“Legal” question

[Jammer]

Originally Posted by boatpoker

Any company that issues a policy on a 50yr old wooden boat without a survey has no intention of ever paying out.

You never know.


About 15 years ago I was having difficulty getting insurance for a certain rental property I had purchased. The roof was in poor condition, you see. There were three layers of shingles, and the decking was planks spaced with gaps between planks that were bridged by the tar paper and shingles. Persistent phone calls finally turned up a smaller insurance company that was willing to write a policy on the place, sight unseen. Rates, as I recall, were 50% higher than the other places.


Two years later a hailstorm came and damaged what was left of the roof badly enough that it leaked. Everything had to be torn off down to the rafters and replaced, with new decking, and so on, because there was no other way to repair the damage and have the work meet building codes. It cost the insurance company over $10,000 and after a certain amount of kicking and screaming they paid it.


At that point it met the underwriting requirements for the cheap places, so I switched.

[boatpoker]

Originally Posted by Jammer

You never know.


About 15 years ago I was having difficulty getting insurance for a certain rental property I had purchased. The roof was in poor condition, you see. There were three layers of shingles, and the decking was planks spaced with gaps between planks that were bridged by the tar paper and shingles. Persistent phone calls finally turned up a smaller insurance company that was willing to write a policy on the place, sight unseen. Rates, as I recall, were 50% higher than the other places.


Two years later a hailstorm came and damaged what was left of the roof badly enough that it leaked. Everything had to be torn off down to the rafters and replaced, with new decking, and so on, because there was no other way to repair the damage and have the work meet building codes. It cost the insurance company over $10,000 and after a certain amount of kicking and screaming they paid it.


At that point it met the underwriting requirements for the cheap places, so I switched.

1. 15 years ago ... ancient history.

2. House, appreciating asset ... boat depreciating hole in the water.

Apples vs. Cumquats