Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage
Be careful to understand your insurance policy. Lots of terms like “replacement value” or “agreed value” or “new for old” have different definitions. See the definitions section of your policy. Sometimes the “agreed value” provision applies only in the case of a total loss while a “depreciated value” provision is applied in case of a partial loss. If you purchase your insurance from a “marine” broker or even a “marine” agent you should be able to get straight answers about how claims will be handled but if you are buying your insurance from the same person you are buying your home owners or auto coverage you may find the broker/agent less knowledgeable about your yacht/boat policy because it’s a very different product. And remember that a “broker” works for you while an “agent” works for the insurance company. Property/casualty insurances are regulated by your state’s insurance commissioner while a true “ marine” policy falls under federal jurisdiction. A lower price often equates to less coverage. I suggest you be very careful here. Just my opinion. Dave. Kaseler SLY 1975 C 33 Sent from my iPad > On Nov 11, 2019, at 12:29 PM, Francois Rivard via CnC-List > wrote: > > I have agreed upon value with Allstate. Straight-up agreed-upon value > coverage, 35-40% cheaper than Boat US and Geico. (Geico's been insuring my > cars since the 90's but they wouldn't / couldn't compete with Allstate.) > > I'm on an inland lake / that most likely makes a difference. > Your actual mileage may vary. > > -Francois Rivard > 1990 34+ "Take Five" > Lake Lanier, GA > ___ > > 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
You'll want to look very closely for issues related to depreciation. If you have a policy in PDF format, you can do a search on words like "depreciate" "depreciation" and 20%" and you should find it. Bruce Whitmore (847) 404-5092 (mobile) bwhitm...@sbcglobal.net On Monday, November 11, 2019, 4:18:10 PM EST, Allen Miles via CnC-List wrote: I have agreed hull value with BoatUS. I don't remember seeing a change in coverage. Allen MilesS/v SeptimaC 30-2 Hampton, VA On Sun, Nov 10, 2019 at 4:39 PM David Risch via CnC-List wrote: I may be repeating myself here, but it bears repeating. Check your boat coverage. BoatIUS had reimbursement coverage before they switched to GEICO as their carrier last year. Now it is depreciated value coverage. Reimbursement coverage pays for replacing damages up to the agreed value. Depreciated coverage drops to 20% over time to where most of our boats would only receive 20% of fixing damages! I switched coverage when I learned of this and I still pay the same premium. I bring this up because one of our brethren has been caught by this issue after a recent incident. If your broker cannot find a reimbursement carrier, let me know. I will provide the contact info of my guy. ___ 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 ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
The change was that things other than the agreed upon hull value depreciate for older boats. I saw the new provision in my GEICO policy after this list alerted me to it. From: Allen Miles via CnC-List Sent: Monday, November 11, 2019 4:17 PM To: CNC Cc: Allen Miles Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... I have agreed hull value with BoatUS. I don't remember seeing a change in coverage. Allen Miles S/v Septima C 30-2 Hampton, VA On Sun, Nov 10, 2019 at 4:39 PM David Risch via CnC-List wrote: I may be repeating myself here, but it bears repeating. Check your boat coverage. BoatIUS had reimbursement coverage before they switched to GEICO as their carrier last year. Now it is depreciated value coverage. Reimbursement coverage pays for replacing damages up to the agreed value. Depreciated coverage drops to 20% over time to where most of our boats would only receive 20% of fixing damages! I switched coverage when I learned of this and I still pay the same premium. I bring this up because one of our brethren has been caught by this issue after a recent incident. If your broker cannot find a reimbursement carrier, let me know. I will provide the contact info of my guy. ___ 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 ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
I have agreed hull value with BoatUS. I don't remember seeing a change in coverage. Allen Miles S/v Septima C 30-2 Hampton, VA On Sun, Nov 10, 2019 at 4:39 PM David Risch via CnC-List < cnc-list@cnc-list.com> wrote: > I may be repeating myself here, but it bears repeating. Check your boat > coverage. BoatIUS had reimbursement coverage before they switched to GEICO > as their carrier last year. Now it is depreciated value coverage. > Reimbursement coverage pays for replacing damages up to the agreed value. > Depreciated coverage drops to 20% over time to where most of our boats > would only receive 20% of fixing damages! I switched coverage when I > learned of this and I still pay the same premium. > > > > I bring this up because one of our brethren has been caught by this issue > after a recent incident. If your broker cannot find a reimbursement > carrier, let me know. I will provide the contact info of my guy. > ___ > > 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage
