I called BoatUS Marine Insurance and spoke with an underwriter just now. You are correct. The only additional distinction is that the depreciation applies to parts, not to labor. So, as I understand it, it my boat suffered a lightning strike and the repair estimate was $50,000, the depreciation (which at this point WOULD be 80%, indeed) would apply to the replacement parts. It would not apply to the labor.
Much of Blue Note's electrical system has been replaced at this point, certainly within the last twenty years. So depreciation would not apply to those parts, providing I could document that they were less than twenty years old (a good reason to keep ALL your receipts!) But, insurance companies being what they are, I would expect to have a fight on my hands, and for them to use the policy language to try to evade paying for as much as they could in the way of repairs and replacements.
The concern expressed earlier in this thread is appropriate. Insurance companies will always 1) charge as much as they can possibly get away with and 2) pay out as little as they can on claims. I had a minor fender-fender recently with my old Toyota truck, and the process of getting them to pay for a proper repair has been convoluted to say the least. Ask Quentin about his opinion of insurance companies.... he's had more contact with them then he would like to have had.
All in all, a very instructive thread, to say the least.
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Thread: Insurance Premium Time, Again
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Re: Insurance Premium Time, Again
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08-07-2018 03:22 PM #22Senior Member
- Join Date
- Apr 2005
- Posts
- 1,162
Re: Insurance Premium Time, Again
Thanks Jim for the clarification on labor costs. Bottom line it appears that starting at year 20 the owner becomes a coinsurer, and at year 28 and beyond, the primary property damage insurer, for sure.
Based on my limited searching, I have not found a less severe depreciation clause. If another member knows of better "old" boat depreciation schedule, please let the group know.Pete
1976 Hatteras 48 LRC
Blue Chip
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04-21-2019 07:05 PM #23Senior Member
- Join Date
- Jun 2007
- Posts
- 4,974
Re: Insurance Premium Time, Again
I just got my BoatUS renewal policy in the mail. Since I bought my boat 3 years ago the policy has gone from 1100 to now 1839 for 55k value, 500k liability. In VA up the calm river and mostly fresh water. I'm getting quotes from the companies listed in this thread. Boat is on blocks now so a survey is possible. I'm asking for 80-100k value on my quotes (replacement cost would be even more...the boat is re-powered with cummins)
If the depreciation stuff is true, I may as well self insure. Boat lives at my dock, no risk of other idiots crashing into it.FTFD... i drive a slow 1968 41c381
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Re: Insurance Premium Time, Again
Krush,
Try these guys:
https://www.unitedmarine.net/boat_insurance/Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
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04-21-2019 07:56 PM #25Senior Member
- Join Date
- Jun 2007
- Posts
- 4,974
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Re: Insurance Premium Time, Again
Kind of an old thread. Didn't realize I already posted that.
Sky Cheney
1985 53EDMY, Hull #CN759, "Rebecca"
ELYC on White Lake--Montague, MI
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Re: Insurance Premium Time, Again
The problem with self-insuring is that you don't have any liability insurance. You are somewhat caught in a catch-22 situation here, because if you just try to get an umbrella liability policy, they will require certain minimums on your car and boat insurance- in other words, you can't get the umbrella policy, in my experience, unless you already have the basic policy in place.
Have you had a discussion with Boat US about this? You might point out to them that 1) since the boat is already hauled you would be willing to have a survey done to establish the higher value 2) you don't mind paying a higher premium IF AND ONLY IF they will agree to a higher agreed value 3) you are shopping around for a new policy.
Half of something is generally held to be worth a lot more than all of nothing, and I would point it out to them. My experience is that they will deal.
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04-21-2019 08:46 PM #28
Re: Insurance Premium Time, Again
Liability only. Why not.
Scott
41C117 "Hattatude"
Port Canaveral Florida.
Marine Electronics and Electrical Products Distributor.
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Re: Insurance Premium Time, Again
Is that available, like on cars? I have no idea. I have never seen it, but that doesn't mean anything- it could well exist and I didn't know of it. It would be worth looking into.
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04-21-2019 09:27 PM #30Senior Member
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- Jun 2007
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Re: Insurance Premium Time, Again
FTFD... i drive a slow 1968 41c381