You never think it could happen to you

[rondds]

When issuing new insurance, an ins co will require a survey and a "Valuation," esp on a boat that's 10 years old or more. You can't just tell them I want to insure my boat for $200000.00 if it's worth $85k. However, if you insure it for an appropriate value today and never change the declared value, they will likely not question what they have to pay when it's totaled, even though there may have been significant depreciation.

Example...
I bought my 1989 340DB for $65000.00 in 2004. As time went by I lowered the value every other year or so. Saved me some premium cost. This was perhaps short-sighted, in light of what happened in Sandy - but at the time it made sense. I wound up at around $45000.00 when the boat sank. That's what I got. If I had never touched the declared value, I'd have gotten $65K. $45K is still more than I'd have netted out if I had to sell her, esp after paying a broker 10%.

Another example...
A friend lost his '99 330DA in Sandy. He never changed his value and he owned the boat since 2004. He got FULL value of the policy and made out very well.

Now, what happens if you repower your old girl with a pair of Yanmar Diesels? Not sure, but I'd get a survey and new valuation after the work is done and see if they'll let you jack up your price. BUT, remember...if you spend $70k on a repower, you are not going to add $70k to the value of your boat.

Going forward, I'd say to insure the boat for as much as they'll allow and always try to keep it 10% above the market value b/c the money to "salvage" the boat, or, in my case, to crane it out of the water and block it up, comes out of your check.

 

[rondds]

For those of you who may have not seen this thread it's an interesting read...

SANDY STORY

 

[HUMPH]

Another example...
A friend lost his '99 330DA in Sandy. He never changed his value and he owned the boat since 2004. He got FULL value of the policy and made out very well.
.

And with a beautiful 410DA they all lived happily ever after...

 

[rondds]

Things sometimes work out for the best. But at the time, it's a real s*#tty feeling!

 

[DustinL]

I know what you mean by a sh***y feeling. I did the salvage myself. I guess that and the 30 hrs I spent will be a freebie. My agreed value is 45k. I got some initial figures yesterday from the upholstry guy and mechanic. mechanic is close to 20K now. All I got so far was 4k from upholsrty man. That was just the carpet that runs around the base of the sofa and lower walls. The interior and floor carpet he has not figured yet. A "from the hip' number from the upholsrty man is around 20k as well. I was literally floored when i heard that number. I can beleive the mechanics number easily but I had no idea the upholstry was that much. These are all of coarse running numbers. It may take some getting used to life on a 27' go faster for a while. The little woman wants me to hold out a few years and go for a 450 or 460DA if the worst case senario occurs.

 

[fwebster]

If the boat is in Orange Beach, you have resources very near to your location that will be more reasonable than the costs you are getting.

If the boat is near Huntsville, I am 60 miles away....this week and next.

Either way, I have a decent grasp on what various services should cost and I have friends in the marine services industry who we can get comparative pricing from. If you decide to accept a cash settlement and liquidate the boat, I'll help you look for a replacement........I haven't made a boat salesman earn his $$ lately...... PM me if I can help.

 

[rondds]

Dustin
Your time and effort is worth $. A friend of mine did all the clean up on his 370DA and he submitted driving time expenses, cost to rent blowers, dehumidifiers, etc. Don't sell yourself short. If you had a pro come in to dry things out they'd pay for it.

Yeah, this 370DA...

 

[rondds]

If you decide to accept a cash settlement and liquidate the boat, I'll help you look for a replacement........I haven't made a boat salesman earn his $$ lately...... PM me if I can help.

Listen to this man. It's actually official Frank Webster Day today.

 

[mistercomputerman]

 

[rondds]

Not a valid certificate. It's not signed...

 

[mistercomputerman]

Well, YOU sign the thing, then! I knocked that out at work and didn't have time to print, sign, scan, turn into a jpeg, and post.


You wanna have another Frank Webster Day tomorrow? If so, I'll finish it and sign Jim Maier's name on it.

 

[DustinL]

I appreciate it Frank more than you know and may take you up on aome advice in the next coming week. I think I am going to hold off buying another one for now. We used this boat only 7-8 times this year and I still have the Wellcraft to use. I really want to hold out for a 450DA. My boat is located in Huntsville right now. My next move is to see the hard numbers they plan to submit to Boat U.S. and the surveyor. I may then reach out to you and see what you suggest. Oh and Happy FrankW day....which ever day is decided on.