You shouldconfirm how salvage is treated. That can be a real shock. Also, you should confirm if pollution from a sinking or spillage is covered. Hoping you find this helpful, Bruce Whitmore (847) 404-5092 (mobile) bwhitm...@sbcglobal.net On Monday, November 11, 2019, 3:30:01 PM EST, Francois Rivard via CnC-List wrote: I have agreed upon value with Allstate. Straight-up agreed-upon value coverage, 35-40% cheaper than Boat US and Geico. (Geico's been insuring my cars since the 90's but they wouldn't / couldn't compete with Allstate.) I'm on an inland lake / that most likely makes a difference. Your actual mileage may vary. -Francois Rivard1990 34+ "Take Five" Lake Lanier, GA___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
You were that boat I saw! smileyAnimated.gif Bill Coleman From: CnC-List [mailto:cnc-list-boun...@cnc-list.com] On Behalf Of sv Rebecca Leah via CnC-List Sent: Monday, November 11, 2019 12:42 PM To: cnc-list@cnc-list.com Cc: sv Rebecca Leah Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... I have Red Shield, no problems on claim when I hit a bridge. Don't ask. Doug Mountjoy Sv Rebecca Leah C LF39 253-208-1412 Port Orchard YC wa. Original message From: "Matthew L. Wolford via CnC-List" Date: 11/10/19 17:10 (GMT-08:00) To: cnc-list@cnc-list.com Cc: "Matthew L. Wolford" Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... It is also why I switched to Travelers. From: Joe Della <mailto:cnc-list@cnc-list.com> Barba via CnC-List Sent: Sunday, November 10, 2019 5:43 PM To: cnc-list@cnc-list.com Cc: Joe Della Barba <mailto:j...@dellabarba.com> Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... This is why I just switched to Progressive. How the does STAINLESS STEEL depreciate? Joe Coquina On 11/10/2019 5:36 PM, Danny Haughey via CnC-List wrote: Geico marine insurance is depreciating my anchor roller, blow pulpit and stanchions by 80% because they say those parts are from 1985... Thanks, Danny _ ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
I have Red Shield, no problems on claim when I hit a bridge. Don't ask. Doug Mountjoy Sv Rebecca Leah C LF39253-208-1412Port Orchard YC wa. Original message From: "Matthew L. Wolford via CnC-List" Date: 11/10/19 17:10 (GMT-08:00) To: cnc-list@cnc-list.com Cc: "Matthew L. Wolford" Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... It is also why I switched to Travelers. From: Joe Della Barba via CnC-List Sent: Sunday, November 10, 2019 5:43 PM To: cnc-list@cnc-list.com Cc: Joe Della Barba Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... This is why I just switched to Progressive. How the does STAINLESS STEEL depreciate? Joe Coquina On 11/10/2019 5:36 PM, Danny Haughey via CnC-List wrote: Geico marine insurance is depreciating my anchor roller, blow pulpit and stanchions by 80% because they say those parts are from 1985... Thanks, Danny ___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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
After this discussion emerged on this list a year or two ago, I contacted GEICO (which had become the Boat US insurer) and asked whether, if I were dismasted, the depreciation would apply. They looked into it and replied yes. As I recall, there was a 20% floor. In other words, if I got dismasted, I would have to pay 80% of the replacement cost. I have a 42 foot boat with a 60 foot mast. I was on the phone to Travelers that day. From: ALAN BERGEN via CnC-List Sent: Sunday, November 10, 2019 5:27 PM To: C Cc: ALAN BERGEN Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... I have Geico Insurance through BoatUS. Agreed value is agreed value. They only depreciate items that are depreciable, like sails or the engine. A couple of years ago, my boom cracked after getting hung up on a crab pot. Geico paid the full cost of replacing the boom - parts and labor, with no depreciation. I suspect your new insurance company's policy does the same thing. Alan Bergen 35 Mk III Thirsty Rose City YC Portland, OR On Sun, Nov 10, 2019 at 1:39 PM David Risch via CnC-List wrote: I may be repeating myself here, but it bears repeating. Check your boat coverage. BoatIUS had reimbursement coverage before they switched to GEICO as their carrier last year. Now it is depreciated value coverage. Reimbursement coverage pays for replacing damages up to the agreed value. Depreciated coverage drops to 20% over time to where most of our boats would only receive 20% of fixing damages! I switched coverage when I learned of this and I still pay the same premium. I bring this up because one of our brethren has been caught by this issue after a recent incident. If your broker cannot find a reimbursement carrier, let me know. I will provide the contact info of my guy. ___ 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://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray=DwICAg=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=k2Lt-SG6o9I03vcyylQHhk3NCZ4wYxvCecLDss6-pRQ=9rx_5cAXI0FUZ8v4mk3THOkZozwGMz4wlqzriOi9sak= ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
