Cat insurance in trouble

[bobkatz]

Just a couple of thoughts, How about buying the boat you want and swapping the high hp motors for something a little smaller hp wise to keep the top speed down.

Once you get a couple of years experience, which is recomended anyway, then consult the insurance company about bumping up the hp.

 

[Nortechnorth]

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

Yes.

 

[nthdegree]

Those are NOT the only 2 companies that write "cat" insurance..

but you need tons of deep vee experience to qualify..

and of course have a "slower" cat....

 

[Wild]

thats why im starting with 525s, didnt have to take tres course and insurance is reasonable, once i get a few years under my belt then i can get bigger power and still get coverage

 

[2112]

Someone spill the beans, Who are the other companies! :driving: :USA:
.

 

[gatorone]

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.

Markel ultra policy insures over 130

 

[.38Special]

Markel ultra policy insures over 130

I thought someone must, becuase up here in Michigan we have to show proof of insurance to enter a poker run and the big runs see many boats over 130mph and I can't imagine guys like Gino, Bill, etc... run these boats all over the country without insurance It's too bad for Brace Yourself, because I know what boat you're looking at. I would do anything in my power to make that work!

 

[Pro1]

For over 10 years, we have been the leader in insuring high performance watercraft. While other carriers jump into the marketplace then quickly leave, we have proven our dedication and reliability. Our High Performance program accepts Catamaran and Vee hulls nationwide that are over 26’ and capable of speed to 120 mph.

If your boat reaches speeds of in excess of 120 mph, contact Elton Porter our exclusive Ultra Performance representative.

As part of our commitment to your continued freedoms as a high performance boat owner, we support Tres Martin’s Performance Boat School. As a world champion, Tres can elevate your skills, understanding and techniques that are imperative to high speed operation. You may find information on his course at www.performanceboatschool.com.

We offer Agreed Value coverage, Liability Limits to 1,000,000, Pollution Liability and Personal Effects coverage.

Let the Markel Team run with you!

 

[phat boy]

Grahm Neil from loyds also writes up to 150

 

[nortech4play]

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.

I'll agree on the named operator and misrepresentation clauses but it depends on your policy... I have mine through American Reliable and while my power is listed as 700 hp each which right there is no mention anywhere on the policy as it relates to top speed or speed anywhere on the declarations page or endorsements...although the boat will only run 120 mph or so it's not in the big leagues by any means...

Markel might have it on theirs but my policy doesn't...I went through the 'whole insurance fiasco when I bought mine back in 07' when Markel first wrote a policy and subsequently canceled it even after taking Tres's course which I highly recommend to anyone with a high performance boat...

In the end my insurance broker was able to get a policy for me through American Reliable with no prior Cat experience... It's not cheap at $6.5K a year with a six month lay-up but it's covered and that's all that counts...

 

[Tres]

thats why im starting with 525s, didnt have to take tres course and insurance is reasonable, once i get a few years under my belt then i can get bigger power and still get coverage

Famous last words of many who went in the drink or not around to post anymore. Learn to drive by accident.Who ever wrote your policy is respomsible for ever rising rates.:cuss:

 

[MikeyFIN]

Just a couple of thoughts, How about buying the boat you want and swapping the high hp motors for something a little smaller hp wise to keep the top speed down.

Once you get a couple of years experience, which is recomended anyway, then consult the insurance company about bumping up the hp.

I´d STILL RECOMMEND to get familiar with a CAT with someone that knows them and have Raced them.
I´ve seen too much of guys buying a triple digit Cat and never driven one before... a disaster in the works despite how many years of PLEASURE boating.

Get a teacher who shows the limits of a cat and what it does on the brink and get used to the signals before even going over 3/4 WOT personally.

Cats DO BITE BACK, thats why you start racing them in the small classes in the first place.
I´d personally never go for a ride with a Cat and a pleasure boater with Zero racing experience in a cat.

 

[Nortechnorth]

I´d STILL RECOMMEND to get familiar with a CAT with someone that knows them and have Raced them.
I´ve seen too much of guys buying a triple digit Cat and never driven one before... a disaster in the works despite how many years of PLEASURE boating.

Get a teacher who shows the limits of a cat and what it does on the brink and get used to the signals before even going over 3/4 WOT personally.

Cats DO BITE BACK, thats why you start racing them in the small classes in the first place.
I´d personally never go for a ride with a Cat and a pleasure boater with Zero racing experience in a cat.

The MYTH that cats are more dangerous than vees always gives me a chuckle. A big cat is much safer than a vee at high speed. I will never again go in a vee over 120 mph. I'll go 120+ in a big cat any day.

The idea that you need to have race experience to run a cat is crazy. The fact of the matter is that most boaters start in vees. If they wish to become cat owners, they need to make a transition. This should be made with maturity, knowledge and respect. If the dealer who sells them the boat does their job correctly, the new cat owner should operate the boat safely. If the owner does not operate the boat with maturity, knowledge and respect, it is not the boat's fault.

There are plenty of racers whom I would never get in a boat with. We are pleasure boaters who safely operate pleasure boats. If a pleasure boater operates a pleasure cat with maturity, knowledge and respect, there should be no problems. If they do not operate the boat with maturity, knowledge and respect, the fast vee hull will "BITE BACK" just as hard, if not harder than the cat.

 

[catastrophe]

The MYTH that cats are more dangerous than vees always gives me a chuckle. A big cat is much safer than a vee at high speed. I will never again go in a vee over 120 mph. I'll go 120+ in a big cat any day.

The idea that you need to have race experience to run a cat is crazy. The fact of the matter is that most boaters start in vees. If they wish to become cat owners, they need to make a transition. This should be made with maturity, knowledge and respect. If the dealer who sells them the boat does their job correctly, the new cat owner should operate the boat safely. If the owner does not operate the boat with maturity, knowledge and respect, it is not the boat's fault.

There are plenty of racers whom I would never get in a boat with. We are pleasure boaters who safely operate pleasure boats. If a pleasure boater operates a pleasure cat with maturity, knowledge and respect, there should be no problems. If they do not operate the boat with maturity, knowledge and respect, the fast vee hull will "BITE BACK" just as hard, if not harder than the cat.

Owned both and driven both at speed.

Agree with this 100%

 

[gatorone]

[****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.

That is incorrect under the ultra, they dont ask a top speed and it is not stated on the dec page..As long as you have a list of approved named operators that are covered under the policy...bottom left corner of the Dec page

 

[Tres]

Owned both and driven both at speed.

Agree with this 100%

).You must know there is more to the picture than what meets the eye. Proper recovery,,signs of trouble before it takes over, very controlled processes that remove the element of danger. Understanding the displacement values and Hydrostatic PSI, along with weight changes and the forces under the hull and tunnel are very important to know about when operating any High speed vessel.This thread shows many would rather purchase and proceed to go to the water, and take risk, over knowledge. This is why the rates are high and will get worse.

 

[gatorone]

Agreed

 

[TIKI]

Is the Cig gone?

 

[Magic Medicine]

Famous last words of many who went in the drink or not around to post anymore. Learn to drive by accident.Who ever wrote your policy is respomsible for ever rising rates.:cuss:

that's a great way to advertise

 

[TIKI]

that's a great way to advertise

That's exactly what I was thinking...someone with an agenda.