Damaged running gear

The problem I think I am going to run into is that the insurance is going to say it’s a total loss especially at these prices they are charging. I would then need to buy the boat back from the insurance company and then pay for the repairs.
I do hope you can keep the old gal motoring and I am hoping the yard is doing right by you and not taking advantage .
 
The problem I think I am going to run into is that the insurance is going to say it’s a total loss especially at these prices they are charging. I would then need to buy the boat back from the insurance company and then pay for the repairs.
Lawrence,

This is the insurance dance.

I know it is worrisome but the actual optics are very straightforward. You didn't disclose the insurance company but if it was Geico for example......they would only cover a depreciated amount of the running gear. On your boat that would be probably 10-20% of the new part cost. The labor to install the parts and the haul and block would be covered. Other insurance companies pay the full cost of the parts as well. You have to take a close look at your policy.

The surveyor will meet with the Yard and make a determination to reasonableness of the charges. Once that is done......they will either write you a $35k check or fix the boat paying what they are required to cover. Depending on your policy.....that could be the deductible plus other charges your insurance company has determined not to cover.

While the boat may be worth more than that to you. You may find yourself walking away with only the check. I have never heard of a positive story where an owner buys an insurance totaled boat and pays a Yard to repair it. Every day that goes by adds more to the bill.

I wish you the best.
 
Question to all
The times I have made an insurance claim. The insurance company hires or has on staff a licensed marine surveyor who asses the damage and works with the repair facility to price the work. Once an estimate is made the insurance company indicates if it is acceptable. The work proceeded with my approval. Once the work is completed I pay the entire bill then I send the bill to the insurance company. At that point they decide if the worked was required and is compliant to make the boat sound. We are in WA. Is this is how insurance claims are handled in other parts of the US and Canada. In all my cases the insurance company paid 100% of my claim less the deductible. I have 1,000 deductible.
 
Question to all
The times I have made an insurance claim. The insurance company hires or has on staff a licensed marine surveyor who asses the damage and works with the repair facility to price the work. Once an estimate is made the insurance company indicates if it is acceptable. The work proceeded with my approval. Once the work is completed I pay the entire bill then I send the bill to the insurance company. At that point they decide if the worked was required and is compliant to make the boat sound. We are in WA. Is this is how insurance claims are handled in other parts of the US and Canada. In all my cases the insurance company paid 100% of my claim less the deductible. I have 1,000 deductible.
I had one big claim because of a lightning strike over 4 years ago. We didn't know the extent so my agent and underwriters agreed that I bring in engine, hull, and electronic/electrical specialists to go over the systems and identify problems. Each wrote up detailed reports on their investigation and we submitted to my agent and the underwriters. They then sent a couple of surveyors to the boat to go over each of the systems and the reports. There were no exceptions and the underwriters authorized the coverage. It was seamless. I paid for all of the work as it was being done and tested then kept a running spreadsheet of the impacts and actual costs. I also tracked any upgrades (like 16 inch MFD's vs the old 12 inch) that I paid out of pocket and itemized those also. I opted to get one check from the insurance after we were done but could have gotten monthly payments. Post insurance payout the solon AC unit crapped the bed. It was running but something in the wiring gave up the ghost. The insurance company found it also a victim of the lightning and paid that out also. They held the claim open for six months.

One thing though under no circumstances do any work other than safing the boat and getting it secured until the insurance company has reviewed the carnage and agree to a claim and the scope of the claim. I found it very odd the OP's boat had been torn down before he put a claim in and coordinated the scope. There's something just not right about how this is coming down.

One other thing, much of the outcome depends upon the type of insurance policy - Agreed Value or Actual Cost.
 
I had one big claim because of a lightning strike over 4 years ago. We didn't know the extent so my agent and underwriters agreed that I bring in engine, hull, and electronic/electrical specialists to go over the systems and identify problems. Each wrote up detailed reports on their investigation and we submitted to my agent and the underwriters. They then sent a couple of surveyors to the boat to go over each of the systems and the reports. There were no exceptions and the underwriters authorized the coverage. It was seamless. I paid for all of the work as it was being done and tested then kept a running spreadsheet of the impacts and actual costs. I also tracked any upgrades (like 16 inch MFD's vs the old 12 inch) that I paid out of pocket and itemized those also. I opted to get one check from the insurance after we were done but could have gotten monthly payments. Post insurance payout the solon AC unit crapped the bed. It was running but something in the wiring gave up the ghost. The insurance company found it also a victim of the lightning and paid that out also. They held the claim open for six months.

One thing though under no circumstances do any work other than safing the boat and getting it secured until the insurance company has reviewed the carnage and agree to a claim and the scope of the claim. I found it very odd the OP's boat had been torn down before he put a claim in and coordinated the scope. There's something just not right about how this is coming down.

One other thing, much of the outcome depends upon the type of insurance policy - Agreed Value or Actual Cost.


