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Who do you use to insure your big, fast cat?

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Old 05-20-2004, 01:43 PM
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Default Re: Who do you use to insure your big, fast cat?

Another thing Umbrella policys require.....Primary insurance on the boat up to a certain amount, like 300 or 500k before the umbrella will kick in. Also umbrella are for liability only, so you are SOL if you wreck it, sink it, or loose it.....
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Old 05-20-2004, 01:58 PM
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Default Re: Who do you use to insure your big, fast cat?

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When was this and what happened? sounds bad
Information on the tragedy
http://www.offshoreonly.com/forums/s...d.php?t=72900&
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Old 05-20-2004, 03:53 PM
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Default Re: Who do you use to insure your big, fast cat?

I just wrote a huge explanation of what Ive found out about cat insurance only to have my computer lock...well I dont have time to write again so here it is short.

As stated above an Umbrella Policy is for liability and has requirements for primary insurance, one of which being coverage minimums. Usually these start at 500k and up which is above the minimums. So if your looking for an inexpensive way out this aint it. Years ago (not too many) you could get an Umbrella policy w/ a few Million coverage for around $500-750, a no brainer if you have assets but this is no longer the case.

Ive also looked into setting up an LLC to own my boat, sleds, bikes ect. This will not work because in order for an LLC to provide protection it has to be used for business purposes. If you were ever to need the protection it would not hold up and could easily be proven the boat is for recreation.

What will work is to self insure. My lawyer/accountant is lloking into this now for me. I also have an individual that works for me that does nothing but deal with our insurance coverage (medical/casualty/liability ect.) and legal issues. He is also looking how to approach this as well.
Our company is self insured for medical. In simple terms it is like having a huge deductable. We have 100 employees and are responsible for the first $250,000 or $35,000 per employee. Only after we have paid out our portion does the insurance kick in.
In the example of a boat you would be looking at a deductable of 25 - 250k depending on how the numbers work out. This would not be intended to repair broken drives and maybe not even replace a sunken/burned/stolen boat but to cover personal injury and liability litigation.
Personally I think this is the way that it will go, the manufactures and related organizations are going to have to get involved or there are going to be alot of them out of business.

Wow sorry that got long again.
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Old 05-20-2004, 09:19 PM
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Default Re: Who do you use to insure your big, fast cat?

My cat is with Worldwide (Ace). They would not increase the coverage to meet the new deductible of my umbrella policy. The company with my umbrella lowered my deductible to where is was for one more year. Looks like I will be shopping for another company to do my umbrella unless Ace will raise my coverage.
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Old 05-20-2004, 09:43 PM
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Default Re: Who do you use to insure your big, fast cat?

Just got my quotes in from Markel and Ace and they were 13,500 and 14,000 for year around and no lay up. If you tell them your motors are larger than 800's, you are done for.And 120 mph is the magic number
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Old 05-20-2004, 11:05 PM
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Default Re: Who do you use to insure your big, fast cat?

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If you tell them your motors are larger than 800's, you are done for.
If they are larger and you don't tell them your done for anyway in the event something happens.
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Old 05-21-2004, 07:51 AM
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Default Re: Who do you use to insure your big, fast cat?

With a pulley change, fuel and timing you can have what ever hp you want.Anyone with blowers can de-tune their motors.
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Old 05-21-2004, 09:13 AM
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Default Re: Who do you use to insure your big, fast cat?

Tantrum-I'd be interested in any information about "self-insure". I don't need to cover the boat or its components, but liability etc. is my concern. Please share as you gather info.
thanks
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Old 05-21-2004, 09:34 AM
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Default Re: Who do you use to insure your big, fast cat?

Quote:
Originally Posted by GATORONE
With a pulley change, fuel and timing you can have what ever hp you want.Anyone with blowers can de-tune their motors.
Insurance company's are way to smart and have way to much money and resources to pull that one off, if your thinking about doing that, not only is it a false sense of security but a waste of money, Buck.
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Old 05-21-2004, 09:45 AM
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Default Re: Who do you use to insure your big, fast cat?

Aero-
I agree with your statement, but how do you convince the insurance co's that you're telling the truth. Show them the dyno sheets? By design: our engines do not exceed 800hp (must be getting "mature", because I've lost the desire to have the fastest boat).

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