Re: T&T: T&T Florida Insurance
I would point out here that there is a big difference between "self
insurance" and "no insurance". For self insurance funds are actually
set aside to pay for losses.
Phil de l'Etoile
"Brave Duck"
San Francisco Bay Area
OK Let me get this straight if I "self insure" for say $500,000 hull value
then I have to have $500,000 sitting around to pay on a potential claim against
myself? And if I don't have the $500,000 then what perhaps sue myself? Kind of
silly. Self insure is just a polite way of saying no insurance.
Brian Palmetto FL
Actually there is a real distinction. For self insurance you would
periodically set aside funds that would accumulate and build up to a
sizable portion of the estimated or depreciated value of the property.
Maybe a better way of looking at it is as a function of wealth. If you
can't afford the loss, you buy full insurance. If you can afford a part
of the loss, you get a High Deductible policy. If you can afford most
of the loss, OR if you feel you can actually control the likelihood of a
loss, you self insure and set up a funding mechanism. If you're not
particularly financially concerned about the loss, you self insure and
"expense" the loss. While you and I would not be likely to insure a
potted plant on the front porch, the Federal Government would be
unlikely to insure its automobile fleet.
So regardless of how the terms are sometimes commonly used, "self
insurance" and "no insurance" are definitely not synonymous.
Phil
Trainman484848@aol.com wrote:
I would point out here that there is a big difference between "self
insurance" and "no insurance". For self insurance funds are actually
set aside to pay for losses.
Phil de l'Etoile
"Brave Duck"
San Francisco Bay Area
OK Let me get this straight if I "self insure" for say $500,000 hull value
then I have to have $500,000 sitting around to pay on a potential claim against
myself? And if I don't have the $500,000 then what perhaps sue myself? Kind of
silly. Self insure is just a polite way of saying no insurance.
Brian Palmetto FL
http://lists.samurai.com/mailman/listinfo/trawlers-and-trawlering
Brian, if you write yourself a check for what you would have paid for
insurance and put it in some type of investment (stocks, bonds, mutual
funds, CDs), each year without a "claim" will increase your ability to
sustain a larger "claim". The risk of having to use other funds decreases
yearly if you stay out of trouble.
If you compound the interest over lets say a 10 year period on a $2,000
annual "premium" you'll have a reasonable amount of funds for those pesky
boo-boos that happen occasionally.
I don't think Phil was suggesting you set aside $500,000 he just made the
point that there was an effort made to reduce the impact of a claim.
I'm predicting a lot of boat owners who own their boats will self-insure on
the hull and carry commercial liability only.
Regards....
Phil Rosch
Old Harbor Consulting
M/V "Curmudgeon" MT44 TC
Currently lying Bond Creek, NC
-----Original Message-----
From: trawlers-and-trawlering-bounces@lists.samurai.com
[mailto:trawlers-and-trawlering-bounces@lists.samurai.com] On Behalf Of
Trainman484848@aol.com
Sent: Sunday, October 29, 2006 7:56 AM
To: trawlers-and-trawlering@lists.samurai.com
Subject: Re: T&T: T&T Florida Insurance
I would point out here that there is a big difference between "self
insurance" and "no insurance". For self insurance funds are actually
set aside to pay for losses.
Phil de l'Etoile
"Brave Duck"
San Francisco Bay Area
OK Let me get this straight if I "self insure" for say $500,000 hull value
then I have to have $500,000 sitting around to pay on a potential claim
against
myself? And if I don't have the $500,000 then what perhaps sue myself? Kind
of
silly. Self insure is just a polite way of saying no insurance.
Brian Palmetto FL
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