Has any body or boating group tried to self fund total loss or 3rd party insurance to comply with marina or slip reqiuements it seems to me that I would contribute to a fund that would provide this .For example by self managing a trust a/c by 500 users contributing 500 each per year with strict qualifying rectrictions I am sure it could be managed and many insurance cos would underwrite it .Any thoughts or volunteers to manage it I am happy to apply my considerable expertise in any way 500 by 500 is a considerable amount and this is yearly It would mean involment by subscribers to examine and assess new subscribers and claims and some legal work which I am sure someone out there can supply.I am sick of dud insurance cos and bad mannered marin/slip managers .Ther must be a better way for us good permanent users of sound boats without paying for other proples ripoffs and stuffups
But my comprehensive policy with 10 million liability cover only costs $400 per year so $500 seems expensive.
There are examples of "pools" taking some of the risk of a group of participants but it's an awful lot of admin.
You could design an arrangement where the pool takes the first, say, $10,000 of any claim and anything above that is underwritten by an insurer.
A flat rate premium would be a great deal for owners of large, expensive boats or those with poor claims experience but unattractive for those at the other end of the scale. You'd need a sensible scale of charges, which would be tricky to work out.
You also run the risk, especially in the early years of a bad run of claims - who pays if claims exceed the money collected?
One thing that is possible is presenting a large block of good quality business to a quality broker and getting them to set up a special deal.
In my mind, a few things that would make such a group of boats attractive might be;
1. Proven high maintenance standards
2. Safe mooring location
3. Proven high quality moorings(maintained)/berthing
4. Guaranteed minimum boat visit periods to check everything o.k.
5. Perhaps an extra discount for one of the boat monitoring systems
6. Owners taking a reasonable excess to cut out small claims & focus the mind on prevention
7. Relevant formal sailing qualifications.
Cheers
Bristol
