Global Marine Ins./AIG

[Jay400EC]

So I have been with Boat US 20 plus years and just moved up from a 32 to a 40,I transferred the policy and the price more than doubled. Anyway now that the boat is home I shopped insurance and global is coming in at half of boat Us with better policy limits. The kicker is they don't seem to understand "agreed value" they are telling me the max they can insure the boat for is the purchase price, because if they go any higher I could potentially profit from a loss. I got a great deal on the boat and own it for about $15,000 under the replacement value the surveyor placed on it. I thought "agreed value" was what it sounds like ,Im not looking to cash out just cover myself in a replacement situation.....thoughts? Am I off my rocker?

 

[MonacoMike]

Global Marine "understands" agreed value. It may be the age of the vessel, the particular insurer, or the variance between purchase price and survey value that keeps them from offering it in your situation.

MM

 

[Henry Boyd]

Agreed Value covers the other side of the equation; when you paid more for the boat that the insurance company's standard valuation says it is worth.

Unless you have a valid reason for the low price, i.e. needed major work (and you have the receipts), a sweetheart deal from a relative, etc. you may need to get the boat appraised. That is if the insurance company will accept an appraisal. If you can go the appraisal route you will need to find a certified appraiser, the opinion of a surveyor while helpful is not good enough. For something like this the appraiser should be accredited from the American Society of Appraisers.

Henry

 

[ziekman@cox.net]

Are they in receipt of the survey, and not accepting it as valid? I would think if a valid survey supported the agreed value you want to use, the insurance company would agree to it. On the other hand, unless you have a total loss quickly, the value will have depreciated enough, to keep up with your discounted purchase price.

 

[Jay400EC]

They have the Survey showing market value at the number I would prefer to insure it at. The price I paid was a deal for no reason other than the guy was a 3 boat owner and bought a new 470da and needed cash which I paid him, no work was done I jumped on the boat and made a 2 day journey home. Depreciation should have nothing to do with an" agreed Value" policy it never did on any of the last 3 policies I have had nor the one I currently hold on this boat with Boat US, thus the reason I don't think they are offering an true "agreed Value" policy here.....I guess you get what you pay for.