Exactly. If you don't have salvage coverage, you can get royally screwed. Happened to a buddy of mine last year in Hurricane Sally.
His boat was moored at Barber Marine on the ICW at Orange Beach, AL. You'd think it was fairly protected. No. The wind was such that there was a lot of fetch and consequently significant wave action. The marina was essentially destroyed. He managed to visit a day or two after the storm and saw his boat afloat and not in bad shape. He tried to visit a second time a few days later and was denied entry. Meanwhile, according to him, a powerboat somehow damaged his sailboat enough to sink it. He was in the process of arranging for a salvor to raise it when he was informed by the marina that they had raised it and presented him with a bill around $20,000. He had to hire a marine lawyer to negotiate a settlement with the marina somewhat less than $20K. He ended up with a much reduced settlement on the boat after the salvage cost was subtracted. Ugly situation. I have salvage coverage. Here's the applicable clause from Touche's policy: "We will also pay necessary salvage charges. This is an additional amount of insurance. But it will not exceed the amount stated on the Declarations Page for Section l." -- Dennis C. Touche' 35-1 #83 Mandeville, LA On Fri, Oct 15, 2021 at 8:40 AM Della Barba, Joe via CnC-List < cnc-list@cnc-list.com> wrote: > Another thing to check is salvage vs. repair coverage. If you just have > say $50K of hull insurance with no salvage, if it takes $25K to salvage the > boat you now have $25Kleft to fix the boat. For a difficult salvage and an > old boat you could easily end up with nothing left. > > BOATUS used to have superb coverage and the claim I had with them was > handled over the phone, they said just have the yard fax the bill over when > they are done. At some point they went from the best to the worst, for old > boats they are essentially just liability now. My hope now is that > Progressive doesn’t get nailed with a huge hurricane loss and double their > rates. Speaking of, I have 3 policies with them, one for Coquina, one for > the dinghy, and one for the Whaler. There was some deal where the dinghy > could be included with the mother ship, but I heard it was better not to do > this because of something with the deductible. I can’t recall the details, > but the cost for the two small boats is maybe $200 or so per year for both > of them. > > > > > > *Joe Della Barba* > > *Coquina* > Thanks to all of the subscribers that contributed to the list to help with > the costs involved. If you want to show your support to the list - use > PayPal to send contribution -- https://www.paypal.me/stumurray Thanks > - Stu
Thanks to all of the subscribers that contributed to the list to help with the costs involved. If you want to show your support to the list - use PayPal to send contribution -- https://www.paypal.me/stumurray Thanks - Stu
