I dont think the government will help because all of the piers except Sandbridge are self-owned. But I think they will have plenty of insurance and will if not right away, eventually rebuild the piers.
That is prime waterfront property. You can bet your butt some big bucks will be offered for it by the builders. It might be hard to turn down for a private owner who is tired of running a pier. Lets hope not....Tightlines
Hat80, you hit it on the nose. Imagine the situation like this: you own a pier that you have for decades. You're on waterfront property that's worth hundreds of thousands of dollars. You could sell the pier and property but it's hard to find a buyer--piers aren't exactly a high-margin business.
A hurricane comes along and smashes the pier. The insurance company offers hundreds of thousands (or even $1M plus) to rebuild. Owners might easily be tempted to take the money, sell the property, and ditch the whole thing.
I guarantee you that that's exactly what will happen with Harrison's Pier. I sincerely hope that it doesn't happen with the rest.
I just came in from the bar. The storm is starting to get here. I've fished all those piers since I was a kid. That's how I grew to love fishing. I'm so f-ing depressed I feel like crawling into a dark corner with a handle of bourbon.
i talked to the lady that owns lynnhaven pier tonight while i was in the bait store...she was saying how she didnt have any insurance that would cover the hurricane damage..only liability....she said NOONE wanted to insure the pier against damages like that......she also said she will be repairing the end of it and gonna be adding a diamond shaped end to the pier...then she said the price will be raised next season to pay for it... she said $7.50
Read in local paper today, initial cost estimate for Romancoke pier at $750,000. Now you tell me, if you owned a pier and probably the land, with no insurance for this catastrophy, would you rebuid or sell the property and run? Finaciallyro me it's easy. Sell, no more headaches, and no more work.
Maybe get alot of people to write to the various CHAMBERS OF COMMERCE and local CITY HALLS. Maybe this would open some eyes to the possible money to be made.
The risk isn't just nesessarily the pier..........it.s the type of construction used to make the pier. These piers were built with 1800's technology, and Lynnhaven especially shook with a good breeze. For example the Bay Bridge Tunnel is still there .....right?
I do not know the cost differential between the two types of construction, but I do think there is a huge difference in thier ability to withstand high winds and wave slap.
I know several pier owners. The piers are never a $ maker and are held as a liability versus other profitable ventures.Sorta like a parking lot.You want the appreciation over a number of years,not the current return.Rebuilding makes for a better write-off. PLUS its a high CASH business...nuff said!....the R
It will be interesting to see what will happen now. To some of the oldtimers: How many piers were not rebuilt when the last big hurricane came through?
Its sad but I really expect somechanges and some not to reopen,
my understanding is that most piers only carry liability insurance. the only company that will insure piers is loydes of london, and i dont think any pier owner could afford their premium. unless the local govt gets involved because its a land mark, i agree that they will be sold for the property.
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