Thank you Dennis! On Sun, Jun 26, 2022, 8:13 PM Dennis C. via CnC-List <cnc-list@cnc-list.com> wrote:
> I'm going through this right now. I got a letter from my insurance > company questioning my "agreed value". Years ago I got a condition and > value survey for Touche' (1971 35-1) for $40K. That's what I had it > insured for. > > The letter said the "most recent used boat price guide lists the current > market value between $15,300 and $17,300". I don't disagree that > many sisterboats without upgrades and refurbishments on Yachtworld are > priced in that range. As always, value depends on market and condition. > > Okay, $40K is a bit high. I asked if my policy was truly an "agreed > value" policy. They said no. One can insure a boat for way more than it's > worth but I doubt the insurance provider would happily write a check for > that amount. > > Now what? If the boat is physically damaged but largely intact, they will > pay to fix it or total it based on the repair vendor's estimate. The > adjuster can look at the boat and hopefully see that it is in much better > condition than the ones currently on the market. I will show the adjuster > the differences and all the upgrades and hope that the adjuster agrees with > me. > > Now what happens if the boat burns and is completely destroyed > with nothing remaining for the adjuster to look at? I plan on taking lots > of pictures and arguing with the adjuster. > > Bottom line, I reduced the coverage to $30K. On a positive note, both my > premium and my deductible dropped. The deductible is a percent of the > covered value. I see this as a positive. Most likely, any claim will be > to repair damages much less than the covered value. The lower deductible > works in my favor. > > The real value of insurance is in the liability coverage. That's where > the potential for big dollar claims lies. > > -- > Dennis C. > Touche' 35-1 #83 > Mandeville, LA > > On Sun, Jun 26, 2022 at 4:55 PM Brian Davis via CnC-List < > cnc-list@cnc-list.com> wrote: > >> I have an insurance question for my fellow C&C'ers. My wife and I bought >> Nina (1980 Landfall 38) 6 years ago for $25k. I've had Geico Marine ever >> since for an insured value of $30k with a vanishing deductible that is now >> zero. I have since restored her to about 95% and tracked all my receipts in >> a spreadsheet totalling $45k. We are very happy with the result and the >> only remaining 2 projects are a dodger/bimini and replacing the side plexi >> windows. >> >> I inquired with Geico Marine about increasing the coverage from $30k to >> $70k. I would first need to pay for a surveyor to inspect and write a >> report (I don't know how much this is). Then my rate would go from $1,759 >> to $2,372 per year. >> >> I know this is a sliding scale based on the condition of each boat, and >> I'm cool with the money I've put into her so far since we love her. Nearly >> all of it is parts cost only because I am a skilled craftsman. Is $70k to >> much insurance, and is $2,372 to much to pay for it? >> >> Would appreciate any thoughts and advice. >> >> Regards, >> Brian >> > > >
