who would love to drive a performance catamaran...we are still left dreaming and cruising around in our v-bottoms forever?

I would think that the manufacturers would try to come up with something or meet with insurance companies to make their premiums more managable....Nor-tech, MTI, Skater, Eliminator, HTM, Howard...etc.....what gives?
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Old 08-04-2005, 10:35 AM
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Default Re: Insurance for Cats?

Thanks for lead in Dave. Representatives from most of the Mfgrs. you mentioned met with a number of reps from various Insurance companies during a forum at the Miami Show. Basically what has caused these rates to skyrocket are the few catastrophic claims of the past few years. Do the math, how many premiums are needed to cover a single 1.5 million dollar claim? The pool just isn't big enough. Therefore premiums are going to be high. We ( Nor-Tech) have worked out a program with Markel so as long as you have cat experience or will take Tres Martins course you can at least get insurance on boats as fast as 150 MPH.
I'm holding my breath waiting to see if the V bottom premiums will be next.
The best advice I have is "Let's be careful out there".
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Old 08-04-2005, 10:43 AM
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Default Re: Insurance for Cats?

Good point Terry...the most important part is the "let's be careful". The fewer claims there are (less risk), the better the premium.

As Terry mentioned it will take LOTS of premiums to cover a $1.5 million claim....some quick math....1.5 Million divided by let's say...$10,000 premium per year is 150 boats worth of premiums to pay out that loss. That doesn't include the administrative work for the premiums themselves or any profit margin.

Thanks for your response Terry! Glad to hear that you have at least tried to work something out to have SOME type of coverage. Hopefully the trickle-down theory doesn't happen to the v-bottoms as well but time will soon tell I'm sure.
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