September 30, 2011
To read the full Triton Survey on hurricane insurance, click here.
Captains had lots of advice for their fellow mariners as it relates to storms, preparedness and insurance:
Have plenty of big anchors and a big bag of luck.
With a detailed storm plan and a ready-to-go ship, there should be very little reason for major damage to a vessel. So insurance is only there for when something really goes wrong, and the triple deductible is fair considering we were warned to stay out of that area. If we got hit during Irene, it would be a normal deductible, so I would not complain to the insurance companies about it. Their answer would be to increase deductibles for the entire Atlantic basin.
My insurance plan is fair and understandable. I did haul out for the storm [Irene] and will be reimbursed for fuel, dockage, haul-out, etc., as the plan states. If I had chosen to stay in the water, in Newport, my insurance would shift, due to the fact that I have hurricane insurance and a plan to follow. The best advice I have is to read the policy, understand the policy and, most importantly, don't lie to your insurance company. You never know who's watching.
Stay safe. Do the right thing.
We spent the past three summers in the Caribbean and I felt safer than Florida or the U.S. East Coast. Normally, we have tropical storms that pass quick and we are able to escape to Trinidad or Aruba instead of being trapped in the hurricane track. If you have a clean record with your underwriter and a good plan, the premiums are not that expensive for the extra coverage.
My boss finds insurance a rip off, run by folks who don't return phone calls.
We don't pay higher premiums to be in a storm area, nor are we restricted from being there. Good seamanship and common sense should suffice.
As you well know, hurricanes can effect any port along the eastern seaboard during the season. In 1991, I survived Hurricane Bob in Newport. In 1992, I survived Hurricane Andrew in Spanish Wells, Bahamas. I survived Hurricane Wilma in South Florida.The name of the game is to be prepared. Have the proper equipment and a good location to survive the storm with minimal damage. I always felt the insurance companies are always trying to play the odds. But sometimes, Mother Nature throws a curve ball and you have to plan for it.Crownweather.com is the best site to track storms. In the next few years, we will lose some of the weather satellites that are helping us now with accurate forecasts. What will we do then?
In reference to a 90-foot motor yacht I captained for a few years in Miami, our premium was lower because we did not go north during hurricane season. We stayed at our permanent dock in Sunset Harbour. We cruised the Bahamas during the season; again, the insurance company was happy. In fact, we were required to get a rider if we were going north during the season as apparently that was a higher insurance risk.
For the first 17 years on the boat, the insurance company was very strict as far as being above the imaginary line during the hurricane season. On a change of ownership, we stayed in Florida year round and, with the stipulation that I remained captain, the new policy and company charged less per year than the previous company had for 17 years.
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