Thank you Bruce. I have made the decision to switch from BoatUS to Ameriprise/Progressive.
Cheers, Randy > On Feb 8, 2018, at 5:43 PM, Bruce Whitmore via CnC-List > <cnc-list@cnc-list.com> wrote: > > Hello all, > > First, thanks to Eric for pointing out a CRITICAL provision in the new Boat > U.S. policies now issued by Geico. > > I read my new policy (which has only been in force since February 2nd) and > found the following provision: > > "We will pay the reasonable cost of repairs and replacements, in accordance > with quality marine repair practice, less depreciation (emphasis added). > Depreciation shall be calculated at 10% for each year beginning with the 20th > year from manufacture. In all cases, there shall remain no less than 20% > residual value regardless of age." > > I then researched all the information provided during the quoting process. > This was not disclosed. I then called Boat U.S., and they agreed they had > not informed me of this provision, and then offered me (for an upcharge of > $64), an endorsement that would take away the depreciation provision, but > only for the hull, mast, spars, railings, but not much more. They do not > normally offer this endorsement unless the boat is less than 10 years old (So > what's the value in that?). In my mind, that endorsement is worthless - just > think about that nice $2,000 chart plotter that gets fried by lightning... > > For a 1994 boat like mine, that means a partial loss would have only resulted > in recovery of 60% after the $1,200 deductible, and for my last boat, (a > 1977) only 20%. For that kind of coverage on my old boat, I'd just go bare! > The policy I had in place until last week was slightly more expensive. but > does not include a depreciation provision of that magnitude. > > I am immediately urging all folks I know to immediately shop their coverage > and move it to a company that does not apply depreciation as soon as > possible. > > 1). I am embarrassed to have to admit that as a person with 30+ years in the > insurance industry, I had not read my policy. > 2). The person I spoke with on the phone confirmed that this was not a > provision of the prior CNA policies issued through Boat U.S. > 3). I consider this bad faith on the part of the insurer and the licensed > brokers at Boat U.S. I intend to file a formal complaint with the Florida > Department of Insurance accordingly. > > This is exactly the kind of thing that would get me involved in an Errors & > Omissions claim if I did this to a client, and I made that abundantly clear > to the person I was talking to at Boat U.S. > > I will also post this on other boards. > > Bruce Whitmore > 1994 C&C 37/40+ "Astralis" > (847) 404-5092 (mobile) > bwhitm...@sbcglobal.net > _______________________________________________ > > Thanks everyone for supporting this list with your contributions. Each and > every one is greatly appreciated. If you want to support the list - use > PayPal to send contribution -- https://www.paypal.me/stumurray >
_______________________________________________ Thanks everyone for supporting this list with your contributions. Each and every one is greatly appreciated. If you want to support the list - use PayPal to send contribution -- https://www.paypal.me/stumurray
