Re: Self Insurance
Patrick McAneny
Teun,
To address your input in order.
1. I agree we don't want to get involved in managing this self insurance. That is why I said from the start, that there would need to be a paid administrator ,and I suggested an annual fee of perhaps .20% of boat value to cover expenses.Kent suggested a voluntary board to provide guidance .
2. 1.5 million in a reserve fund would seem adequate to cover three boats lost in a single year,which is very unlikely. The fund could be replenished by an assessment to all members to bring the fund back up to the prior balance. Keep in mind this is only meant to share the risk of a total lose ,not if you run into a piling and scratch your hull. So if a boat was a total lose and the payout was $250,000. and assuming we had 200 members ,each member would pay into the fund $1,250, their share of the lose.
3. I don't even know what a synthetic structure is,so don't have much to say about that, I read that and just throw up my hands ,you win ! I do agree with you, that many may not realize the changes in the insurance industry until its time to renew their policy. I also agree that we need to determine the level of interest, and many with a policy in force at this time may not be,understandable. Brent has made up a survey ,very well done and it will be presented to the group to determine interest. It may be ahead of its time ,but I think its time will come. if we lack interest at this time ,we will put it on the back burner for now and revisit when things in the industry get worse. We don't want to spin wheels and write emails for nothing, at least I don't,my two fingers get sore !
Be Safe,
Pat
SM Shenanigans
-----Original Message-----
From: Teun BAAS <teun@...> To: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io> Sent: Tue, May 19, 2020 4:03 pm Subject: Re: [AmelYachtOwners] Self Insurance Below from Mark’s friend reflects
exactly what I mentioned last week. It is no longer a matter of cost but “can I get it”.
On Pat and Ken’s Emails:
So far I have only seen “luke-warm” interest. I believe a lot of owners don’t realize what is really going on until personally confronted with refusal to renew as was my experience.
Q1 this year I was reading the thread on our AYOG Forum about insurance problems but didn’t think it would concern me as I had been with LLOYD’s for 2 years to be renewed every
April.
January/February 2020 a fellow AMEL 54 owner asked me for the contact info of my South Pacific agent and I knew he was offered in February/March 2020 a similar cover with a similar
premium as I had for the last 2 years. Knowing he got LLOYDS to insure him I was pretty certain my renewal would just be a formality
UNTILL 1st week of April 2020 I was notified by my agent that LLOYDS no longer was in the sailboat insurance business.
That gave me 2 weeks to find an alternative
☹.
So let’s first determine if we can come up with 200 really seriously interested AMEL owners; failing that we are just wasting time
😊.
Best Regards Teun
SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA
May 19, 2020
13:03:09
USA cell: +1 832 477 8842
AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link:
https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of Mark Erdos via groups.io
Sent: Tuesday, May 19, 2020 11:08 To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Self Insurance Just as an FYI - An agent I am friendly with who understands and brokers policies for the marine insurance business sent me this:
I can tell you that due to the many companies pulling out of the recreational marine insurance market, including the all important reinsurers, that
availability will soon be the primary concern as opposed to
affordability, especially for two people cruising long distances.
Hopefully the pendulum will swing back toward the sailors in the future.
He thinks things will get worse before they get better.
With best regards,
Mark
Skipper
Sailing Vessel - Cream Puff - SM2K - #275
Currently cruising - Tahiti, French Polynesia
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Re: Self Insurance
Dealt with Elliott GOLDEN; nice guy. Came with similar proposal also from ERGO GERMANY but with a lower agreed value (USD530K).
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA May 19, 2020 13:36:02
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of Matt Salatino via groups.io
Sent: Tuesday, May 19, 2020 13:14 To: main@amelyachtowners.groups.io Subject: Re: [AmelYachtOwners] Self Insurance
Gary Golden, Manifest Marine. I’m a longtime customer and friend, who I met through the Moody Owners’ Association (previous boat) He’s a good guy, and an advocate for his clients. ~~~⛵️~~~Matt
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Re: Zink Anode for SPURS Line Cutter
Eric,
Thanks – will look into this.
