Hawaii Agent
Expert
- 63
I have so many questions swirling in my head about what's to come with this. I live on a different island and only have a small book on Maui; however, I've already filed over 20 claims. We're also looking at filing loss of use claims for units not affected but had their previous reservations cancelled (one carrier has already declined to cover this type of loss). I have a $3.5mill Cov A structure that is now just ash, I can't imagine what the total payout with personal property & loss of use will be. I don't even have time to download the dec to review the coverage, I'm just going to assume every line will be paid out.
I have a property manager that specializes in short-term rentals on the west side of Maui. Her house/office burnt down. Her E&O is up for renewal. I now need to ask her for her estimated sales for the next 12 months. I feel like an ass...
I have a destination management company that helps to host VIP retreats on Maui. When will mass tourism return to Maui? My masonry contractor had a contract in hand to reinforce a boat dock in Lahaina, that structure is gone. I have a custom window fabricator has windows that are made but now the homes that ordered them are gone. My clients are hurting and there's nothing I can do for them.
The claims on Oahu aren't stopping either. Condos were built horribly and we're paying the price. AOAO deductibles are going as high as $250k (one on a building built in 2017).
We've always had issues with limited carriers because Hawaii is too small of a market. With losses estimated over $3bill, what's going to happen over the next 2-3 years? My friends joke about getting a pay raise, I'm expecting CA & FL levels of turmoil.
Sorry for the long, almost unreadable message
TLDR: Hawaii's insurance market is FUX^D
I have a property manager that specializes in short-term rentals on the west side of Maui. Her house/office burnt down. Her E&O is up for renewal. I now need to ask her for her estimated sales for the next 12 months. I feel like an ass...
I have a destination management company that helps to host VIP retreats on Maui. When will mass tourism return to Maui? My masonry contractor had a contract in hand to reinforce a boat dock in Lahaina, that structure is gone. I have a custom window fabricator has windows that are made but now the homes that ordered them are gone. My clients are hurting and there's nothing I can do for them.
The claims on Oahu aren't stopping either. Condos were built horribly and we're paying the price. AOAO deductibles are going as high as $250k (one on a building built in 2017).
We've always had issues with limited carriers because Hawaii is too small of a market. With losses estimated over $3bill, what's going to happen over the next 2-3 years? My friends joke about getting a pay raise, I'm expecting CA & FL levels of turmoil.
Sorry for the long, almost unreadable message
TLDR: Hawaii's insurance market is FUX^D
