Insurance Survey-Don't Make My Same Mistake!!

[wndsr]

I received a letter from my insurance carrier over the summer notifying me that it is time to have a 5 year insurance survey performed on our 1973 53' Classic. Our boat was out of the water from November 2014 until 3 weeks after Labor Day 2015. Our boat is typically in the water 12 months out of the year but this past winter I decided to pull the boat for storage and to replace the coring in the upper roof/ flybridge area. The letter stated that I had until March 2016 to have the survey completed and submitted. The boat was out of the water anyway so I decided to have the survey performed before the boat was to go back in the water after the repairs. The survey was performed on 9/11/2015. I submitted the survey to the agent which is Gallagher Charter Lakes of Grand Rapids, Michigan and the carrier is Markell on 10/8/2015. The boat surveyed out fine with only minor recommendations of items that should be addressed and no items that required immediate attention. However due to current market conditions, the boat's value came in at approximately $50,000.00 less than the previous survey. I wasn't that surprised that the value was that much lower than the previous survey but of course I was disappointed. Shortly after I submitted the survey I received a letter thanking me for submitting the survey along with a check for $170.00 because the premium was adjusted for the lower hull coverage! I immediately called the agent and asked why they immediately reduced my hull coverage to the lower amount? The survey was not due until March 2016 and my policy does not renew until June 2016! I explained that I should not be penalized for submitting a survey ahead of schedule. He agreed to contact the underwriters at Markell and discuss it with them but he was sure "they would reinstate the previous coverage because he would plead my case". Well it went on a few days and I got a call from the agent stating that he did not forget me but the people he needed to talk to were very busy due to the Miami boat show but he would get back to me. A few days later he got back to me. They were not going to reinstate the previous hull coverage. I reminded him again that I was the one that submitted the survey ahead of schedule, I had never had a claim with Markell or any other carrier I was ever with and I thought the whole thing was B.S.! He then had the nerve to ask, "Why are you so concerned now about the hull value when you know in June it is going to renew at the lower amount?" Insinuating that perhaps I want higher coverage on the boat in case I was planning a loss?? That is where the conversation ended. So for those of you that have to submit an insurance survey, wait until the last possible day to submit it and hopefully it will not be with Charter Lakes or Markell!! When it is time for renewal I will take my business elsewhere even if it means paying more for the coverage. Any recommendations for companies that are still old Hatteras friendly would be greatly appreciated.

 

[magnawake]

Last December I got a letter from the same exact company, which they were increasing my insurance from $1,100 to $1,800. They then wanted a 5 years survey. Thats fine. If I had to get a survey I might as well change insurance Companies. I think they were mad that I stayed in Florida for two years. I just got a trip rider. Oh well, they were not to nice about it anyway so I had our Nation wide home owners and car insurance write a policy through Foremost. Markell needs to get a grip. I agree with you they are nuts.

 

[holtcl]

Sorry to hear about this. I have Boat US. Can't speak to the 5-year survey issue. I can say that over the summer I was reviewing my coverage and realized that I needed to increase my "agreed upon value" to adequately cover the boat. I called Boat US and they asked me about the things that were done to the boat to justify the valuation increase. They didn't seem to have an issue. Premiums did increase in accord, however, and I understand that.

That's a different issue than yours, but I was satisfied with the process and have generally been satisfied with Boat US. If you want to send me a PM or email or txt, I can give you more specifics on what I pay and for what coverage.

Cheryl

 

[BobWaz]

I was a manager of a 330 slip marina on Lake Champlain for a few years. I believed in Boat U.S. and promoted them like you can't believe. I have had their insurance for the past 3 boats I owned and thought they were fantastic. But wait a minute, I had never had a claim. Now that I am fighting a claim it turns out they are my mistake. With the not responsible for outdated parts and time prorated clauses I feel they are a big mistake for a classic Hatteras.

 

[Freeebird]

I guess I'm missing something here. Your boat surveyed for less money than before, and the insurance company adjusted the coverage amount and sent you a check?

I would take the same view of wondering why you would make a fuss about that unless you simply didn't agree with the survey. Just curious, but why would you want to pay an extra $170 for wintertime coverage at the old value?

 

[krush]

I too am confused as to the complaint. Are you insuring for an agreed upon value or a market value (the latter being determined by some survey dude that surely knows everything about what a boat is "worth")?

 

[Freeebird]

I too am confused as to the complaint. Are you insuring for an agreed upon value or a market value (the latter being determined by some survey dude that surely knows everything about what a boat is "worth")?

That's confusing too. He apparently agreed with the valuation and expected it to be lower. With that, I guess it doesn't matter if it's market or agreed value as long as both parties are happy with the number.

Interestingly enough, when that runaway runabout mated with my Hatteras, State Farm required me to raise the stated value of my boat after an insurance survey. I had lowered it from the original amount based on what I perceived to be fair market value, and they took it back up to a point that was pretty much in the middle. I lowered it to save a few bucks figuring my chances of a total loss were pretty slim. Go figure.

 

[rwappleton]

We had a "bait and switch" issue with Markell a few years back. They will not insure me again.........EVER

My choice not theirs

 

[dottieshusband]

Re, Markel Insurance... When I got my 63, I was referred to Markel by USAA, the insurer of my previous 3 boats. USAA doesn't insure boats over 50 feet. After speaking with Markel, they decided I didn't have enough experience to operate a 63, and refused to insure me! 30 years of accent free boat operation, aircraft operation (and jumping out of them) and armored vehicles, tractor/trailers, and you name, Markel felt I was too big a risk. Well, I didn't make it to this age, going through the stuff I've been through, without being pretty darn good at risk management. Ace Recreational Insurance covered me with no problem. Why anybody would use Markel is beyond me.