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA May 19, 2020 13:29:53
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of eric freedman via groups.io
Sent: Monday, May 18, 2020 16:06 To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Zink Anode for SPURS Line Cutter
Teun, You can buy a regular pencil zinc and shorten it . It is much cheaper than the Onan factory zinc. Save the brass cap fitting that the zinc fits into . You can then reuse the cap and buy zincs without the brass cap. Fair Winds Eric Amel Super Maramu #376
From:
main@AmelYachtOwners.groups.io [mailto:main@AmelYachtOwners.groups.io]
On Behalf Of CW Bill Rouse
Teun,
To the back of the Onan heat exchanger
On Mon, May 18, 2020 at 11:19 AM Teun BAAS <teun@...> wrote:
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Re: Self Insurance
Below in blue next to Ken’s my current coverage; in red the last 2 years LLOYDS
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA May 19, 2020 13:07:00
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of Ken Powers SV Aquarius via groups.io
Sent: Tuesday, May 19, 2020 00:35 To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Self Insurance
Though I think it would be a great idea to start the "Amel Group Insurance Company" AGIC, it's a lot more than just opening a bank account and filling it with our $6000 each month. Insurance companies are Bankers
first, and Offer insurance second. Once you get the first $1.2M in the bank it has to be invested, and everyone will have different ideas of where to invest it. Well hedged is probably best, but these days I have been a very unsuccessful investor!
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Re: Self Insurance
Gary Golden, Manifest Marine.
toggle quoted messageShow quoted text
I’m a longtime customer and friend, who I met through the Moody Owners’ Association (previous boat) He’s a good guy, and an advocate for his clients. ~~~⛵️~~~Matt
On May 19, 2020, at 2:44 PM, Craig & Katherine Briggs SN 68 Sangaris Tropic Isle Harbor, FL via groups.io <sangaris@...> wrote:
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Re: Self Insurance
Below from Mark’s friend reflects exactly what I mentioned last week. It is no longer a matter of cost but “can I get it”.
On Pat and Ken’s Emails:
So far I have only seen “luke-warm” interest. I believe a lot of owners don’t realize what is really going on until personally confronted with refusal to renew as was my experience. Q1 this year I was reading the thread on our AYOG Forum about insurance problems but didn’t think it would concern me as I had been with LLOYD’s for 2 years to be renewed every April.
January/February 2020 a fellow AMEL 54 owner asked me for the contact info of my South Pacific agent and I knew he was offered in February/March 2020 a similar cover with a similar premium as I had for the last 2 years. Knowing he got LLOYDS to insure him I was pretty certain my renewal would just be a formality UNTILL 1st week of April 2020 I was notified by my agent that LLOYDS no longer was in the sailboat insurance business.
That gave me 2 weeks to find an alternative ☹.
So let’s first determine if we can come up with 200 really seriously interested AMEL owners; failing that we are just wasting time 😊.
Best Regards Teun SV AMELIT A54 #128
In Storage on the hard in COOMERA (near BRISBANE) QLD AUSTRALIA May 19, 2020 13:03:09
USA cell: +1 832 477 8842 AUSTRALIA cell: +61 5951 8909
You can follow AMELIT via this link: https://forecast.predictwind.com/tracking/display/AMELIT
From: main@AmelYachtOwners.groups.io <main@AmelYachtOwners.groups.io>
On Behalf Of Mark Erdos via groups.io
Sent: Tuesday, May 19, 2020 11:08 To: main@AmelYachtOwners.groups.io Subject: Re: [AmelYachtOwners] Self Insurance
Just as an FYI - An agent I am friendly with who understands and brokers policies for the marine insurance business sent me this:
I can tell you that due to the many companies pulling out of the recreational marine insurance market, including the all important reinsurers, that availability will soon be the primary concern as opposed to affordability, especially for two people cruising long distances.
Hopefully the pendulum will swing back toward the sailors in the future.
He thinks things will get worse before they get better.
With best regards,
Mark
Skipper Sailing Vessel - Cream Puff - SM2K - #275 Currently cruising - Tahiti, French Polynesia
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Re: Self Insurance
Patrick McAneny
Mark, I think your friends assessment is right on. I am fielding quotes ,two just today. They are full of restrictions , exclusions and wording that left me wondering if ever needed, would I have coverage at all. Not to mention the premiums more than twice what I was paying with Pantaenius, with deductibles 5 times as much. This is what prompted me to think ,it may be time to think about self insuring .
