Hurricanes - Boat Loans, Financing and Insurance


Eboatloans is based in Miami and Fort Lauderdale.  Every year we go through issues with hurricanes here and with our customers along the southeast coast.  We have tropical storm Fay coming off Cuba today and it’s all over the news, everyone is a little jumpy, clouds are grey and roads are wet.

So what does this have to do with boat loans and insurance? 

From a boat loan and banking perspective, any time you have a boat or yacht being kept in an area which is subject to hurricanes, the bank has more risk.  Especially during the hurricane season.  Banks typically don’t put too much risk associated with it as they require insurance to cover any damages and they are listed as the loss payee on your policy should their be any damages.  It is still a factor if you are on the fence from a credit perspective.  Banks typically require a maximum of a 2%  deductible on your insurance and some require windstorm while others don’t.  Unfortunately, some people let their insurance lapse and the banks had a lot of loans in default after Hurricane Katrina and Hurricane Andrew.

From an boat and yacht insurance side, there are a lot more issues, risk and expenses.  First and foremost, if you are buying a boat or yacht and a storm is offshore, most insurance companies will stop binding insurance during that time.  So today and the next few days, Florida will be off limits for obtaining new vessel insurance.

Insurance premiums are definitely higher in these areas and are even more so during hurricane season when the risk is actually a bigger issue.  Best prices tend to be after season (winter for us) and after a time when no hurricanes have hit for some time.  Insurance prices are finally starting to come down from the several storms in 2004 including Hurricane Charley which surprised the west coast and caused major damage in Sanibel, Captiva, Punta Gorda, Port Charlotte and the surrounding areas.  Boat insurance was very scarce right after these storms as the only protection available was from major overseas carriers.  Please make sure to ask and read your policy so you know what your deductibles are and if you have windstorm.

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Insurers Brace For Disaster Hit To 2010 Earnings
Wall Street Journal
Following Hurricane Katrina, premiums for boat and house insurance policies more than doubled. They dropped again two years later as the number of heavy

and more »


Florida's unacceptable risk
Sarasota Herald-Tribune
A Punta Gorda resident paints insurance information on part of his demolished home after Hurricane Charley struck Charlotte County in August 2004.

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WTRF
Wheeling Island Residents Prepare for Flooding
WTRF
The last time the Kucera's were flooded out was in 2004 after the remnants of Hurricane Ivan rolled through the area, dumping more than eight inches of rain

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Home Insurance Industry Is Fraught With Risks
The Ledger
Over the past year, without having to weather a single hurricane, Florida led the nation with a half-dozen property insurance failures. For the first time,

and more »


Legal News Line
BUSINESS IN BRIEF: Massachusetts insurers look for a 4.5 percent hike in
Enterprise News
Only a handful of travelers rode the boat. Billings told the paper he only needed about a dozen riders each day to make the route profitable,
BUSINESS IN BRIEF: Massachusetts insurers look for a 4.5 percent hike in Easton Journal

all 12 news articles »

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