It is also why I switched to Travelers. From: Joe Della Barba via CnC-List Sent: Sunday, November 10, 2019 5:43 PM To: cnc-list@cnc-list.com Cc: Joe Della Barba Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... This is why I just switched to Progressive. How the does STAINLESS STEEL depreciate? Joe Coquina On 11/10/2019 5:36 PM, Danny Haughey via CnC-List wrote: Geico marine insurance is depreciating my anchor roller, blow pulpit and stanchions by 80% because they say those parts are from 1985... Thanks, Danny ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
Speak to a supervisor. There should be no depreciation for those parts. On Sun, Nov 10, 2019 at 2:37 PM Danny Haughey via CnC-List < cnc-list@cnc-list.com> wrote: > Geico marine insurance is depreciating my anchor roller, blow pulpit and > stanchions by 80% because they say those parts are from 1985... > > > > Thanks, > Danny > > Original message > From: ALAN BERGEN via CnC-List > Date: 11/10/19 5:27 PM (GMT-05:00) > To: C > Cc: ALAN BERGEN > Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated > coverage... > > I have Geico Insurance through BoatUS. Agreed value is agreed value. They > only depreciate items that are depreciable, like sails or the engine. A > couple of years ago, my boom cracked after getting hung up on a crab pot. > Geico paid the full cost of replacing the boom - parts and labor, with no > depreciation. I suspect your new insurance company's policy does the same > thing. > > Alan Bergen > 35 Mk III Thirsty > Rose City YC > Portland, OR > > On Sun, Nov 10, 2019 at 1:39 PM David Risch via CnC-List < > cnc-list@cnc-list.com> wrote: > >> I may be repeating myself here, but it bears repeating. Check your boat >> coverage. BoatIUS had reimbursement coverage before they switched to GEICO >> as their carrier last year. Now it is depreciated value coverage. >> Reimbursement coverage pays for replacing damages up to the agreed value. >> Depreciated coverage drops to 20% over time to where most of our boats >> would only receive 20% of fixing damages! I switched coverage when I >> learned of this and I still pay the same premium. >> >> >> >> I bring this up because one of our brethren has been caught by this issue >> after a recent incident. If your broker cannot find a reimbursement >> carrier, let me know. I will provide the contact info of my guy. >> ___ >> >> 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://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray=DwICAg=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=k2Lt-SG6o9I03vcyylQHhk3NCZ4wYxvCecLDss6-pRQ=9rx_5cAXI0FUZ8v4mk3THOkZozwGMz4wlqzriOi9sak= >> >> > > > *How To Fix Aging Skin (Do This Every Day)* > Beverly Hills MD > > <https://urldefense.proofpoint.com/v2/url?u=http-3A__thirdpartyoffers.juno.com_TGL3142_5dc890e14ee6810e0552ast03duc=DwMGaQ=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=BFgtknZgpeUxRRpefyPNfrexTYluRyV_5NRQk-Fzt7s=UohjJ82Qdhw2gvJyLArQTwkkrYtrEfuweAezLAzQook=> > http://thirdpartyoffers.juno.com/TGL3142/5dc890e14ee6810e0552ast03duc > <https://urldefense.proofpoint.com/v2/url?u=http-3A__thirdpartyoffers.juno.com_TGL3142_5dc890e14ee6810e0552ast03duc=DwMGaQ=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=BFgtknZgpeUxRRpefyPNfrexTYluRyV_5NRQk-Fzt7s=UohjJ82Qdhw2gvJyLArQTwkkrYtrEfuweAezLAzQook=> > [image: SponsoredBy Content.Ad] > ___ > > 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://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray=DwICAg=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=BFgtknZgpeUxRRpefyPNfrexTYluRyV_5NRQk-Fzt7s=XvJtBfvCktNzpxM7BUINzcc_jyN3WuKy9RvypPBOqKM= > > ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
This is why I just switched to Progressive. How the does STAINLESS STEEL depreciate? Joe Coquina On 11/10/2019 5:36 PM, Danny Haughey via CnC-List wrote: Geico marine insurance is depreciating my anchor roller, blow pulpit and stanchions by 80% because they say those parts are from 1985... Thanks, Danny ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
