Pearson Yachts Forum
General Category - Pearson Owners and Enthusiasts => General Discussion => Topic started by: Alma on March 01, 2015, 05:36:33 PM
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I've been with Boat US insurance over 20 years. ALMA has had the same Boat US policy for over 15 years. This week I got my renewal with my new Declarations Page.
Imagine my surprise when Boat US took it upon themselves to downgrade the Agreed Value of ALMA from 28 grand to 21! ( almost a 1/3!)
This with no notice, letter, inspection of the vessel or survey. ...AND the same premium!
Most of us simply cut a check in the Spring and move forward with the list of items on our boat's to-do lists.
Maybe you will want to take a close look at your insurance Dec Page and make sure you are getting what you think you are getting!
I called Boat US Insurance and spoke to a rep, then had HIM call an underwriter and straighten out my Agreed Value.
They called back and are sending me new paperwork reflecting the AGREED "Agreed Value"!
I've heard horror stories about Boat US only paying for having one side of a hull painted after a claim- Great... Half gelcoat. Half PAINT.
Insurance companies know we need an expensive and superfluous new Marine Survey to change carriers (my survey said Diesel Generator in tip top condition). Guess what- ALMA has no generator! If she DID it wouldn't be Diesel with an Atomic Four GAS auxiliary!
Watch out mariners. The sea is unpredictable- Insurance companies Less So.
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I have been with USAA for 33 years, insuring everything I own. They just lowered the value of my boat, rightly so, to a value we agreed on. Dropped my premium accordingly. The claims I have had were fair, dealt with in a timely fashion, and paid in a correct amount. Be advised, their new policies are now underwritten by Progressive. Progressive is hot and cold when dealing with them. Friend just went through hell with a claim with Progressive. One call to USAA straightened it out and he got his check.
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Alma - thanks for documenting this. I had the same problem and forgot to mention it. <duh> should have posted something.
I have been with BoatUS for about 6 years, this year found my boat value reduced by about a third. Sounds familiar?
Called them up, gave them a right bollocking, and they returned it to the original value. And after all I invested in Selene, I darn well should hope so! Probably should bump it up further.
Probably some fellow with the new insurance company said "Hey, let's drop all boat values by 30%, see if anybody notices; if they do, we'll put 'em back for that boat...if not....heh heh heh"
Grumble.
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Like I said, I do not think USAA is the problem here. Probably Progressive. Stick up for what you think is correct.
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...Imagine my surprise when Boat US took it upon themselves to downgrade the Agreed Value of ALMA from 28 grand to 21! ( almost a 1/3!)
This with no notice, letter, inspection of the vessel or survey. ...AND the same premium!
Most of us simply cut a check in the Spring and move forward with the list of items on our boat's to-do lists.
Maybe you will want to take a close look at your insurance Dec Page and make sure you are getting what you think you are getting! ...
I too have BoatUS insurance. After your note, I went and double-checked my coverage and it's still the same. But my policy doesn't renew until October, so I'll be sure to keep an eye on it then!
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I received my revised Dec Page yesterday. I now have the same coverage as last year. At the same premium.
Squeaky Wheel!
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I, too, have had Boat US for years. Never a problem and I would still have Boat US except they would not insure Now or Never! for travel to the Caribbean. Their first objection was that the boat is too small. Then they said that even if they did insure it, it would be contingent on having 4 people on board. Upshot, I took the advice of several cruisers who are insured through IMIS. Lovely side effect of switching--a lot cheaper!!! Only restrictions--no travel to Haiti or Cuba. Well duh, no one will insure for those destinations. Also, boat must be laid up from May until mid Oct--which is what normally do anyway.
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Did they require a survey?
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A new survey was required
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Suppose, just for the sake of discussion, someone (certainly not me) was to decide not to insure a boat. A P323. Other than the chance of a total loss of the boat, what other down side would there be. Convince this dumb ass he or she really needs insurance on a 35yr old boat. The bone head sails mostly on Lake Erie.
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Like anything else, personal comfort.
Hurricane Irene had a piling wear a 1" x 3" hole right through joiner where the hull meets the deck at the stbd aft corner on my '02 Mac 26X
Now I'm MANY things, but NOT a fiberglass guy. I suppose the day will come when I learn, but not now.
The estimate to repair this small hole, blend it in and replace the rub rail?
Some $6200 which included the haul. Since I was insure by BoatUS, I had it done.
It's a personal choice, what risk are you willing to take? Boating is somewhat risky, maybe not like hanggliding, but risky enough for this sailor to want protection on his vessel regardless of age.
And it's not so much my loss that I'm worried about, but the sailor at the dock I hit when the wind kicks up, the A4 fails, and I bash his pretty $500k yacht. Yes, and to boot he's an ambulance chasing lawyer to afford that yacht.
BTW, my yearly Ice Damage coverage is worth it alone
Murhpy's law is a clear and present danger in my life.
"Sub" Ed
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Liability coverage is important if you own anything.
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Suppose, just for the sake of discussion, someone (certainly not me) was to decide not to insure a boat. A P323. Other than the chance of a total loss of the boat, what other down side would there be. Convince this dumb ass he or she really needs insurance on a 35yr old boat. The bone head sails mostly on Lake Erie.
Not sure of local regulations, but:
- Say you do an accidental jibe and ram a nice pretty Alerion. Or Swann. Nothing big - bent stanchions, scratching the paintwork, maybe tearing one of their sails. But on those boats, repairs are not cheap!
- Through-hull fails, you sink. After a short time a nice sheen starts appearing on the lake, and some helpful person alerts pollution police....
- Through-hull fails, you sink. Depends where, of course, but let's say it is right in a busy channel. Guess who pays for recovery and removal?
- Makes me a bit sick to say this, but...you hit a channel mark, the rig comes down into the cockpit and kills a passenger, injuring another...happened in my club :=(....
So if one of those happens, you could be liable for thousand...tens of thousands...hundreds of thousands, even millions of dollars.
As always, it is a risk/return ratio. If you were not in the US, the equation would be different. But in the US, a highly litigious country with a legal system demanding thousands even to prove your innocence, insurance for boats seems to be a no-brainer. If you want to cut costs, drop the insurance on the P323, but keep the third party and other liability stuff! (says he technically).
<Litigious environment disclaimer; I don't know what I am talking about most of the time, so don't take this as a recommendation or advice :-)>
Just my 2 cents....
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Wow, you guys scared the crap out of my friend. He now has liability coverage and with all the money he has spent on improvements and upgrades, he may buy full coverage. Thank you all!