Cat insurance in trouble

[DKwestern]

Curious how you prove previous experience? If you had a cat 5 years ago with ABC Ins. and they folded up, wheres the proof of experience?

 

[JupiterSunsation]

You spend 500K -700K on a cat and can't see spending 3K on learning the dynamics and intricances of the vessel. Doesn't make any sense to me. I bought my 85 mph stepped V-hull, had never driven one and went to Tres's classe to learn how to drive it. He design's the class to your boat and driving level. Money well spent.

Best response on here! Guys are killing themselves to get the right Myco, truck, engines and then b!tch about 3K to learn how not to wreck it.

 

[MikeyFIN]

I agree with him to a large extent. If a inexperienced boater is given a policy to cover a boat without any research by the policy writer, chances are that boater is a multitude of times more likely to be in an accident.

There is a reason you can't drive a car without a license and training and testing. Boats should have the same restrictions. Then, all insurance would be less expensive because there would be less claims.

All it takes is a poker run....

A boat full of people who thinks this is fun..an unexperienced boater who tries to hang with the rest ....
Ignorance is a bliss...for the one who´ll inherit everything...in pieces.

 

[MikeyFIN]

Best response on here! Guys are killing themselves to get the right Myco, truck, engines and then b!tch about 3K to learn how not to wreck it.

Plus the little guys who has learned the ropes circles 8´s around the dumbass and makes him look stoopid...
Now guess who´s gonna get all the ladies at the party later on....

If you can´t hold your gloves up why bother.:boxing_smiley:

Greetings from a Slugger.

 

[MikeyFIN]

I hear ya .
And I say to those that question you having an agenda. " Whats the matter with having an agenda"

When I switched to a cat I had someone teach me.

But there is more to all this.
Anyone that has the financial wherewithall to spend 700k after tax dollars on a boat cant be stupid.
For the most part they are sharing the boat with family and friends and should be acting accordingly.
Personal responsibility is the first line of defence.
Hopefully people arent learning to be safe to save money on their insurance premium and are doing it to not be dead.






I have a friend who has a teenage kid that has a bike. He hops from one picnic table to the other on it and I've seen him ride along a hand railing with it. His brother has the exact same bike and he rides it on the sidewalk.
You dont have to drive 150 mph just cuz the boats capable of it.
You should operate it to the limits of your ability.

Well forget then poker runs where wannaberacers actually forget ALL THAT.

Buying a small cat and then trading to a larger one is like trying to learn how to ride an elephant by buying a pony. If you do that too often you'll never get a big cat anyway because you are blowing 100k minimum on each trade.

Driving instruction from someone experienced as you go faster is a must.

So you compare a big lets say a 36 foot Nor Tech to an Elephant...
I´d say it´s a warmblood but thenagain what do I know, might be the Racecats are the only warmbloods.


I´ve only ridden a pony once and tried to ride a dressage and equestrian Holstein...eventually I will jump competitively with it someday.

 

[MikeyFIN]

Tres' agenda is a good one. Maybe his way of putting it is a little aggressive but the instruction that he and Brad offer is invaluable for someone into performance boats.

Obviously Trent knows how thickskulled the clients are in the boat biz...

 

[TCEd]

Best response on here! Guys are killing themselves to get the right Myco, truck, engines and then b!tch about 3K to learn how not to wreck it.

You got that right !
ed

 

[sy goldberg]

CAT INSURANCE ! Things will change for 2 cat builders after the Fort Lauderdale boat show.I will advise then so please be patient.

 

[Tres]

and who does said "proper training".....hence my point. I'm all for training and taking classes, just tired of Tres' doom and gloom everytime the subject is brought up....seems like he has classes to fill.

Doom and Gloom? Wait untill you cant get insurance period.I have been in this biz since I was 13 YO and dont want to see it go away, so keeping people alive in High speed boats is my passion and I can sleep at night knowing that just maybe one or two less accident this year may occur. I am not paying your insurance premium, but my hard work helps it from going higher or keeping it around.

