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On the water insurance

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JimB517
Past Commodore

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USA
3285 Posts

Initially Posted - 11/30/2009 : 14:13:22

I got an email from a fellow member who can't post himself from work due to restrictions. We would like to share the story.

Indiscipline 1978 FK SR #398

Edited by - on

JimB517
Past Commodore

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USA
3285 Posts

Response Posted - 11/30/2009 : 14:14:55

You may remember our family vacation ended this past summer when we hit a rock damaging the boat, and then our daughter fell, breaking her leg in a separate incident on the same day.

I just got back all our submissions for medical expenses from State Farm. While they will repair the damage to the boat, and will pay medical expenses to third party passengers on the boat (we have none), our coverage does not pay for medical expenses to our immediate family.

My wife and I both work at companies with failry comprehensive insurance benefits so we thought the expenses would be covered by our work's travel policies. Because our daughter was sent to hospital via water taxi, and not air ambulance, or any other paramedical mode (coast guard, Police boat, etc.) our coverage does not pay the expenses for the extraction. Had we used a recognized medical service, the extraction costs would have been covered.

Luckily, our Government health coverage pays the bulk of our expenses, so we are only out of pocket about $1,000 on the medical stuff. Our mariners insurance through State Farm has a $500 deductable for the repair to the boat. We can manage this.

Since this emegency was not life threatening, and we can afford to pay the expenses, we feel very lucky, however; we are now considering more advanced travel coverage for our future adventures on the boat. It might ba a good exercise for other folks to review their coverages to be sure of what is included, and know how to handle an emergency with an eye to being able to use their insurance to avoid costs.

In our case, an air ambulance would have been faster and equally viable, but we thought that putting a strain on emergency resources was unnecessary in our instance. In retrospect, we should have gone with this option as it would have been paid for.

Best Regards,
Chris

Edited by - JimB517 on 12/01/2009 10:38:51

JimB517
Past Commodore

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USA
3285 Posts

Response Posted - 11/30/2009 : 17:56:53

Chris and John Gisondi were planning to make a tech tip about the repairs to the boat. The boat hit a rock at about 4.5 knots doing extensive damage to the keel (keel hull joint was intact). They sailed it home and in fact sailed all summer. This winter, at haul out, they discovered the damage. Chris contacted Catalina Yachts. a tech named Kent emailed blueprint drawings of how to do the repair done by Gerry Douglas. I have these drawings on my desk.

Hows that for customer service? 20 years out of warranty and the builder's chief designer takes time to detail a repair job plus bill of materials and repair instructions. This is to a 2nd or 3rd hand owner of a 1980 model of one of their smallest boats.

Personally I am just blown away by this response from Catalina Yachts. I'd like to see that from any other builder.

Edited by - JimB517 on 12/01/2009 10:40:19

KD4AO
Navigator

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USA
202 Posts

Response Posted - 11/30/2009 : 18:30:12

Good story Jim and Chris. And the response from Catalina is way beyond "Business As Usual", more like real family.

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Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 11/30/2009 : 18:42:37

I feel for Chris about his ruined vacation cruise... And kudos to Catalina! As for his insurance, I would suggest a careful examination of the costs versus the risks. Example (non-nautical): This month I entered the Medicare phase of life, and chose a "Medigap" policy to go with it. I narrowed the search down to two options--a virtually zero-deductible policy (covering Medicare deductibles and gaps), and one with the same coverages but with a $2000 deductible. The premiums for the deductible policy are about $2400 per year less... It doesn't take much math to figure out that I don't have to have many years (maybe ONE) without a major health event to come out ahead--as long as I can face the distinct possibility of paying $2000 some year when something does happen.

By some measures, I've always been somewhat overinsured--life, auto, home, boat, liabilty umbrella, long-term care... But I believe in using insurance to protect from expenses I can't reasonably cover--doing more just makes insurance companies richer. I won't buy an "extended warranty" on anything, and I've saved a ton on that. (Sure, you can come out ahead on something, but if you cover everything so that you'll collect on something, you almost certainly come out behind--those are the industries' profit models.)

Bottom line: Insure for what you can't handle, and handle what you can. The odds are you'll come out ahead.

Edited by - Dave Bristle on 11/30/2009 19:12:09

PCP777
Master Marine Consultant

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USA
1225 Posts

Response Posted - 12/01/2009 : 11:59:40

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by Dave Bristle
 I feel for Chris about his ruined vacation cruise... And kudos to Catalina! As for his insurance, I would suggest a careful examination of the costs versus the risks. Example (non-nautical): This month I entered the Medicare phase of life, and chose a "Medigap" policy to go with it. I narrowed the search down to two options--a virtually zero-deductible policy (covering Medicare deductibles and gaps), and one with the same coverages but with a $2000 deductible. The premiums for the deductible policy are about $2400 per year less... It doesn't take much math to figure out that I don't have to have many years (maybe ONE) without a major health event to come out ahead--as long as I can face the distinct possibility of paying $2000 some year when something does happen.

By some measures, I've always been somewhat overinsured--life, auto, home, boat, liabilty umbrella, long-term care... But I believe in using insurance to protect from expenses I can't reasonably cover--doing more just makes insurance companies richer. I won't buy an "extended warranty" on anything, and I've saved a ton on that. (Sure, you can come out ahead on something, but if you cover everything so that you'll collect on something, you almost certainly come out behind--those are the industries' profit models.)

Bottom line: Insure for what you can't handle, and handle what you can. The odds are you'll come out ahead.
<hr height="1" noshade id="quote"></blockquote id="quote">

Wise words sir, thank you.

Edited by - on

Dave Bristle
Master Marine Consultant

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Djibouti
10005 Posts

Response Posted - 12/01/2009 : 18:35:01

<blockquote id="quote">quote:<hr height="1" noshade id="quote">Originally posted by PCP777
 Wise words sir, thank you.<hr height="1" noshade id="quote"></blockquote id="quote">"Wisdom comes with age; although sometimes age comes alone." Now where did I put my glasses??

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