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Cat Insurance Situation Has Gone Beyond Ridiculous!

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Old 06-30-2007, 11:50 AM
  #11
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Play the game, here is a cat you can easily get 100 hours on and then give it to your kids to play with once you have your 100hours in a Cat.

http://www.craigcat.com.au/models.ph...wProduct&id=21



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Old 06-30-2007, 11:58 AM
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Originally Posted by LostinBoston View Post
Take Tres Martins course, then self insure. Markel is the only one writing cat policies and they are a PITA to deal with.
Not true.......Markel is one of 4 as of date...and as for prior cat experience.....most will write the policy if you have Hi-Perf experience as owning the boats you listed and taking a Perf course like Tres Martin's and providing certification that you passed the course.
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Old 06-30-2007, 12:04 PM
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Definately a catch 22,will there be no new cat owners,even if they are willing to pony up insane amounts for insurance? Smitty
It definately is a Catch-22 situation, but from what I found out getting my 03 Nor-Tech 3600 Insured it's all about finding the right guy and how he puts through the paperwork.

That will determine whether or not you can get coverage, I'd suggest giving John McGrath a call with Midwes Marine Group, his number is 402-330-2879 or 402-301-8789 he was able to get me covered. He also has an add on MWBP and is a great guy to work with.

I spoke with quite a few people, several recommended here all are very good also but John did it for me.
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Old 06-30-2007, 12:49 PM
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Oh .... one other point......IF you have a DUI or a couple accidents or speeding tickets or red light/stop signs or a combination of any of the above.......DON'T BOTHER TRYING to get cat insurance.
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Old 06-30-2007, 12:58 PM
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Originally Posted by MitchStellin View Post
You need to figure out how to get around the system, if in fact it is an experience thing you need to mfg this experience. Fight fire with fire, or in this case fight ignorance with intelligence. I say stoop to their level and play the game. Cut and paste my friend, cut and paste.

He sleep in a Holiday Inn last night didnt he
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Old 06-30-2007, 04:41 PM
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Markel does alot of the work for my customers. The biggest killer on Cat coverage is when you break the certain mph zones then it gets tricky. So far nock on wood I haven't had to turn away anyone
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Old 06-30-2007, 07:15 PM
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Originally Posted by Edward R. Cozzi View Post
Sit tight.

I have it from a very reliable source that there's a big breakthrough in high performance boat insurance right around the corner.

Stay tuned and remember you heard it here first.
Yea yea yea. That is like the dream of finding the perfect women.

Problem is Markel controls the market and they are the only game in town. There are two different policies they write; under 120 mph and "Ultra Performance" above 120 mph.

If any of you actually think you are covered by anyone else you are in for a HUGE shock unless you have a smaller boat and or is not that fast.

Buy the wrong one or trust your broker without throughly doing your own homework and heaven forbid you encounter a problem, you will have a problem to pay for all alone.

Big Boys, big toys = Markel only.

There have been rumors of the deal from Canada but that has been going around for years too.

As TSPM stated, you need a perfect record in order to get Cat insurance on the big boats.

There are some out there that claim they can form an LLC and then put several boats in the LLC and use an umbrella policy to cover the assets of the LLC. One needs a real expensive Insurance Attorney to pull this off as any loop hole or discrepancy and the whole thing is worthless. If this would work, then several people buy in and share the expense for the coverage.

The boating industry is in desperate need of a realistic insurance company and the insurance companies are in desperate need of a realistic boater.
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Old 06-30-2007, 07:56 PM
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Originally Posted by Edward R. Cozzi View Post
Sit tight.

I have it from a very reliable source that there's a big breakthrough in high performance boat insurance right around the corner.

Stay tuned and remember you heard it here first.
I hope you are correct but we have been hearing that exact thing for 2 years and so far, it has not happened.

Gregg Reichman
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Old 06-30-2007, 10:13 PM
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There is a new player already doing business. I don't think they will write a no cat exp. policy , but they are much more competitive than Markel. Call Bob Luellan at Worldwide Marine Group.
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Old 07-01-2007, 12:11 AM
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There is a new player already doing business. I don't think they will write a no cat exp. policy , but they are much more competitive than Markel. Call Bob Luellan at Worldwide Marine Group.
Bob's the MAN!
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