Stay Safe,
Pat
SM #123
-----Original Message-----
From: Mark Erdos <mcerdos@...> To: main@AmelYachtOwners.groups.io Sent: Tue, May 19, 2020 2:08 pm Subject: Re: [AmelYachtOwners] Self Insurance Just as an FYI - An agent I am friendly with who understands and
brokers policies for the marine insurance business sent me this:
I
can tell you that due to the many companies pulling out of the recreational
marine insurance market, including the all important reinsurers, that availability will
soon be the primary concern as opposed to affordability,
especially for two people cruising long distances.
Hopefully
the pendulum will swing back toward the sailors in the future.
He thinks
things will get worse before they get better.
With best
regards,
Mark
Skipper
Sailing Vessel
- Cream Puff - SM2K - #275
Currently
cruising - Tahiti, French Polynesia
www.creampuff.us
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Re: Main sail outhaul Motorspor
Kaplan,Andre
Thanks John
toggle quoted messageShow quoted text
Interesting suggestion... I’m off the boat this week but I’ll follow up with some strong taps to the motor when I return next week.. but I think a rebuild of the motor will likely be needed if the circuitry is OK.
Andre
On May 19, 2020, at 2:57 PM, John Clark <john.biohead@...> wrote:
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Re: Zink Anode for SPURS Line Cutter
Ulrich Michael Dangelmeyer
Hi Ameliens,
I´m interested to have a closer view on my spurs cutter anode as soon as possible, may be in August, hopefully. Is anybody from you experts are able to call me the right size for our 54´s spurs cutter zinc. There are a lot in variety at boatzincs.com. Currently I´m not able to make a measure. Boat in Greece, I´m Germany. Not so fine. THX a lot in advance and: still take care Best wishes to all are locked down remote. from home or boat. Ulrich Michael. „Soleil Bleu“ /A54 #088. <>
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Re: Main sail outhaul Motorspor
John Clark
Also an SM owner, older SM though...assuming that all the breakers are turned on (control power too) I found when the brushes in the motor are near the end of life the motor will sometimes work sometimes not. A tap on the side would make it go for a while. I replaced the brushes and have not had an issue in years. Annie SM 37 WI USVI
On Sun, May 17, 2020 at 3:23 PM Kaplan,Andre <kaplan@...> wrote: Mark
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Re: SM Turnbuckle
John Clark
Thanks guys. I wrote to ACMO a few days ago. They replied today requesting a photo. We'll see what they say. Regards, John SV Annie SM37 Water Island USVI
On Sun, May 17, 2020 at 10:26 AM Kaplan,Andre <kaplan@...> wrote:
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Re: Self Insurance
Just as an FYI - An agent I am friendly with who understands and brokers policies for the marine insurance business sent me this:
I can tell you that due to the many companies pulling out of the recreational marine insurance market, including the all important reinsurers, that availability will soon be the primary concern as opposed to affordability, especially for two people cruising long distances.
Hopefully the pendulum will swing back toward the sailors in the future.
He thinks things will get worse before they get better.
With best regards,
Mark
Skipper Sailing Vessel - Cream Puff - SM2K - #275 Currently cruising - Tahiti, French Polynesia www.creampuff.us
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Re: Mizzen furler gearbox, A54 peculiarity?
Sv Garulfo
Hi Randall Thanks for that explanation Do you remember if the internal column (vertical axis) is in 2 parts that are free to move with respect to each other? In mine, when the furler turns, the top part of the internal column (with the teeth) turns, but the bottom part does not (does not bulge at all). I’m puzzled as to whether that’s expected or not. The movement of the top part is smooth and feels normal. If I look at the drawing of the SM furler, I can’t see how the bottom part (part #9) would move so freely from the top part (part #6). Best, Thomas GARULFO A54-122 Tahuata, French Polynesia
On Tue, 19 May 2020 at 04:27, Randall <sailingalbedo@...> wrote:
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Re: Self Insurance
Patrick McAneny
Ken, We have been following you guys since you were in the Caribbean ,living vicariously unfortunately. I will be sailing my couch this winter ,if I can't find suitable coverage.Its all about risk and spreading it out ,so as not to take a big hit,if the worst should ever happen,as unlikely as it is.
