It is too soon to get a solid handle on how the 2024 hurricane season and al of the marine looses suffered from the three major hurricanes to hit America this far but we know from experience that there will be long-term consequences.
As all of us who insure our boats for coastal and offshore cruising and for areas that can be subject to tropical storms and hurricanes insurance has grown harder and harder to get and the price of policies that we need continues to rise at above inflation rates.
In cases we are aware of, the cost of insurance for boats heading to the Caribbean has gone up by almost 200% since 2020 and the coverage in the policies and the regional restrictions have been curtailed. The time may come when boat owners will not be able to obtain coverage for named storms in certain storm-prone areas or the price they will have to pay will be astronomical.
Here’s an article in Insurance Business written after hurricane Beryl that helps clarify the picture of what’s likely to happen going forward. Read more here.