Geico marine insurance is depreciating my anchor roller, blow pulpit and stanchions by 80% because they say those parts are from 1985...Thanks, Danny Original message From: ALAN BERGEN via CnC-List Date: 11/10/19 5:27 PM (GMT-05:00) To: C Cc: ALAN BERGEN Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage... I have Geico Insurance through BoatUS. Agreed value is agreed value. They only depreciate items that are depreciable, like sails or the engine. A couple of years ago, my boom cracked after getting hung up on a crab pot. Geico paid the full cost of replacing the boom - parts and labor, with no depreciation. I suspect your new insurance company's policy does the same thing.Alan Bergen35 Mk III ThirstyRose City YCPortland, OROn Sun, Nov 10, 2019 at 1:39 PM David Risch via CnC-List wrote: I may be repeating myself here, but it bears repeating. Check your boat coverage. BoatIUS had reimbursement coverage before they switched to GEICO as their carrier last year. Now it is depreciated value coverage. Reimbursement coverage pays for replacing damages up to the agreed value. Depreciated coverage drops to 20% over time to where most of our boats would only receive 20% of fixing damages! I switched coverage when I learned of this and I still pay the same premium. I bring this up because one of our brethren has been caught by this issue after a recent incident. If your broker cannot find a reimbursement carrier, let me know. I will provide the contact info of my guy. ___ 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://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray=DwICAg=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=k2Lt-SG6o9I03vcyylQHhk3NCZ4wYxvCecLDss6-pRQ=9rx_5cAXI0FUZ8v4mk3THOkZozwGMz4wlqzriOi9sak= How To Fix Aging Skin (Do This Every Day) Beverly Hills MD http://thirdpartyoffers.juno.com/TGL3141/5dc890e14ee6810e0552ast03duc___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
I have Geico Insurance through BoatUS. Agreed value is agreed value. They only depreciate items that are depreciable, like sails or the engine. A couple of years ago, my boom cracked after getting hung up on a crab pot. Geico paid the full cost of replacing the boom - parts and labor, with no depreciation. I suspect your new insurance company's policy does the same thing. Alan Bergen 35 Mk III Thirsty Rose City YC Portland, OR On Sun, Nov 10, 2019 at 1:39 PM David Risch via CnC-List < cnc-list@cnc-list.com> wrote: > I may be repeating myself here, but it bears repeating. Check your boat > coverage. BoatIUS had reimbursement coverage before they switched to GEICO > as their carrier last year. Now it is depreciated value coverage. > Reimbursement coverage pays for replacing damages up to the agreed value. > Depreciated coverage drops to 20% over time to where most of our boats > would only receive 20% of fixing damages! I switched coverage when I > learned of this and I still pay the same premium. > > > > I bring this up because one of our brethren has been caught by this issue > after a recent incident. If your broker cannot find a reimbursement > carrier, let me know. I will provide the contact info of my guy. > ___ > > 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://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray=DwICAg=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ=k2Lt-SG6o9I03vcyylQHhk3NCZ4wYxvCecLDss6-pRQ=9rx_5cAXI0FUZ8v4mk3THOkZozwGMz4wlqzriOi9sak= > > ___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
It's actually only on parts you can't prove are not over 20 years old. Then the parts reimbursement starts dropping off. Labor is covered 100%Thanks, Danny Original message From: David Risch via CnC-List Date: 11/10/19 4:39 PM (GMT-05:00) To: cnc-list@cnc-list.com Cc: David Risch Subject: Stus-List Boat insurance...reimbursement vs. depreciated coverage... I may be repeating myself here, but it bears repeating. Check your boat coverage. BoatIUS had reimbursement coverage before they switched to GEICO as their carrier last year. Now it is depreciated value coverage. Reimbursement coverage pays for replacing damages up to the agreed value. Depreciated coverage drops to 20% over time to where most of our boats would only receive 20% of fixing damages! I switched coverage when I learned of this and I still pay the same premium. I bring this up because one of our brethren has been caught by this issue after a recent incident. If your broker cannot find a reimbursement carrier, let me know. I will provide the contact info of my guy. $80K In Debt To 2.5 Million Trading Stocks ragingbull.com http://thirdpartyoffers.juno.com/TGL3141/5dc88a035f22ea0250aest02vuc___ 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
Re: Stus-List Boat insurance...reimbursement vs. depreciated coverage...
I got North American Specialty Insurance Company - agreed value. Josh Muckley S/V Sea Hawk 1989 C 37+ Solomons, MD On Sun, Nov 10, 2019, 3:39 PM David Risch via CnC-List < cnc-list@cnc-list.com> wrote: > I may be repeating myself here, but it bears repeating. Check your boat > coverage. BoatIUS had reimbursement coverage before they switched to GEICO > as their carrier last year. Now it is depreciated value coverage. > Reimbursement coverage pays for replacing damages up to the agreed value. > Depreciated coverage drops to 20% over time to where most of our boats > would only receive 20% of fixing damages! I switched coverage when I > learned of this and I still pay the same premium. > > > > I bring this up because one of our brethren has been caught by this issue > after a recent incident. If your broker cannot find a reimbursement > carrier, let me know. I will provide the contact info of my guy. > ___ > > 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
