A while back there was a lot of semi informed commentary about this popular
insurance company. I thought I would share while in the mid IRMA claims process. The good: very fast response, informed agents, automatic inclusion of less obvious coverages such as clean up and haul-out for
inspection. Their people really seem to care. The bad: the depreciation policy. After 20 years they deduct 20% per year until bottoming out at 80% based on year of construction. In effect your
hull insurance on an old
boat is catastrophic only. Not so good, right? The good news is that the year of manufacture is only assumed to be that if the
hull, evidence of actual dates is readily accepted. For example my 30 year old
boat was refurbished 9 years ago so most of that
work (e.g.
canvas,
sails,
rigging, etc) is fully covered. They also deduct $1000 for named storms but they do cover
Florida.
I shopped other companies before IRMA but saw nothing close for a
Florida based boat.
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