Leveraging IoT and Blockchain Technology
hurricane destruction , and the striking of submerged objects . As the climate becomes more variable , hurricane damage can often take the number one slot for claims . 6
Unfortunately , following a bad hurricane season such as 2022 , insurance companies become more reluctant to write policies for new boat owners . If they do , the terms of the policy will be quite unfavorable . Policy holders can now expect a huge deductible , with no coverage during the hurricane season . For instance , the owner of a brand new $ 3 million dollar 67 foot vessel , recently paid $ 38K per year , with an $ 80K deductible . The insurance company required this boat owner to employ a mandatory full-time captain , and this covered his vessel for only the non-hurricane months . He must now search for additional coverage .
Insurance costs vary based on the type and size of the insured boat , the location of the boat ’ s use and storage facility , and coverage limits . While these insurance policies hold value , boat owners are not required to purchase them and insurance agencies themselves are often illprepared to respond to wide-reaching , catastrophic events . 7
In the wake of Hurricane Ian , the existing insurance infrastructure prolonged the environmental and navigational risks caused by the piles of landlocked boats . Insurance companies were unable to process the number of claims rapidly enough to ensure swift removal , while boat owners had to assume the stress of navigating deductibles and policies in addition to looking after their family ’ s housing needs and physical safety . Owners with insurance policies were often encouraged to find their own means of removing their boats . Owners without policies , for whom self-removal was the only choice , were often unable to pay the salvage costs .
While hurricanes are not preventable , the process by which owners protect their assets can be strengthened . Debbie Davis , a resident of Sanibel Island , spoke of her own experience during Hurricane Ian :
“ Once the hurricane happens , it is an insane process for the consumer to have to call our ‘ agent ’ to report a claim ( when we have no phone service , internet , or power for weeks ). After that , they expect us to wait around for the adjuster and then just accept their quote because most local marinas in the same area are also hit hard by the hurricane . Maybe there is a way to utilize the Ahoy technology to connect with ‘ adjustors ’ outside the area of the catastrophe ?”
Debbie continues , “ We had many friends whose boats ended up in neighbors ’ pools , screened porches , down the canal , or even just upside down in their own slip . They had no means to find resources at that time to move their boat to preserve the damage to the environment or to mitigate the damage to their boat . We couldn ’ t find crane services and weren ’ t sure who was
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Journal of Innovation 75