Check your insurance policies...you may not be fully covered!

[ShellBack89]

Originally Posted by svfinlandia

I just sustained what looks to me like about $4,000.00 (US) damage to my boat from Florence. I called my insurance company (BoatUS who now uses Geico).
I have $75,000.00 agreed hull coverage with $1,000.00 deductable. I was blindsided when the adjuster informed me that since it was a “named storm” that my deductable is now 5% of the hull value, meaning that if the damage turns out to be $4000.00 they will only pay me $250.00!
I’m sure that it’s buried in the policy somwhere but i don’t remember seeing it.
Just glad now that I didn’t have her insured for her full value!

Al, S/V Finlandia

I have the same policy and went through the same thing last year with Harvey. I'm not sure if you've filed a claim yet but if you have the $250 isn't worth the rate hike for next year.

[SassSeaSandi]

We’ve always been told that there’s a big difference between yacht insurance by someone like Pantaneus vs boat insurance through someone like State Farm.

[LakeSuperior]

Originally Posted by svfinlandia

I just sustained what looks to me like about $4,000.00 (US) damage to my boat from Florence. I called my insurance company (BoatUS who now uses Geico).
I have $75,000.00 agreed hull coverage with $1,000.00 deductable. I was blindsided when the adjuster informed me that since it was a “named storm” that my deductable is now 5% of the hull value, meaning that if the damage turns out to be $4000.00 they will only pay me $250.00!
I’m sure that it’s buried in the policy somwhere but i don’t remember seeing it.
Just glad now that I didn’t have her insured for her full value!

Al, S/V Finlandia

What is the criterion for a storm to be named? Now days they are even naming snow storms up here in the north country. That weirdness seems to have started a few years ago.


I guess if I had a policy with the named storm caveat I would want to understand the rules.

What difference does it make if the storm has a name or not. Doesn't make any sense.

[Paul L]

Originally Posted by LakeSuperior

What is the criterion for a storm to be named? Now days they are even naming snow storms up here in the north country. That weirdness seems to have started a few years ago.


I guess if I had a policy with the named storm caveat I would want to understand the rules.

What difference does it make if the storm has a name or not. Doesn't make any sense.

An additional deductible for hurricane damage is pretty standard. My policy defines a named storm as

“Named Windstorm” means a storm named by the National Oceanic & Atmospheric
Administration (NOAA).

[mvmojo]

Originally Posted by LakeSuperior

What is the criterion for a storm to be named? Now days they are even naming snow storms up here in the north country. That weirdness seems to have started a few years ago.


I guess if I had a policy with the named storm caveat I would want to understand the rules.

What difference does it make if the storm has a name or not. Doesn't make any sense.

Your insurance policy should include a DEFINITIONS section and "Named Storm" or "Named Windstorm" or whatever term they use should be defined in the that section. They are usually defined as a storm named by NOAA. Unfortunately, the Weather Channel has taken to naming every major storm they cover, which has created lots of confusion. I had an insurance surveyor tried to tell me that a claim resulting from a major wind event that was "named" by the Weather Channel may not be honored because it was a "named storm". I called B.S. and showed him the policy definition referencing NOAA. The claim was paid with no discussion of named storms.

[Capt Gill]

Originally Posted by Privilege

It's certainly a valid legal argument that you were not renting the dock which had to be cut from your boat. You were renting a space in the marina called a slip. The dock itself was never owned or rented by you.

I'm being a bit picky here, however it's a common misunderstanding of what is a dock/slip.
Any discussion of docks/slips comes back to the matter of water: a dock is the water area immediately adjacent to a pier or wharf; a slip refers to water between piers or wharves.
Dock,Maritime:
A dock is the area of water between or next to one or a group of human-made structures that are involved in the handling of boats or ships or such structures themselves. The exact meaning varies among different variants of the English language*.
*Wikipedia

[svfinlandia]

Originally Posted by ShellBack89

I have the same policy and went through the same thing last year with Harvey. I'm not sure if you've filed a claim yet but if you have the $250 isn't worth the rate hike for next year.

