Good hands boat insurance got 1 finger raised?
 

Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?

wrote in message
oups.com...
Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?

Don't know about Allstate, but I heard Nationwide is not writing new
policies for coastal properties.

State Farm wouldn't write a policy on a boat that I had in rack storage
because the address of the facility put it in a coastal flood zone. When I
moved to the house on the water, State Farm wouldn't write my home either.
Consequently, they lost my home, two boats, an umbrella, personal property
policies, and two cars.

I'm now with Boat US insurance. Interestingly, they didn't ask where the
boat was moored/stored.

"Harry.Krause" wrote in message
...
wrote:
Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?


Dunno, but the same thing happened after Hurricane Andrew. Those whose
policies were cancelled were forced to buy coverage at rip-off prices from
a state-run risk pool.

Regulations in Florida are what might be called loose.

The state insurance commissioner responsible for the ****ty regulations is
now the US Senator for the blue half of our state.

On Thu, 19 May 2005 15:33:35 GMT, "NOYB" wrote:


wrote in message
roups.com...
Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?

Don't know about Allstate, but I heard Nationwide is not writing new
policies for coastal properties.

State Farm wouldn't write a policy on a boat that I had in rack storage
because the address of the facility put it in a coastal flood zone. When I
moved to the house on the water, State Farm wouldn't write my home either.
Consequently, they lost my home, two boats, an umbrella, personal property
policies, and two cars.

I'm now with Boat US insurance. Interestingly, they didn't ask where the
boat was moored/stored.

I had personal experience with State Farm insurance about 30 years
ago.

They are not good people and they sure as hell don't have Good Hands.

Later,

Tom

wrote in message
oups.com...
Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?


I do not know if it is true but it would not surprise me. The company most
likely decided that the risk of insuring coastal property outweighed the
benefit. They have the option of deciding not to insure homes and business
in hurricane prone areas. They are a business with a goal of making money,
not losing it.

If what you say is true the forecast of another bad hurricane year most
likely prompted the decision.

I know of several insurance companies that will not insure property located
along coastal areas of Florida.

On 18 May 2005 18:45:36 -0700, wrote:

Have the Good Hands people raised the middle fingers against boaters in
FLA?

I just heard that they are cancelling tens of thousands of policies on
homes and businesses down there due to the claims paid for hurricane
damage. It would seem likely they would have done the same for boats,
but it might not have made the news.

Anybody know?

Yes, its true. I am on the board.

Me and the wife
http://pg.photos.yahoo.com/ph/harkra...bum?.dir=/1323

On Thu, 19 May 2005 13:34:48 -0400, JimH wrote:


I do not know if it is true but it would not surprise me. The company
most likely decided that the risk of insuring coastal property outweighed
the benefit. They have the option of deciding not to insure homes and
business in hurricane prone areas. They are a business with a goal of
making money, not losing it.

Huh? An insurance companies job *is* risk assessment. If they were doing
their job correctly, they would be making money regardless of the risk.
If there is no risk, there is no need for insurance. One of the problems
with the insurance industry is they underestimated/disregarded the risk of
hurricanes. Yes, they are in business to make money, but it's not a gift.
If they don't know their business, they deserve to fail.

"thunder" wrote in message
...
On Thu, 19 May 2005 13:34:48 -0400, JimH wrote:


I do not know if it is true but it would not surprise me. The company
most likely decided that the risk of insuring coastal property outweighed
the benefit. They have the option of deciding not to insure homes and
business in hurricane prone areas. They are a business with a goal of
making money, not losing it.

Huh? An insurance companies job *is* risk assessment. If they were doing
their job correctly, they would be making money regardless of the risk.
If there is no risk, there is no need for insurance. One of the problems
with the insurance industry is they underestimated/disregarded the risk of
hurricanes. Yes, they are in business to make money, but it's not a gift.
If they don't know their business, they deserve to fail.

Risk assessment indeed,. But when the competition is offering it at a
lower price and the loss ratio is high, it is time to move out of the market
or line of coverage. It happens all the time, especially now with a
softening market.

I for one am tired of subsidizing folks living on the coast in hurricane
prone areas. They build luxurious homes, rent them out for a profit, enjoy
the beautiful areas the remaining times only to have them torn down by
hurricanes. All they have to do is collect federal subsidies and insurance
money and rebuild bigger and more luxurious. No risk....that is up to
someone else to carry.

Risk assessment indeed.

"thunder" wrote in message
...
On Thu, 19 May 2005 13:34:48 -0400, JimH wrote:


I do not know if it is true but it would not surprise me. The company
most likely decided that the risk of insuring coastal property outweighed
the benefit. They have the option of deciding not to insure homes and
business in hurricane prone areas. They are a business with a goal of
making money, not losing it.

Huh? An insurance companies job *is* risk assessment.


Forgot to add. If you think this decision to pull out was not based on a
risk assessment then you indeed do not know anything about the business.

If they were doing
their job correctly, they would be making money regardless of the risk.

Pure hogwash. I guess you don't know anything about the business.

On Thu, 19 May 2005 16:25:01 -0400, JimH wrote:


"thunder" wrote in message
...
On Thu, 19 May 2005 13:34:48 -0400, JimH wrote:


I do not know if it is true but it would not surprise me. The company
most likely decided that the risk of insuring coastal property
outweighed the benefit. They have the option of deciding not to insure
homes and business in hurricane prone areas. They are a business with
a goal of making money, not losing it.

Huh? An insurance companies job *is* risk assessment. If they were
doing their job correctly, they would be making money regardless of the
risk. If there is no risk, there is no need for insurance. One of the
problems with the insurance industry is they underestimated/disregarded
the risk of hurricanes. Yes, they are in business to make money, but
it's not a gift. If they don't know their business, they deserve to
fail.

Risk assessment indeed,. But when the competition is offering it at a
lower price and the loss ratio is high, it is time to move out of the
market or line of coverage. It happens all the time, especially now with
a softening market.

Exactly, I believe this is what I said using different words. That
"competition" is the insurance industry and if that competition's premiums
are too low for the risk, they deserve to fail.


I for one am tired of subsidizing folks living on the coast in hurricane
prone areas. They build luxurious homes, rent them out for a profit,
enjoy the beautiful areas the remaining times only to have them torn down
by hurricanes. All they have to do is collect federal subsidies and
insurance money and rebuild bigger and more luxurious. No risk....that is
up to someone else to carry.

I wouldn't disagree, but this issue is more than just an insurance issue.
Somebody allowed people to build on barrier islands and flood plains, and
those that decide to live there, deserve to bear the costs.


Risk assessment indeed.