 

[Pro1]

CAT INSURANCE ! Things will change for 2 cat builders after the Fort Lauderdale boat show.I will advise then so please be patient.

For the better or worse?

If a builder has no product liability insurance are those boats insureable?

 

[sy goldberg]

My input

I think I have a good game plan in place and I have a bit of experience in this aspect of boat insurance.I have the program in place and just have to fine tune the rates at the Fort Lauderdale boat show meeting with our underwriters.

 

[Tank]

and who does said "proper training".....hence my point.

Just FYI you actually don't need to take an official course to have your rates be lowered. I know of two people that had Johnny Tomlinson fly in to run their boat with them for a couple days and got 5-8k off their over all insurance bill. So as of now, no, you don't have to take an "approved safety course" if you don't want to. But it's a good idea to go out and have a professional teach you how to run your boat. I know JT will do this, Bob Teague has done this with customers and when I bought the Cig, Phil took me out for the day and showed and explained a lot to me about the dynamics of boats, attitude, reaction, step vs straight hull etc.

I guess my point is; if you have the opportunity to learn from someone who has a vast amount of knowledge on the topic of safety while running a performance boat, you should take it!

 

[Ratickle]

I guess my point is; if you have the opportunity to learn from someone who has a vast amount of knowledge on the topic of safety while running a performance boat, you should take it!

I'll change that a little....

if you have the opportunity to learn from someone who can possibly save lives while running a performance boat, you should take it.

Brad and Tres have gone through tremendous efforts to be recognized by insurance companies, boat builders, etc as professionals who can make insurance companies risks smaller, and boating safer. Because of that we are able to have more performance boats out there than without. We should be doing everything we can to assist that effort, and encourage everyone who has a high performance boat to take that course, or one similar. One big reason, potentially saves lives of our friends and aquaintences. Second big reason, saves all of us money and helps in the availability to get insurance.

 

[Chris]

Curious how you prove previous experience? If you had a cat 5 years ago with ABC Ins. and they folded up, wheres the proof of experience?

If you incur a million+ $$ claim, they'll start looking for titles, registrations, marinas, neighbor interviews, etc. They'll put alot of effort into not writing that check.

 

[Chris]

For the better or worse?

If a builder has no product liability insurance are those boats insureable?

There are a few uninsureable boats. Mostly because of claims. There would be little practical way for the insurers to keep up with the mfg's insurance coverages. Plus, they'd have to find out if they were still in business. Can you imagine if every Fountain was now uninsurable?

 

[BraceYourself]

I have no problem taking the Tres class and seeking others teaching. However with all that I still wouldn't be able to get insurance. Under 100mph is not a backward step I want to take at this point.

I just think I will stay away from the top cats for the time being. No financing and no insurance available makes selling them very difficult and in this market that is just more risk then I'm willing to take.

 

[Chris]

You're going to want to go there someday and my guess is in the near future it's going to be a "closed club", i.e. no new cat owners. They'll do that before it goes away altogether.

Buy a cheap 32 with eggbeaters to tool around on flat days.

 

[MarylandMark]

or a 30 Skater which you want to unload to me cheap one day after you get your wings...

Gatorone- ever get #1 PP back? Without discredit to Mr. Newby; I feel you were wronged in that situation and situations such as this one is one of my major hardons with what is wrong with the world today.

 

[gatorone]

very close to having it back together after two years

 

[Steve 1]

Doom and Gloom? Wait untill you cant get insurance period.I have been in this biz since I was 13 YO and dont want to see it go away, so keeping people alive in High speed boats is my passion and I can sleep at night knowing that just maybe one or two less accident this year may occur. I am not paying your insurance premium, but my hard work helps it from going higher or keeping it around.

You provide a needed service it helps everyone in the business as accidents are our worst enemy.