Boat Insurance: Agreed Value vs Actual Cash Value Policies

[Maine Sail]

Originally Posted by lancelot9898

Maine, who are you insured with? I just looked at my policy and it's an actual cash value policy with Markel. Not sure it they offer the agreed value policy, but that seems like the way to go since there are so many loopholes with the actual cash value one. I like the idea of establishing the value up front rather than after a loss, but many companies probably prefer the actual cash value type policy and may not write the other or if they do at a increased premium.

We are now with Amica.. Been with Boat US, ACE/INAMAR, Acadia and others over the years and all have been excellent with the exception of ACE who increased our policy price when our boat was hit by no fault of ours, which was not in the "small print", easy enough, we moved on.

Amica has been more than good. We suffered a huge lightning strike last summer and it was seamless. They paid full replacement value on everything but the iPod which I lost $18.00 on. They did try and argue that my computer was a "personal effect", like the iPod, but I was able to document that it had navigation software on it and a direct wired interface to the GPS plotter and they never gave it a second thought. Our policy went up by exactly ZERO even with a very large claim that was again, no fault of ours. Can't complain about that, AMICA has been great.

[womensetsail]

CNC-Charters: Sounds like you should be more interested in your liability insurance than the boat value - you said you'd be leasing the boat. We charter in SW Florida and although we always have the concern about our boat valuation, our biggest fear is LIABILITY! And if you'll be doing diving trips - even more liability!
We're currently searching for a new insurer, as we need commercial insurance and it's tough to get the liability coverage where you need/want it to be. Most companies only want to go to $300,00 coverage.

[cal40john]

My insurance company said that they would give me insurance at the amount the surveyor said the boat was worth, which was more than the price I bought it.


A friend had his boat totaled. The insurance paid off. He asked if he could keep the title and they said yes. Our theory was that the company probably thought it was going to cost more to dispose of the hull than they were going to make in selling the parts, so it was more cost effective to make it someone else's problem.

John

[Slickbravo]

I have a 2002 270 Rinker in Northern California. My insurance company wants to total it. But I have not yet seen anything on paper for the repair costs. I took it in for an estimate, but I have never received it in writing. Apparently the insurance company has, but they have not furnished me with a copy, even after I requested one.
BUT my real question is this: How does anyone determine accrual cash value?
The only values I know of and can generate on my PC are the Buc Book values:
Retail
Average
Low…
The insurance company has stated to me that the surveyor has place a value on my boat that is lower then the low Buc Book Value.
I don’t understand how this could be, when my boat is well maintained. Just 2 years ago we had all the Delta Canvas and cockpit cover replaced. I invested over 5k into this. 2 years ago I replaced all 6 wheels and tire on the trailer with new ones and they wont give me a dollar amount on the trailer because they say the trailer wasn’t damage…
My thoughts on this are, if you total the boat you have to take the trailer with it…
I need to get them to come up with this value about 45% more. Otherwise I feel I’m getting ripped off… Should I hire an attorney or my own surveyor?
Victor…

[CNC-Charters]

Originally Posted by Slickbravo

I have a 2002 270 Rinker in Northern California. My insurance company wants to total it. But I have not yet seen anything on paper for the repair costs. I took it in for an estimate, but I have never received it in writing. Apparently the insurance company has, but they have not furnished me with a copy, even after I requested one.
BUT my real question is this: How does anyone determine accrual cash value?
The only values I know of and can generate on my PC are the Buc Book values:
Retail
Average
Low…
The insurance company has stated to me that the surveyor has place a value on my boat that is lower then the low Buc Book Value.
I don’t understand how this could be, when my boat is well maintained. Just 2 years ago we had all the Delta Canvas and cockpit cover replaced. I invested over 5k into this. 2 years ago I replaced all 6 wheels and tire on the trailer with new ones and they wont give me a dollar amount on the trailer because they say the trailer wasn’t damage…
My thoughts on this are, if you total the boat you have to take the trailer with it…
I need to get them to come up with this value about 45% more. Otherwise I feel I’m getting ripped off… Should I hire an attorney or my own surveyor?
Victor…

You may want to look into a Public Adjuster, a surveyor, and a lawyer. None are cheap and the surveyor will be an out of pocket up front cost to you! Try running a Google search with this" Public adjuster in Northern California ". This is what I do for a living and I can tell you that I fight with them everyday and they will try to get you settled as inexpensively as possibly.

As crappy as it seems they are right about the trailer (assuming the peril occurred off the trailer). The way they look at it is you can go get a new boat and put it on your trailer or sell it.