Stay Safe,
Pat & Diane,
SM Shenanigans
-----Original Message-----
From: Ken Powers SV Aquarius <ken@...> To: main@AmelYachtOwners.groups.io Sent: Tue, May 19, 2020 12:28 pm Subject: Re: [AmelYachtOwners] Self Insurance Pat,
Your right! I just thought my questions help paint the picture of risk. I am optimistic that your idea could work, and still interested. Ken SM2K #262 Aquarius in Thailand
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Re: Whole Boat Permanent Inverter for 220VAC 50Hz
Ken Powers SV Aquarius
Scott,
I probably miss understood the issue. But, I still stand by my math. I agree with most of what you said.... And, If I had $20K to install an electrical system on Aquarius, it would be similar to yours. Fair Winds, Ken
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Re: Zink Anode for SPURS Line Cutter
Paul Guenette
You May already be aware of this, but just in case you are not.
Boat Zincs dot com has the Ohan zinc in stock for $6.15. You can also purchase just the zinc or just the threaded nut separately. The also have the line cutter zincs and the zincs for the rudder. I believe the one you need might be E-1G
Cross Reference located here https://www.boatzincs.com/engine-sizes.html.
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Re: Self Insurance
Ken Powers SV Aquarius
Pat,
Your right! I just thought my questions help paint the picture of risk. I am optimistic that your idea could work, and still interested. Ken SM2K #262 Aquarius in Thailand
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Re: Mizzen furler gearbox, A54 peculiarity?
Randall Walker
Thomas, I have inverted the picture. My furler only opens from the bottom, it just appears too open at the top. I think it was just a different casting, but the unit is the same. The bar with the 2 drill bits passed through was just a scrap 2 foot length,18 inches to 24 will work. A good vise, with a good wrap of bendable metal to protect the furler from vise teeth. If you put the crank handle shaft back in, it will keep the furler from turning in the vise. Turn bottom a turn or two, then remove the crank handle shaft. When putting the bearings back in after cleaning (do not grease bearings) insert internal gear up just far enough to feed the top set of bearings ,then push up, turn over put bottom bearings in tighten bottom, install Crank handle shaft. I doubt the unit will need to be done again for a long time, But anti seize may be an idea?? Hope that helps. Randall A54 #56 Still in Gib...
On Tue, May 19, 2020 at 1:53 AM Sv Garulfo <svgarulfo@...> wrote:
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Re: Self Insurance
Unfortunately, the more you dig into something like this, the less obvious are all the ramifications. Experience, beyond total novice is of limited value in assessing risk; age, accident history, net worth, are far more important. There are very experienced sailors who willingly sail into ANY weather and some who leave their boats at a dock in the path of a hurricane when they could have sailed to safety. Most captive insurance plans are created by companies for their own purposes, managed by their own management structure. As much as I like the idea behind it, It's hard to imaging something like this as a co-op, run democratically.
Robert Giroux Future Amel Owner
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Re: Self Insurance
Patrick McAneny
Dave ,Ken,
A lot of good points,but I think if we have too many restrictions,it would become too complicated. It would take someone's time and ability to assess a owners qualifications to join into the group .I am afraid if we make this too complicated ,it won't get off the ground. I also don't think the very fact that you have had a claim in the past ,indicates that you are a higher risk . I too have never had a car accident claim nor even a health ,or home insurance claim. I have not had a ticket in 30 yrs. Yet my boat electronics was damaged by a nearby lightning strike while on my mooring in front of our house . Lightning is random, can hit any boat, and has no bearing on my seamanship. I had another claim, while anchored in Guadeloupe , three charter cats anchored about 75 yards in front of me . Overnight at 4 am with 30 kt. gusts a 47 ft. cat from Dream Yacht Charters drug anchor and hit us , we were asleep . We ourselves were so well anchored that we held boat boats for almost an hour before they broke our anchor out. My insurance Pantaenius told me to make a claim with them and they would seek reimbursement from DYCharter. So I have had two claims ,and may not qualify for membership ,but I submit that I bear no responsibility for these claim and that they do not reflect on my 50 plus years of operating boats.
We actually are a low risk ,as we live in Maryland on the Sassafras River ,a hurricane hole and only cruise every other year ,then for just six months. I know we would be sharing risk with full time cruisers ,cruising in unfamiliar waters and at higher risks. But I would be willing to accept their risk as I think the number of Amels that are a total lose is quit low and the risk would be shared by many.
I would like to know how many boats have been a total lose outside of hurricane zones ,say in the last ten years. If it was say five @ $250,000. ,if that lose was shared by 200 members ,that would amount to $6,250. per member over ten years, or $625.00 per year. If your initial one time deposit was a percentage of your declared boat value ,say 2.5% ,coupled with a deductible say 10% based on the fixed value ,that would balance the relative difference in boat values.