I'm not sure when the cutoff for Agreed Value versus Actual Cost kicks in but for DC I believe it is around 20-25 years old. At that point the insurance companies will only write Agreed Value policies at least in DC.

I do find that catastrophic events are settled faster than something like this. A friend had an aft cabin whose swim platform got pounded in following seas. It peeled the transom off the boat and the boat went down in about 5 minutes. (Full disclosure he used to carry a Wave Runner on the platform .....just not on the day in question) The insurance handled the boat recovery and when it was on the barge gave the owner a check for the Agreed value of the boat which was higher than its market value. Done.

Lawrence's claim still has a lot of moving parts. Specifically.....I would be concerned what his policy actually covers. The Geico reference earlier only covered 10-20% of the parts my slip mate needed to repair his boat since they use a depreciating method on running gear and electronics which has made me stay away from Geico.

Then, there is the matter of the Yard with its actions. Their actions are disconcerting. I don't know of a single reputable Yard that would have touched the boat once it had been blocked without someone authorizing the repair. Many Yards use the Haul/Block paperwork to authorize repairs to a certain point but not a repair of this magnitude.

I'm hoping for the best outcome for Lawrence but without knowing the insurance details he could be on the hook for a large portion of this repair.

Ironically........ it is far easier when the boat sinks.
 
I would then need to buy the boat back from the insurance company and then pay for the repairs.
Larry,
Long ago, i did this with a car. After buy back, I spent all the money from insurance and a lot more to put it back together. It was never right and i traded in at a serious loss. Not worth it.
If they total it, take the money and run. That not the only boat out there.
 
Was that your agreed value on the boat of 40 grand and what is the boat technically worth in the condition that it's in before anything happened to it was it an excellent shape and what do you think it was worth before the accident
 
This is your #15 post.
"Both props are damaged. One rudder is bent not sure about the other. Not sure about the struts. Both prop shafts have to come off and be checked for trueness. Probably looking at a few week repair."

You sent 1 picture. Can you send over some more so we can see? As I sad before, I went through this. 2 new props, 2 new shafts, 1 bent strut, new tranny and was only around 17K. The 17k was also going from bending back shafts and recondition props to opening the claim again and getting NEW shafts and NEW props because I wasn't happy with the ride. 35K seems crazy. I'd like to see more of the damage.

Also sorry to tell you. Your insurance is going to drop you and the next company is going to almost be double.
 
Also sorry to tell you. Your insurance is going to drop you and the next company is going to almost be double.

You got dropped for making a claim? Sounds like a crappy insurance carrier/broker? I smoked some running gear a few years back. It had no impact on my my policy, no change in annual cost.
 
This is your #15 post.
"Both props are damaged. One rudder is bent not sure about the other. Not sure about the struts. Both prop shafts have to come off and be checked for trueness. Probably looking at a few week repair."

You sent 1 picture. Can you send over some more so we can see? As I sad before, I went through this. 2 new props, 2 new shafts, 1 bent strut, new tranny and was only around 17K. The 17k was also going from bending back shafts and recondition props to opening the claim again and getting NEW shafts and NEW props because I wasn't happy with the ride. 35K seems crazy. I'd like to see more of the damage.

Also sorry to tell you. Your insurance is going to drop you and the next company is going to almost be double.
I am looking at the itemized bill. Parts alone not included misc little parts are 26k.
 
I am looking at the itemized bill. Parts alone not included misc little parts are 26k.
Have you sanity checked their prices?
Perhaps post it here to allow those in the know to opine on them?
 
Have you sanity checked their prices?
Perhaps post it here to allow those in the know to opine on them?
Yes I did check them, I could get most of the bigger parts for 1k less then I am being charged. The labor seems reasonable to me.
 
I am looking at the itemized bill. Parts alone not included misc little parts are 26k.

Can you post your estimate? That seems so out of range of what it should be, even for new parts. I am not trying to be the expert here, because I am not. But quick googling of new parts for your boat came in at 16K and that was even a lot more then if you sharpened your pencil.

I mean at the end of the day, it's your money. If your ok with it, then so are we. I guess ...
 
Can you post your estimate? That seems so out of range of what it should be, even for new parts. I am not trying to be the expert here, because I am not. But quick googling of new parts for your boat came in at 16K and that was even a lot more then if you sharpened your pencil.

I mean at the end of the day, it's your money. If your ok with it, then so are we. I guess ...
DM sent
 
Wow, 26K. 2 props, 2 shafts, 2 struts " if they can be found"
Without posting $$$, can you post what parts are being replaced? Just wondering. Thanks
 
We love visiting. Not sure I could survive that traffic for more than ten days at a time :)
No significant traffic where we live other than the morning/afternoon rush to and from Kennedy Space Center. Pretty laid back.
 

Forum statistics

Threads
112,719
Messages
1,417,480
Members
60,767
Latest member
Fixin2b1
Back
Top