 

[fwebster]

Erwin in Chattanooga has a 450DA that they traded for and have spruced up. The boat was in my marina in Florida for a few years then the owner moved her closer to his home in Ga. She wasn't a creme puff, but its hard to hurt a 450.

On the insurance settlement, get out your policy and read it closely for definitions and coverage before agreeing to anything. My experience with Boat/US is that they are fair but every adjuster sees things in favor of the insurance company t hat pays him. Just go into this from a standpoint of knowledge. THat is what Ron did (see posts #41 & #42). He got a fair settlement by just knowing his coverage and asking a lot of questions.

 

[rondds]

Dustin
Something else to consider...
With Hurricane Sandy, ins cos. and adjusters were overwhelmed...and that would be an understatement. I saw so many boats declared a complete loss that were very fixable. I don't know if they'll be so quick to do that with your old girl but if they do, there's always the possibility they'll pay you off and allow you to buy your boat back for a couple of boat dollars. Two questions are 1:do you want to take on that sort of project?; 2: can you ever trust the boat again?

 

[Havana Shamrock]

Don't forget to do an inventory of the boats contents, life jackets, GPS, flares, first aid kit, etc anything that pertains to the operation of the vessel . I was paid for my dock box contents that belonged on the boat. Not the actual box though, it's unfortunate but a reality make sure you get what's owed to you.

 

[rondds]

Good point Joe. Anything that got water-logged, write it down and let the ins. co. That is in addition to your declared value. Goes under "personal effects" and/or "boating equipment." You have separate line coverage for these things.

 

[fwebster]

Dustin
Something else to consider...
With Hurricane Sandy, ins cos. and adjusters were overwhelmed...and that would be an understatement. I saw so many boats declared a complete loss that were very fixable. I don't know if they'll be so quick to do that with your old girl but if they do, there's always the possibility they'll pay you off and allow you to buy your boat back for a couple of boat dollars. Two questions are 1:do you want to take on that sort of project?; 2: can you ever trust the boat again?

With an agreed value policy like you had on the 340DB, You are insured for the agreed value. The decision to repair, sell or dispose of the boat is up is up to the insured. You get the agreed value + all the other coverages allowed under the policy like disposal, handling the fuel, crane/lift, personal items, etc. Then everyone parts friends.

If Dustin has an agreed value policy, and it reads like he does, then he should hang in there and see what the surveyor and adjustor propose.

 

[DustinL]

There is nothing in the personal effects clause as I suppose I had nothing listed in there. However, none of my personal effects were damaged luckily so I should be ok there. The upholstry guy is hanging this whole estimate up right now so maybe he will have his numbers today. The thought of buying it back has crossed my mind depending on price. But the other half wants to move forward to bigger and better things. I have a buddy that really really wants out of his 05 360DA right now. I take care of it and run it for him but man it's just nowhere the size my 350 was. Hope to know something definate by the end of the week. I either want myine fixed and back or to be done with this deal. Either way it's going to be a hurry up and wait game I am sure. I will let you know what they say as soon as I hear from the adjuster as to where to go from here.

 

[fwebster]

The absolute worse mistake one can make in boating is to settle for a boat that isn't really what they want. Slow down and take your time....looking at boats is free and just takes some time, so use the brokerage system to your advantage look at anything that is close to a contender before making a decision.

If you want to see a 450DA that has been kept original, but regularly updated and maintained, I'll be in Panama City next week........come on down! PM me if you are interested.

 

[DustinL]

$37,677.43! That is the total estimate submitted to Boat U.S. They got the estimate Monday and I spoke with the surveyor monday as well. He said that is about what he was thinking the estimate would be. She is insured for $45K so we are right on the edge from what the surveyor is claiming. In some research I have done that is about what these things are selling for, well the best ones and in the good markets! So we will wait to hear from the insurance adjuster and see where we go from here.. BTW thanks for all the help and suggestions. Never making an ins claim on anything before I have certainly learned a lot before I have learned the hard way.