Once the group had a sizable reserve to cover a loss or two ,in the event of a loss perhaps an assessment would be made on each member to replenish the fund . I think that an owner assuming no claims would receive a 50% refund of his initial deposit ,make this attractive,after all it is about sharing the risk ,while saving money. I think if we keep it simple and find someone to administer it,and assuming there was enough members wishing to join ,this could work to everyone's benefit.
One would still need to obtain liability insurance. One could also obtain full coverage as now, and have a much lower fixed value ,which should lower the premiums. I am trying too obtain insurance now ,and insurance has been hard to find,with many exemptions and very high premiums. I think its going to get worst as there are fewer underwriters in the offshore business.
Stay Safe,
Pat
SM Shenanigans
-----Original Message-----
From: Ken Powers SV Aquarius <ken@...> To: main@AmelYachtOwners.groups.io Sent: Tue, May 19, 2020 3:34 am Subject: Re: [AmelYachtOwners] Self Insurance Though I think it would be a great idea to start the "Amel Group Insurance Company" AGIC, it's a lot more than just opening a bank account and filling it with our $6000 each month. Insurance companies are Bankers first, and Offer insurance second. Once you get the first $1.2M in the bank it has to be invested, and everyone will have different ideas of where to invest it. Well hedged is probably best, but these days I have been a very unsuccessful investor!
On the questionnaire - Ask about Auto, Motorcycle, Airplane Insurance - Any tickets past 10 years, and any claims? People are the same on the water as they are on land or in the air. Careful drivers on land and in the air, will be careful captains on the water. I also think that the owners that will be insured by AGIC should be required to have three owners confirm that the owner is worthy of getting insurance through AGIC. The first 200 owners insured also need to be well vetted be part of the group. All you need is a few bad actors to bankrupt an insurance company. Everyone has different ideas of what the appropriate level of experience should be required to sail an Amel off shore. What would be the level of instruction/experience required for new owners, and who would be capable of imparting that knowledge and signing off for a new owner to be insured. Bill's class would be a good one, but should Bill alone be able to sign off for a new member? No one person should. There's a lot of benefits we could gain by starting this venture. For one, it would make the AMEL brand more valuable if the insurance was transferrable to a new owner given a mandatory level of experience, no claims (any insurance), and an AMEL offshore sailing course. Just like a check ride by the FAA. To do this right we need a village, and I think the AMEL Owners are the right village. If we start now, we could draft a document and get this started by the end of the year. First get interest level. 200 boats would probably be a good start. Draft a Document how the company would operate. 1. Investments 2. Personal requirements to be insured 3. What/Where will the insurance cover 4. How/who will manage the claims 5. Define a bad risk owner, and how will a bad risk owner be deleted from the insurance group. 6. Insurance claims - I have never had a claim on my Car Insurance, Motorcycle Insurance, Boat Insurance, or Airplane Insurance. Yup, I HAVE NEVER MADE A CLAIM IN 40 years of driving several types of vehicles. 7. Tickets in the last 10 years - Yup, I received 1 speeding ticket between San Diego and Vegas. Just moving with traffic. Safer to move at the same speed as traffic even though I was Breaking the Law. So the first think would be to find out who is interested in the insurance, and each should answer the following questions. If there is interest we need to get everyone into a spreadsheet and when we get to 200 people we can move forward to the next step. HERE IS MINE 1. Current Insurance Company: JACKLINE POLICY 2. Cost yearly: $5700 3. Coverage amount: $280K 4. Coverage location: Worldwide except weather zones 5. 3rd party Liability: $1M 6. Solo Sailor: ? 7. Insurance claims - I have never had a claim on my Car Insurance, Motorcycle Insurance, Boat Insurance, or Airplane Insurance. Yup, I HAVE NEVER MADE A CLAIM IN 40 years of driving several types of vehicles. 8. Tickets in the last 10 years - Yup, I received 1 speeding ticket between San Diego and Vegas. Just moving with traffic. Safer to move at the same speed as traffic even though I was Breaking the Law. 9. ?? Any other questions we need to ask to get the first 220 or more first responders? Some people will not meet the standards of the majority, so we will need to get more than the number required for critical mass. Even I may not meet the standards of some. Done rambling.... Ken Powers Aquarius SM2K #262 Currently in Phuket Thailand
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