Anyone else seeing the videos of guys taking their boats out into the hurricane to save them? Wow. I’ve seen a few of the boats out in the storm and then a few more of entire marinas leveled with a few boats returning that are just fine. That is impressive.
They’re really going to have the monopoly on the shrimpin business
Any links?
They’re really going to have the monopoly on the shrimpin business
And if they’re really smart, they’ll then invest in some kind of fruit company and they won’t have to worry about money no more. Which is good. One less thing to worry about.
They’re really going to have the monopoly on the shrimpin business
You ain’t got no legs, Lieutenant Dan!
I read an article about how there has been so much insurance fraud in Florida in the last 20 years that most big insurers have pulled out of the market over the last 10 years, and the majority of people down there are forced to be insured with a tax payer funded state insurance program. The property taxes down there were reasonable, but that may be changing. I sure hope that no insurance companies file they are bankrupt and screw thousands.
This guy nailed his anchor job! I struggle in current…😂 would love to know what anchor and ropes he used! Probably a mooring anchor but still impressive!
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This guy nailed his anchor job! I struggle in current…😂 would love to know what anchor and ropes he used! Probably a mooring anchor but still impressive!
Are those posts sticking up the dock its tied to?? Quite a durable dock if you ask me.
On the news this morning they showed giant tuna boats piled up on a concrete wall and the biggest one had the home port listed as White Bear Lake, MN.
From a friend.
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You will see lots of used Yamaha engines hitting the used market real soon.
And if they’re really smart, they’ll then invest in some kind of fruit company and they won’t have to worry about money no more. Which is good. One less thing to worry about.
The college friend I know who lives down there said most people with boats that hit the ocean don’t have a trailer and tow vehicle combination for their rig. They either leave their boat in the water as usual for the storm and accept that it’s going to be a total loss, or they move it up or down the coast away from the storm the week in advance (guessing the track). Owning a boat in FL is a very different experience than here.
I read an article about how there has been so much insurance fraud in Florida in the last 20 years that most big insurers have pulled out of the market over the last 10 years, and the majority of people down there are forced to be insured with a tax payer funded state insurance program. The property taxes down there were reasonable, but that may be changing. I sure hope that no insurance companies file they are bankrupt and screw thousands.
Most quality insurance companies have Sub insurance ( Think of it as Insurance to cover insurance companies ) that will cover all claims in the event that a large loss prevents the insurance company from being able to pay out large losses.
You are correct in that many of the larger insurance companies either do not do business in Florida at all or if they do at least not along any of the coastlines. Some of the smaller ones who do offer insurance for coastal customer are not real great policies and often have poor coverage and really high deductibles.
That would take a big set to take a Boat out into a Hurricane. Unless they did so far in advance of the arrival.
That would take a big set to take a Boat out into a Hurricane. Unless the did so far in advance of the arrival.
A really large set indeed. Can’t imagine doing that.
Most companies that insure tuna boats that travel won’t cover them if they are below 34 longitude until Nov when the hurricane season is over.
Talking to my dad that lives down there, he has 2 friends with big boats one is worth around $150k and the other closer to $400k. both not insured as the coverage is too much down there. The $400k one sunk due the mooring ropes being to short and the surge went over top of that. I could never stomach a loss like that, but I also don’t have net worth over $100 million.
Talking to my dad that lives down there, he has 2 friends with big boats one is worth around $150k and the other closer to $400k. both not insured as the coverage is too much down there. The $400k one sunk due the mooring ropes being to short and the surge went over top of that. I could never stomach a loss like that, but I also don’t have net worth over $100 million.
Even with a net worth of over 100 Million a 400k loss would hurt. I guess I’m a little unsure why a guy with that net worth would go without insurance at any Cost. I’m sure it was far less than the 400K loss.
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<div class=”d4p-bbt-quote-title”>Justin riegel wrote:</div>
Talking to my dad that lives down there, he has 2 friends with big boats one is worth around $150k and the other closer to $400k. both not insured as the coverage is too much down there. The $400k one sunk due the mooring ropes being to short and the surge went over top of that. I could never stomach a loss like that, but I also don’t have net worth over $100 million.Even with a net worth of over 100 Million a 400k loss would hurt. I guess I’m a little unsure why a guy with that net worth would go without insurance at any Cost. I’m sure it was far less than the 400K loss.
He said $40k a year
Frequently do homes around here that have insurance deductibles of 10k, these folks know what they’re doing.
Wonder what it will do for boat/motor/parts availability for couple years…
Lot of opportunity for someone who restores boats I’d think…
Now that’s a funny Steve. Pool 4?
400K asset with a net worth of 100 million is the same as a millionaire carrying liability only on his beater chore truck that’s worth 4 thousand. Some people do not understand what true wealth is. I am NOT a millionaire and have a couple vehicles in the driveway that I do not carry full coverage on. The chances of them getting totaled is far greater than that guys boat. But the the odds caught up to him. I doubt with his wealth he feels the loss, and will be boating again soon.
At 40K a year for insurance, he would have to total a boat once every 10 years, not taking into account depreciation. How many boats get totaled. I would say he is a pretty smart guy not carrying the insurance.
That would take a big set to take a Boat out into a Hurricane. Unless they did so far in advance of the arrival.
Or a lot of experience and knowledge of what you boat can do. Plenty more than I have.
Just in those 2 pics Ripjiggen posted is about $15million in just boats. Add that up and down 100 miles of coast one could assume there is at least $500+million in just boats that are heading to the scrap yards.
I don’t get the mindset down there. You have major league offshore rigs that are expensive to insure or uninsured. You have at least 5 days notice that a hurricane is headed right at you.
So you sit with your thumb up your porthole with your boat tied to the dock and let a hurricane wreck it.
A. Not every boat owner down there is there at all times.
B. Where are they going to take them? Many are owned without trailers.
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