A price tag for Katrina-battered boats - Soundings Online

A price tag for Katrina-battered boats

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OCT. 14 - BoatU.S. estimated Thursday that Hurricane Katrina caused between $650 and $750 million in damage to recreational boats, far surpassing the damage caused by Hurricane Andrew.

In addition to boat damage, BoatU.S. says in a statement that Hurricane Katrina destroyed an estimated 75-percent of the marinas along 150 miles of the Gulf Coast. The marine insurer also pointed out that only about half of the total estimated damage to recreational boats — $300 million to $400 million — was covered by insurance.

BoatU.S. says that its Marine Insurance Catastrophe Response Team is working in Alabama, Mississippi and Louisiana and that it expects claims activity in Alabama and Mississippi to subside in the coming weeks. “However, there is still a lot of work to do in Louisiana,” Carroll Robertson, BoatU.S. senior vice president of claims says in the statement. Recovery efforts there have been slowed by the severity of destruction as well as evacuations and security restrictions, she says.

Hurricane Andrew caused about $500 million in damage to recreational boats in 1992, the statement says. BoatU.S. expects to have figures for boat losses from Hurricane Rita, which hit the Louisiana bayou and coastal regions of eastern Texas on Sept. 24, in a few weeks.

Jason Fell