Insurance woes

michael · Post by **michael** » Fri Jun 09, 2006 11:04 am

Mike I have a quote from Boat Safe Insurance for $1651.00.$120,000 coverage with a 2%deductable.They do require a survey which I am having done monday or tuesday.

Chris Anderson · Post by **Chris Anderson** » Sat Jun 10, 2006 3:21 am

Hi Mike, I uped my coverage to $160,000 after I did my repower to diesel and had another survey. Previously my coverage was for $85K with 5 year old Crusaders. My survey shows a "replacement" value at over $300K which I was a little unsure of..... but hey he's the pro. That makes me even happier with my boat.

captgene · Post by **captgene** » Mon Jun 12, 2006 3:35 am

Notice my post back in this thread from 2004? $1800. We this year it is $3000. Boat usless. I made a claim after Wilma, 1st ever so i can't wait until I see the next bill. Gene Dugan

Sean B · Post by **Sean B** » Mon Jun 12, 2006 6:03 am

quote:Originally posted by Chris Anderson My survey shows a "replacement" value at over $300K which I was a little unsure of..... All the surveys say something like that, and it is the cost of a comparable boat but new. The insurance companies would never consider that number, and in fact a lot of people with complete loss have had to fight to prove their boat's worth to the insurance company, despite whatever limit they had set on the policy. Alternatively there are "agreed value" policies, where you and the ins co agree on a claim value in case of a total loss, but those policies cost a lot more and I think they are mostly available only to newer boats, like less that 5 years old. So I would consider that when buying a larger limit policy- they may never pay the larger limit. But of course they'll sell you the policy... Sean Burlingham "Island Time" 1987 Bertram 33 SF Melbourne, FL SBurlingham@cfl.rr.com

sbeer · Post by **sbeer** » Mon Jun 12, 2006 6:11 am

Sean, I don't understand it. You buy a policy of say 200,000. Lets use my boat as an example 1981 SF. the boat sinks. Minus the deductable I would think the insurance company is liable for the policy. They know the boat, have the survey and sold you the policy. I am looking at 95,000 for mine, your boat is comparable to mine. Should I up the policy and if so are you saying if I bought a policy for 120,00 it would'nt be honered???????? Hmmm Mike

photo finish · Post by **photo finish** » Mon Jun 12, 2006 7:30 am

That is why insurance companies require a survey. The boats total loss value should be determined by that survey value, minus depreciation.

sbeer · Post by **sbeer** » Mon Jun 12, 2006 9:23 am

Tim, You cover the boat for 120,000. How is depreciation determed? Is that after the policy starts? At the start it is 120 but each year it depreciates. How is that determined on a 1981 boat that has in all reality not lost much value. Figure it how much was a 33sf in 81 new? Mike

photo finish · Post by **photo finish** » Mon Jun 12, 2006 11:22 am

the hull itself would not change in value but take my boat for instance. I have 40k worth of new engines, the second they hit the water they are probably valued at 20k ,so if i buy 100k of insurance and if my survey says with the brand new engines the boat value is 100k and i have a loss in 2 years do you think they will pay 100k or 80k? If i remember right our boats in the early 80s were around 150k new!

Capt. Ed · Post by **Capt. Ed** » Mon Jun 12, 2006 11:56 am

It would depend upon the policy, if it was "Agreed Value" or not, which means that in the event of a total loss that a value has been agreed too (also called a Stated Value). I had that on a boat and they paid the full policy amount for the loss. 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida HAVE YOU SIGNED UP FOR BERTRAM PRIDE '06 yet? DO IT NOW... SPACE IS LIMITED!

Sean B · Post by **Sean B** » Mon Jun 12, 2006 2:35 pm

quote:Originally posted by sbeer Sean, I don't understand it. You buy a policy of say 200,000. Lets use my boat as an example 1981 SF. the boat sinks. Minus the deductable I would think the insurance company is liable for the policy. They know the boat, have the survey and sold you the policy. I am looking at 95,000 for mine, your boat is comparable to mine. Should I up the policy and if so are you saying if I bought a policy for 120,00 it would'nt be honered???????? Hmmm MikeThat's exactly right, and lots of that crap went on too after so many boats got wrecked down here during the past two years. A survey helps, but mainly they will use that to set the value and premuim for your policy. If you don't have the agreed-value policy, which is hard to find (or expensive) on an older boat, then in the case of a total loss they WILL be evaluating the value of the boat, their way and most likely in their favor. Read the policy carefully, it's all there. I would hate to think they would look on boats.com, find a B33 of similiar year and equipment for sale and determine value that way, but it's certainly possible. Given the stories from last year I'd say likely. Sooo... I would be wary of spending too much on a policy that probably wouldn't pay more than 100k anyway. But they'll be happy to sell it to you. If you want say $140 coverage, get a quote. Then ask them to quote it for $140k agreed-value. Watch the premium double or triple, or maybe they won't even do it at all. What does that tell you? They know they would never pay you 140k. Sean Burlingham "Island Time" 1987 Bertram 33 SF Melbourne, FL SBurlingham@cfl.rr.com

Sean B · Post by **Sean B** » Mon Jun 12, 2006 2:36 pm

quote:Originally posted by Capt. Ed I had that on a boat and they paid the full policy amount for the loss. Well there must be a story there.... Sean Burlingham "Island Time" 1987 Bertram 33 SF Melbourne, FL SBurlingham@cfl.rr.com

Capt. Ed · Post by **Capt. Ed** » Mon Jun 12, 2006 4:20 pm

There is... I had a boat on a lift behind the house and a cable broke while a friend was lowering (at low tide no less) the boat and it bounced off the bottom. The quote to repair the boat was just over 75% of the insured value, so they paid the agreed value and then I repurchased it from them for less than 20% of what they had just paid me and did the repairs for about a third or less of the quotes. 1979 Bertram 33' FBC ALEXANDRA Port Richey, Florida HAVE YOU SIGNED UP FOR BERTRAM PRIDE '06 yet? DO IT NOW... SPACE IS LIMITED!

gskill · Post by **gskill** » Wed Jun 14, 2006 1:48 am

I just received my quote from ORM Insurance Services $2787 for 85K. Last year it was $2147. This includes a 5% deductible, double for named storms. I received a quote from Boat US last year and it was over 3k with a $500 deductible. I am looking for alternatives and would appreciate any leads. George Skillas 33 FBC Destiny - 1983 Deerfield Beach, Florida

Post by **dougl33** » Wed Jun 14, 2006 3:30 am

George, based upon what other Florida boys are saying, it seems you're lucky your insurance company didn't drop you entirely. Regards, Doug L. 1986 33 Bertram FBC Queen Elizabeth Marblehead, MA [img]http://www.bertram33.com/photogallery/p ... sabeth.jpg[/img]

Rick · Post by **Rick** » Wed Jun 14, 2006 6:29 am

I just got my Travelers quote for this year...it went down $34 from last year. That's a bill I'm paying right away ! The only new provision is a statement saying that if the boat is moored between N. Carolina & Texas coastline, then to consult agent for Hurricane details. Rick Ticket 85 SF Falmouth, MA