I am hoping not to be with Geico again next year. I really like BoatUS and the Gecco is cute, but I’m not at all fond of Geico.

Al, S/V Finlandia

[ShellBack89]

Originally Posted by svfinlandia

I am hoping not to be with Geico again next year. I really like BoatUS and the Gecco is cute, but I’m not at all fond of Geico.

Al, S/V Finlandia

I switched to progressive tonight. Same coverage as Geico for my two boats and they saved me over $2,000. I even had a "personal" agent who said Geico was my best option......NOT! I'm not a fan of them politically but when you can save me that kind of money for the same coverage's......come on!

[john61ct]

Originally Posted by ShellBack89

I'm not a fan of them politically

OMG the guy retired as CEO in 2000 and died five years ago.

[ShellBack89]

Originally Posted by john61ct

OMG the guy retired as CEO in 2000 and died five years ago.

That's a nice story.......

[john61ct]

Originally Posted by ShellBack89

That's a nice story

Not sure what that means. Are you saying it isn't true?

[Trimaran Ken]

Originally Posted by Jcolman

My insurance agent told me that "unfortunatly we cannot cover this due to the fact that I was renting the slip". To be honest, I think this is some ******** but I don't know what I can do at this point since this exclusion is buried deep within the policy.

It is likely that your agent is misusing the property damage exclusion on things you rent, when this is clearly a liability issue.

Don't put up with this BS. First, appeal the decision direct with the carrier, not the agent. If denied, complain to everyone. Start with the Better Business Bureau. They have no power, but some companies care about their ratings. Then got to your state insurance commission. Then starting writing bad reviews of the carrier and the agent. There is a reasonable chance that something will get their attention.

[kitingcakes]

As others have stated, the department of Insurance is a great line of defense. We went through a title insurance issue in different state and filing a complaint with that states Dept of Insurance (DOI) was a huge contributor to a timely resolution (6 months instead of 24 months). A lawyer tipped us off to try this before spending big bucks with him. It worked. Insurance companies risk loosing their license and other issues.
They do not like being on the DOI watch list. For some reason it really gets their attention. Looks like you are in NC..here is your link to start the process. Best wishes to you. NCDOI | Services for Consumers - Request Assistance or File a Complaint

[Capn Rick]

While we don't know all the circumstances, several options may be available.

Hurricanes are considered acts of God and when damage occurs each insured is responsible for damage to their own property only. It is the same as when a neighbors tree falls on your house. The neighbor is only responsible for damage to his property and you are responsible for damage to your property. Each insurance company will pay for their insured's damage. Possibly the marina is mistaken in this instance.

The other circumstance may be the damage should be paid out of the salvage section of your policy.

[hellosailor]

I was saying to myself "renting, as opposed to owning? WTF does that have to do with..." and it struck me that would be a perfectly reasonable excuse. IF we are talking about State Farm and a homeowner's or other policy, not a real and separate boat policy.

Maybe the OP could clarify that this is a problem with a BOAT policy, not with a boat that has been insured as part of their homeowner's or other policy?

And that there is in fact liability coverage on the boat, the same there would be on a separate auto policy. Again, nothing commingled with "house" insurance?

As SassSea said, there's a big difference in insurers. The ones who cover your boat as a motor vehicle add-on to a home policy, are doing no one a favor. Their adjusters are often totally unfamiliar with boats, sometimes not knowing how or what to inspect when a claim comes around that involves in accessible things like a rudder or keel. (As one insurer's commercial says "Seen that".)

And it usually pays to inquire about regulations, misreadings, and idiots with the insurance commission BEFORE making any appeal with the insurer. If you do that diplomatically, you may find that asking a manager "Are you really sure about that? Because the insurance commission told me they'd be glad to file a complaint about it." Insurance companies routinely file for rate increases. Every complaint that is filed, makes those increases less likely. So, they're doubly motivated.