Quote:
Originally Posted by osirissail
There is a little zinger in the "agreed value" type polices that maybe an expert actually in the marine insurance business can clarify.
- - That is that your stated "agreed value" needs to be realistic and close to the BUC value - and - not more than what you paid for the boat.
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Not quite true. Our boat is insured for an agreed value policy at 21k more than we paid for it. With each upgrade, or set of upgrades, we have re-established value and the insurance company has upped the agreed value accordingly.
Of course we have way more than the 20k difference into it but the reality is if your
surveyor &
broker can show the boat is worth what they say it is most companies will up the agreed value policy if you document it and get a fair market appraisal. It will cost you more but you'll be adequately covered for a fairer replacement value.
Quote:
Originally Posted by osirissail
Doesn't work that way. When the adjustor/surveyor comes up with a number of dollars to repair the boat, that is not negotiable - you can only accept it or reject it.
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Our boat was hit on her
mooring by a guy who broke free. The damage was assessed at 20.5k & 22k by two surveyors. The adjuster accepted the higher of the two numbers. The real damage, when all was said and done, was more like 26k and the insurance company paid this difference with zero issues. While you often can't negotiate an estimate for
repairs up front you certainly can after the repair has been completed or during the repair when addition issues are found as we did. Even the best
surveyor will miss things that get found once the repair has begun and things opened up. A good insurance comapny should honor actual cost of
repairs minus your deductible unless you're up against the agreed value or actual cash value..
I have a friend who had a total loss to his 2 year old
Regulator center console, with agreed value policy. The insurance company sent him a check for the agreed value minus his 1% hull deductible within two weeks. Pretty simple with good honest insurance carriers. He had a
new boat less than a month later..