Technically speaking the boat was getting an overhaul and damage would be the responsibility of the company doing the work not the owner (that is if the work wasn't done by the owner)
Thats going to be a 10 year court saga. My father is a retired marine mechanic - something similar happened at his yard about 20 years ago, and the owner was similarly uninsured. The owner sued the marina and the resulting decade long legal battle resulted in a refund of his dockage fees for that year, but no other compensation. I can't imagine how much he paid his attorney for that meager sum, but I'd venture to say it was quite a bit more than he paid for his $25K boat in the first place.
New money refers to lack of generational money. You need an insane amount of money to be "old money" and "old money" doesn't have these kinds of boats.
If they don't have insurance, it means they don't have a lease or loan on the boat, so I don't feel sorry for them. Although the fine they're gonna pay for polluting the water might bankrupt them.
Ugh! What a disaster! I cannot tell you how many times I have been told, "Oh, I self-insure." Self-insurance assumes that the insured can afford a hit, whether it's a yacht, home, vehicle, whatever. Very few folks can truly afford to take such a hit, so they are in fact uninsured, which is very, very different. Self-insurance is a very real and legitimate risk management tool, but only for those individuals and businesses with strong balance sheets. Otherwise, it's just wishful thinking.
Why would you buy something that expensive, and then cheap out on getting insurance?
Technically speaking the boat was getting an overhaul and damage would be the responsibility of the company doing the work not the owner (that is if the work wasn't done by the owner)
Lol no most of those companies specifically say we aren't liable for anything
Pro tip: saying you’re not liable for something doesn’t make that true
Thats going to be a 10 year court saga. My father is a retired marine mechanic - something similar happened at his yard about 20 years ago, and the owner was similarly uninsured. The owner sued the marina and the resulting decade long legal battle resulted in a refund of his dockage fees for that year, but no other compensation. I can't imagine how much he paid his attorney for that meager sum, but I'd venture to say it was quite a bit more than he paid for his $25K boat in the first place.
New money, knows what it's like to live like a rich person, doesn't actually have the income for it, does shortcuts.
There is very little new money in the Keys.
New money refers to lack of generational money. You need an insane amount of money to be "old money" and "old money" doesn't have these kinds of boats.
I know exactly what it means, and I've spent a lot of time in the Keys.
If they don't have insurance, it means they don't have a lease or loan on the boat, so I don't feel sorry for them. Although the fine they're gonna pay for polluting the water might bankrupt them.
Generally speaking, when the fine is so large that it will bankrupt you, the fine just goes unpaid.
essentially they just won't get a tax refund any longer (it will get taken each year to offset)
When I bought my boat I financed it. $50,000. No insurance required for the loan.
I got insurance cause I am not a moron though.
oh no....
anyways...
I wonder who was doing the overhaul
Poor rich person 😢
How is being insured even optional? Why isnt it mandatory to be insured?
No insurance.
https://www.miamiherald.com/news/local/community/florida-keys/article313590050.html?
Thanks for this post.
55' Viking sports fisher. I teared up a little. Tragic.
If they can afford a million dollar boat they ain't worried about insurance.
lol, economically bad choices were made
Literally, "a hole in the water..."
Ugh! What a disaster! I cannot tell you how many times I have been told, "Oh, I self-insure." Self-insurance assumes that the insured can afford a hit, whether it's a yacht, home, vehicle, whatever. Very few folks can truly afford to take such a hit, so they are in fact uninsured, which is very, very different. Self-insurance is a very real and legitimate risk management tool, but only for those individuals and businesses with strong balance sheets. Otherwise, it's just wishful thinking.
SovCits. Self insure. They're the fools they are talking about.
Cry a boat it
I have absolutely no remorse for folks who buy $$$$$$ schitt, and cheap out on the insurance!!!
FAFO at it's finest.
...only been working for TowBoat US for about four months and “this is the biggest job I’ve seen so far,” ...
Those images always make me sick to my stomach
But it's a joyous time for the lucky person that gets to salvage it and pickle it all f
Rich people problems.... now get that trash out of the water.
Hahaha
Looks like it spilled it’s contents of classified documents
No insurance??? No sympathy from me.
I think i can see Sharkeys!
What idiot tossed the oil absorbing pads in the water?
The boat is leaking diesel and the owner is going to be on the hook for cleaning it up.
They are republicans which means they expect and will receive government reimbursement
Which, of course, isn’t socialism. /s