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Old 09-07-2009, 11:39   #1
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Insurance Claims?

Hello: I would like to know if anyone has filed an insurance claim and received a payment. We are about to purchase insurance for our boat and would like to know more information regarding insurance companies. We live in a boat yard and there are boats here that have claims and most of them are in court fighting insurance companies to cover their claims, so we are wondering if insurance is all the necessary. Thanks for any input. Diane
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Old 09-07-2009, 11:49   #2
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I wonder also. It seems we all live in a world of panic without insurance, but then when we have a claim we dont use it in fear of the insurance company. I think it is probably necessary to have liability in lieu of todays lawsuit and environmental issues though... You live in a boatyard? You probably dont need insurance if you are not in the water...are you talking isnsurance if you leave the US cruising?
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Old 09-07-2009, 12:34   #3
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I also have been hearing alot of horror stories of insurance companies making there clients pay big bucks to hire a attorney and take them to court just to get them to pay a claim. In the end the insurance companies can hire more attorneys and would rather pay them than pay claims!
We are currently paying 3K a year to insure our boat but lately I am feeling that we may just be giving money away? I would be interested in hearing others input on this subject.
Jackie
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Old 09-07-2009, 12:44   #4
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3K seems like a lot for sure. Is it an Insured Value policy or market value policy? is that for inside US only? I guess one has to decide if they just want ot protect themselves from liability or insure for boat replacement. I usually lean toward high deductbile for total loss only and being covered for liability. Traveling offshore I was uninsured. My little 32 ft me a little over $300 per year...but I'm not living aboard all year....
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Old 09-07-2009, 13:04   #5
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One may 1st, our boat sank at the dock. After emergency pump out and haulout, the auto inspector (yes you heard right) the company sent over, told the yard to proceed with the work to get the boat back in the water to be able to further assess damage. Essentialy oking the first part of the work around 10K total.
They are now sending me a check for 300 bucks, and say they will not cover the work done to date. It took over 70 days for them to come to this conclusion. They now say they will cover other repairs, but now the "auto adjuster' won't return phone calls and no one is working on the boat.

Be very aware when purchasing insurance. Ask to see a copy of the policy. See what it covers and more importantly what it does not. I went with my PO policy, though it would be easier.... oh not.
When the boat is paid off, I will only have liability policy. I will self insure the hull and contents.
These people are scum.
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Old 09-07-2009, 13:09   #6
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A good friend of mine rear ended a car last year and the insurance covered all the damages which were $2700. Two months later his annual insurance premiums went up $2699....Luckily he knew the agent very well (keeps his boat next to his) and they brought it back down but just goes to show what insurance companies try to do to the average person.
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Old 09-07-2009, 13:15   #7
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We pay almost 3K (2750 I believe) for a agreed value of 170K. We could get a slightly lower premium through Markel but would need a out of water survey first so we are holding off on that. This insurance covers us only in Southern California and very far northern Mexico. When we leave to Mexico in the fall our rates will go up significantly
We are seriously talking about just going with liability insurance in the future and just figuring that our insurance will be that we are on the boat and taking good care of her. I would sure rather see the 3K go into maintenance rather than into a insurance companies pocket if they have no intention on paying a claim if there was to be one in the future.
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Old 09-07-2009, 13:15   #8
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Oh yes, you are defintiely going to pay if you have a claim. Not the insurance company. I had an accident years ago after 15 years claim free, my insurance was raised to pay for the accident by amortizing it over 3 years.
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Old 09-07-2009, 13:24   #9
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That is a heartbreak Bob. I can't imagine how mad I would be if the insurance company did me like they did you.
I am curious if your insurance company was a company that specializes in marine insurance?
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Old 09-07-2009, 13:28   #10
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Insurance Claims

