Ski Boat Forum
General Category => General American Skier Discussions => Topic started by: RonT on July 10, 2012, 07:35:58 AM
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This week I have have seen or read of (3) Insurance Claim issues & probable mistaken steps to deal with insurance companies. I work with all the major underwriters and adjusters, here are a few tips I have learned over the years.
1) Know what your coverage is and what your deductible is most of my customers don't know, they want me to ask their ins. companies what their policy includes.
2) If you know what your deductible is and you think your damage exceeds the deductible amount it probably does.
3) Regulations prohibit an insurance company or adjuster from telling you where to have your boat repaired
4) Every Ins. Co. I have worked for guarantees the repair work for their insured, it is in the ins. companies best interest to have the repairs made right the first time, if not they are on the hook to have it repaired right the second time. (Half my ins. work is re-work others have done & failed)
5) Marine adjusting is VERY different from automotive & they know it. The auto side is very cut & dried with books that spell out typical repair costs for every case, no such thing exists for the marine industry, every case is reviewed and if questioned they will have a certified marine surveyor look at the job.
6) Always avoid starting a repair job then ask the ins. co. to step in & make a claim after the repairs have started, this always gets ugly.
7) I have never had a customer tell me their rates went up after a "normal" claim, when illegal activities are involved (drinking) they usually get dropped.
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Ron, anyone else - can you lend any guidance on how/ if it's possible to realistically insure a classic Skiier? We have a '79 that's been in the family since new. It's in pretty good shape. According to the insurance company it's only worth $2,300. Like many here, we think it's priceless. As a rough guideline, I would assume any damage to the boat over $1K to $1.5K would mean a total loss and the insurance company writes you a check for the $2,300 and then takes the boat. How can we insure it and still have some protection for much heavier damage costs (doesn't take much at all to get over $1K)? It almost seems financially stupid to insure it for damage with what I am understanding about insurance options for something we'd be willing to pay for above and beyond the value of the boat (which on the market is so low)... Thx for any help...
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Talk to your insurance agent about classic car / boat insurance. Typically it involves getting an appraisal of the car or boat (with lots of pics inside and out) and insuring up to that amount and make sure they include the trailer - a GOOD inboard trailer is worth a couple of thousand all by itself.
Insurance companies are different, but thats the gist of it...
Joel
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What your looking for is "Stated Value" and "Agreed Value" coverage, which is what the vintage car insurance is, you state the value, with documents supporting it & the underwriter calculates a premium.
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Thanks for the help!
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Great question and great answers.
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Had a conversation with an adjuster this morning in my office after we reviewed the damage on a boat that was here. I showed him this thread and asked for his comments. ( he is a "special products adjuster" boats, bikes, rv's, NO cars) He agreed with everything in my first post except for #4, his company does not guarantee the repairs, although he did acknowledge that other companies do. I gave him the scenario and example of my restored '88 Advance NADA book values it from $4400-5010 but the real value with rebuilt trailer, new interior, full restoration & updates now is between 10-12K How does a guy insure it for the higher value. He said with their company you will need a stated value AND agreed value policy AND the sales agent would need documentation of the restoration work done AND a marine survey. We discussed the marine survey, these can cost several hundred $$ paid by the boats owner. I have had customers run into this and they have supplied me with detailed pictures of boats they have restored & I have supplied the owner with an opinion based on the evidence i reviewed. Many hungry sales agents will take this as enough documentation to put into the file to write a policy for higher than book value. Hope this helps. (He thought my '88 would be under-insured at 12K)