Orthobam

well....I kinda traded my new platinum on a newer platinum because it needed tires....but it's still not a jet.

donzi matt

iTrader: (1)

And then you have those hedge fund managers, patent holders, other types of extremely wealthy folks that simply don't have insurance because they don't need it. I remember touring Port Royal in Naples and being surprised to hear that several people who own homes there don't have insurance, because even a catastrophic loss is a drop in the bucket to them.

I don't know what kind of guy owned that MTI, but I hope for his sake he is one of those types of people.

302Sport

A turbine boat is about $4k a year per $100k of insured value.

So, a $500k boat will run you about $20k a year for insurance.

This isn't a guess, I write the check every year.

Turbine boats can be insured like any other piston boat, they are not uninsurable like most people think.

Jupiter Sunsation

Home insurance is tricky in Florida. They base the premium on the total value of the house, then you have a 5% deductible against windstorm damage. So lets say you have a 5mm house, your deductible would be 250k plus any premium you pay as your "cost" and they only start paying after damage exceeds 250k in hurricane damage. So you might have a 5mm house but in reality it could be a 1mm house on a 4mm lot. In 99.9% of storms the lot is undamaged so your insurance is really just hedging the 1mm house anyway.

If you don't have a mortgage then you can gamble with saving money. If you live in an old tear down style house then you probably don't care. My current house went through four Cat 3 or stronger storms with zero damage but I happily pay the insurance every year because I don't have the net worth to absorb losing the house to save a few thousand.

If I won the lottery........I wouldn't pay insurance!

Jupiter Sunsation

So would a same value turbine cat be more money than a turbine vee?

offshorexcursion

iTrader: (5)

Glad everyone's OK

Nice boat

Sad to see

LOL @ the "internet fire experts"

Insurance company's are a JOKE

Why even discuss it

Sad situation, thanks for sharing the pics and reporting all is well

598 Formula

+1

Tom A.

Sad to see such a great boat lost. Glad everyone was ok.

I have an agreed upon value for my boat and trailer, insured for the entire eastern US (except Florida in Hurricane season) and I have a 6 month layup. This keeps me at under 2%. If I want to use the boat during the layup period, I simply put a rider on it for the event or length of time I need and that only costs me an additional $100 dollars or so per event.

302Sport

No, all turbine boats (cat or vee) fall into the same pool in the eyes of the insurance companies.

Cevert

Depends how "large yacht" is defined. Many insurers start "superyacht" class at 26 meters, and hull insurance is only 1 of 3 ( add charter insurance and crew insurance) needed for complete coverage.