Thanks to all for your stories. That is about the same as we hear here in the yard. Yes, we live in a boat yard, building our boat and hoping very soon to launch it. That is why we are interested in hear insurance stories. We will be going into a Marina and are now thinking of only insurance covering what the Marina requires. Thanks again to all. Diane
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Old 09-07-2009, 13:30   #11
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When my CS36 got hit by lightning the insurance company paid the boatyard promptly. I had replacement coverage and got all new instruments. I think the total bill was in the region of $15,000. Absolutely no problems. This was in 1995. Four years ago I was hit by an idiot while I was anchored off Normans Cay in the Bahamas. This was in broad daylight, about nine in the morning. The idiot was looking at a laptop on a cockpit seat and steering by that instead of looking ahead. Yes, there are idiots like that out there! Any way the repairs were fully covered by the insurance company. I did not have to pay a cent. These were two different companies. I have not had a problem with insurance companies and would not dream of sailing without insurance. Many marinas and boatyards will not let you in without proof of insurance.
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Old 09-07-2009, 13:45   #12
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I pay $55.00 a year for $500K liability with the "Good Neighbour" people. I must be getting a deal because I also have 3 cars with them too.

My 31yo boat can't seem to get full coverage without a full survey. At about $600 its bit pricey for a boat that is only worth about $15k "IF" I could sell it. It survived hurricane IKE but cost me about $1k for repairs and transport. Thats about the same cost(over the 4 years I've owned her) as if I had it insured except that they would have written her off with that much damage.

Liability is a must but full coverage is a tough choice.........m
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Old 09-07-2009, 13:56   #13
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Cheechako - who did you have your liability only policy with? I used to that through Boat U.S. for the Bahamas for the price you mentioned, but after my most recent boat purchase they told me they no longer offer that.
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Old 09-07-2009, 14:12   #14
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Your point about having to hire lawyers to fight the insurance companies really hit home with me. My 27 year old daughter was hit by an Allstate insured driver, his fault, he admitted it, he got the ticket and then the fight with Allstate was on. All we wanted was the car fixed properly and her injuries paid for. Fortunately, we had a close friend doing the body work at his shop, but the junk Allstate tried to force him to put on her 12 month old car was just ridiculous:cracked headlights, used brake line, used caliper, cracked grill, used tire & rim, the list goes on. She has 3 herniated and one ruptured disc, surgery is Monday, thanks to the lawyers. Allstate demanded she do therapy for months, fought the MRI and nearly every proposed test to find out what was going on with her back. Finally quit trying to work with them, hired a law firm that specializes in these issues and the problems with instantly stopped and things started moving forward. It really should not have come to that, but Allstate will end up paying far more than if they had just worked with us in good faith.

Sorry about the rant, but hope this helps someone in a similar situation.

Steve
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Old 09-07-2009, 16:07   #15
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Quote:
Originally Posted by bobfnbw View Post
On may 1st, our boat sank at the dock. After emergency pump out and haulout, the auto inspector (yes you heard right) the company sent over, told the yard to proceed with the work to get the boat back in the water to be able to further assess damage. Essentialy oking the first part of the work around 10K total.
They are now sending me a check for 300 bucks, and say they will not cover the work done to date. It took over 70 days for them to come to this conclusion. They now say they will cover other repairs, but now the "auto adjuster' won't return phone calls and no one is working on the boat.

Be very aware when purchasing insurance. Ask to see a copy of the policy. See what it covers and more importantly what it does not. I went with my PO policy, though it would be easier.... oh not.
When the boat is paid off, I will only have liability policy. I will self insure the hull and contents.
These people are scum.
Firstly, I would really like to know whou your thieving insurance company is, so pm me please, I live in Texas. Secondly, if you do not have the proper legal help, I have connections in that area, two friends that are attorneys that have a combined 70 years of law practice in Texas, high profile guys. Either would reccomend the right Corpus Attorney, one of the friends is in San Antonio.

I hope you make this payoff for you. Jurys, if you can get it there, have very little patience with insurance companies. BTW, start writing letters, State Board, Attorney Generals Office and the office of the President of the insurance company concerned. Start raising hell. Confirm every letter with e mail, even emailing and printing out and sending the identical snail mail. They might just pay off if you are a big enough pain in the ass, just to shut you up. Obnoxious is not always bad, not the chosen method but a fall-back position.

You might social engineer them, call as sombody else for some reason to get names of various people in the company. How about finding out who are the officers on the board of the company, bound to be public record, start harrassing them. Battles like this become a hobby with me, and I tell them so. I will f+++ with the company until they throw dirt in my face. I am screwing Sears to this day for something they did to me in 1981. I cost them money anytime I can. Find a craftsman tool, I return it for new, influence a family member or friend not to do business with them, I do.

Good luck and keep us posted and give em hell.
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