Cat insurance in trouble

[BraceYourself]

Well I went to look at a fast skater. I loved the boat but...

Only two companies are writing cat insurance, Markel & American Reliable. Only Markel will write first time cat insurance. Insiders believe that it very well could end up no one writing cat insurance. Which in turn crushes the cat market.

Now if you go out of country, lie about speed, or hp you can get insured. However I never do this because if something happens then all of a sudden you are in the same situation as if you had no insurance.

At my age and no cat ownership even if I'd take the Tres Martin class... the particular boat I was looking at was uninsurable to me.

Any suggestions???
Was told to start with a cat under 100mph for three years then american reliable would probably write a policy.

So it looks like no cats in my future.

 

[nthdegree]

we started small/slow to get the experience!!!!

our Motion is for sale..

you need to start "slower" and work your way up!!!

 

[Gladhe8er]

That sucks. I wanted to get into a cat later on down the road. Maybe I should get an under 100 MPH 28 skater/30 Motion sooner rather than later so that I can move up to the 120-130 MPH class when I actually want to.

 

[Chris]

Buy something cheap and use it a little. Then make the move. The sooner you start, the sooner you're going to be able to do what you're wanting to do.

 

[Pro1]

The ony two insurance companies are the two you mentioned, neither will write cats over 130 mph. Anything above those speeds is uninsureable. This is what the agent and carrier stated. It is even written on the policy.

 

[2112]

Now if you go out of country, lie about speed, or hp you can get insured. However I never do this because if something happens then all of a sudden you are in the same situation as if you had no insurance.

You are smart. I would think everyone could get this but yet I personally know many who insure their 100mph boat for $5-600 per year by lying about the boat.
.

 

[WARPARTY36]

The ony two insurance companies are the two you mentioned, neither will write cats over 130 mph. Anything above those speeds is uninsureable. This is what the agent and carrier stated. It is even written on the policy.

Does this mean they will not pay if you crash at 130+++

or

Does this mean they will not pay for anything on a boat that's capable of 130+++ if you crash at any speed?

 

[Davidmnc]

You are smart. I would think everyone could get this but yet I personally know many who insure their 100mph boat for $5-600 per year by lying about the boat.
.

It seems pointless to lye about the boat. If you have a claim they will investigate. If they investigate they are going to find out what you really have and deny the claim. You just wasted 5-6K a year. And put your self at risk of loosing BIG TIME! IMHO

 

[Skullkrusher]

Quote-
You are smart. I would think everyone could get this but yet I personally know many who insure their 100mph boat for $5-600 per year by lying about the boat.

Why bother? It's tough to get them to pay up when you're honest with them. They are going to investigate any decent size claim and disallow it if policy is non-compliant. Might as well save the premium.

 

[Pro1]

Does this mean they will not pay if you crash at 130+++

or

Does this mean they will not pay for anything on a boat that's capable of 130+++ if you crash at any speed?

These are the facts:
An insurance policy is a legal agreement made between you and the insurance company. Section c of agreement 9, concealment or misrepresentation, All coverage provided by us, said insurer, will be voided from the beginning of this policy period if YOU intentionally conceal or misrepresent any material fact or circumstance relating to this contract of insurance, or the application for such insurance for such insurance which is incorporated herein, whether before or after a loss.

****This is a named operator policy**** meaning anyone elso operating the vessels besides named operator policy is void. Policy has top speed stated on the policy declaration page. In other words if you have that video with your speednometer out on U tube or that post with a hey I went xyz mph, you can figure out what that means.

The answer to your question is if the insurer has a statement of exclusion, the whole policy is void.

Do not shoot the messenger. Read the policy.

 

[WARPARTY36]

****This is a named operator policy**** meaning anyone elso operating the vessels besides named operator policy is void. Policy has top speed stated on the policy declaration page. In other words if you have that video with your speednometer out on U tube or that post with a hey I went xyz mph, you can figure out what that means.

The answer to your question is if the insurer has a statement of exclusion, the whole policy is void.

Do not shoot the messenger. Read the policy.

I'm just trying to educate myself:sifone:

So on a named operator policy, who is the operator? Is it the driver or throttleman? Or does the named have to do both?

 

[Pro1]

Read your policy.

 

[2112]

Why bother? It's tough to get them to pay up when you're honest with them. They are going to investigate any decent size claim and disallow it if policy is non-compliant. Might as well save the premium.

Well, I can't really argue that. I guess if you tell the truth, you have a leg to stand on if you have to spend the next several years litigating it.
.

 

[Steve 1]

How about a Diesel Jaguar? Speed, Reliability and the insurance should be reasonable.

 

[MarylandMark]

The ony two insurance companies are the two you mentioned, neither will write cats over 130 mph. Anything above those speeds is uninsureable. This is what the agent and carrier stated. It is even written on the policy.

I don't have a policy as such to read, however would still like to know how this works out in the real world.

I'm reading it as if you are running over 130MPH, regardless of your boats capable top speed, your aren't covered?

Run around 129MPH you are good to go; creep up to 131 and it is as if you were uninsured?

 

[Nortechnorth]

We have been having no trouble getting cats insured in USA. I think you just need to talk to the right people. :USA:

 

[Wrinkleface]

There R lotz & lotz of kitties out there that go over 130!, R all these boats then run'n round uninsured?????

 

[Team Tsunami]

There R lotz & lotz of kitties out there that go over 130!, R all these boats then run'n round uninsured?????

Some of them yes!!

 

[Nortechnorth]

There R lotz & lotz of kitties out there that go over 130!, R all these boats then run'n round uninsured?????

Thankfully, no. There seems to be no problem getting them written. It was a little rough when there was only one company doing it. It has opened up and there ARE more than TWO companies writing. And yes, contrary to popular belief, a good driving record in a VEE hull helps you.

 

[Ratickle]

We have been having no trouble getting cats insured in USA. I think you just need to talk to the right people. :USA:

What about first time Cat buyers? If they've owned one of your high performance Vees, are you able to help get them moved?