Hi Brian Had a conversation with a friend who has a Sabre 34 the other day about this. His comments were that replacement cost of a boat is the cost of a sistership in the same condition plus the transport fees to get it here. Sure you can find one for a low price but then you have to spend the money to get it back to the shape of the one you now have. In fairness to you the replacement boat (in case of total loss) should already be in that condition.
For me that would mean a Frers 33 with newish sails, instruments, winches and gear upgraded in the past few years, interior in good condition, etc etc … plus the trucking costs to get it from likely Eartern US seaboard to Canada. Regardless of all that get a survey for insurance purposes and it should have a fair valuation for the boat Mike Hoyt Persistence Halifax, NS www.hoytsailing.com From: Brian Davis via CnC-List <cnc-list@cnc-list.com> Sent: June 27, 2022 7:33 AM To: Stus-List <cnc-list@cnc-list.com> Cc: Brian Davis <brianwdavis...@gmail.com> Subject: Stus-List Re: Insurance... what is to much? Thank you Dennis! On Sun, Jun 26, 2022, 8:13 PM Dennis C. via CnC-List <cnc-list@cnc-list.com<mailto: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
