Boat US Radar Claim

[GreatWhite23]

Got settlement today from boat US. I will start with I should of read my policy not listened to underwriter. I was given to ops. 1. 250 deductible and agreed value/NADA 1300 per yr all equipment boat ect covered. 2. Anything and everything will be replaced no deductible 2000 per yr. My boat is a 91 Marlin with twin 2000 Yamaha OX66 250 (Did some bartering this winter 75 hrs port 150 hrs on starboard fresh water until April) boat is in good condition fully rigged. It is worth 20K. So opt 1. 1300 per yr 250 deductible= 10 yrs 13k. Opt 2. 2k per yr=10 yrs 20K paid them value of boat.
Break down of settlement. They gave cost of lesser unit new from 1991. Unit was not made until 98. Took 90% deprecation then 250 deductible. At this point I owe the $ :-| . Then add in for labor and you are in the positive. :hmm The rest of damage again 90 % deduct. Thew purchased last july. This is the kicker bought the boat used so if you do not have purchase receipts they start with manufacture of boat date. Knowing that some of the equipment was not produced until 2006. Just throwing this out there. So as far as equipment goes really not insured. I needed to read the policy better that is purchased over the phone. They underwriter should also go into detail of what they actually cover so the customer is not misinformed. Even thew this would not be beneficial to them. Spring is around the corner if weather cooperates.

 

[suzukidave]

insurance companies attempt to impose a lot of arbitrary internal "rules" or "policies" in adjusting claims that are not legally binding. the only rules are those that are spelled out in your policy. i doubt your policy actually says that they can ignore evidence of the age of a boat fitting other than a receipt.

so if you can prove the radar is newer using a serial number or similar then you can tell the adjuster to pay up accordingly.

that being said, i likely wouldn't bother making an insurance claim for a 17 year old radar dome. taking into account the hit on your future premiums from making a claim, surely it is cheaper to buy a replacement on ebay.

 

[ElyseM]

really hard to follow your post. but if it was a 17 year old piece of equipment i wouldn't have made a claim.

i have boat us for over 12 years. only one claim (knock resin covered wood). hit something second year (2010) on a new boat and busted a lower. their share of loss was $5 k. i sent pictures, shop estimate and a writeup of the loss event. they sent a $5 k check. as far as i know, didn't even dispatch an adjuster (i sent pretty good pics).

it's definitely important to know what coverage you are paying for. electronic coverage is kind of an add on in the policy. mostly would get chewed up in a deductible. good luck, ron

 

[ocnslr]

On July 4, 2011 lightning struck a boat in a lift about 60 feet away from us. EMP induced a voltage spike in the NMEA2K bus and damaged several of the electronics items on the bus.

I made a detailed analysis of the damage and filed a claim. BoatUS sent an adjuster who carefully verified the damage, had me check a few items that I hadn't thought to check (e.g. pumps), and submitted his report. He even endorsed my request to do all my own installations, based on his observation of my previous work.

BoatUS covered all the damaged electronics and, under a "navigation equipment" clause in my insurance, I only had a $100 deductible. Total claim was over $7K, and it included a new radar as well.

Full replacement cost with same or equivalent replacement model, with no depreciation. e.g., Simrad AP-16 no longer available, so replaced with AP-24.

Great company to work with.

Brian

 

[GreatWhite23]

I have heard good and bad about boat US. The claims and adjuster have been great. My issue is when they sell the policy the underwriter was not forthcoming in coverage. Since you buy it via phone. I will say I should of read it in detail. It does seem it did cover anything, when claim entered I owed the insurance company money then once labor added in I was in the positive. Who would agree and pay for such a policy knowingly. I am sure I am not the only one who has been misinformed about there policy. Maybe this will save some others the headache. You will hit 90% deprecation on anything 2006 and older. Buying a new radar is not an issue more ethics.

 

[ElyseM]

ok, still not following this, but. if you have an agreed hull value policy, that is what you will be paid if you lose the boat. that is what the premium is calculated on. so if it says $50k, that's what you get. motors and such do have some depreciation, but you can buy a waiver for a very little premium increase. i cannot recall if the waiver will apply to electronics, but again old electronics really should not be considered to have any real value.

if you look at your policy declaration page, you can clearly see what you are covered for and the limits. i will say, boat us does have one of the most comprehensive policies and the coverage for environmental is very good.

if you are not happy though, just go to another carrier. never worth getting yourself aggravated over these things. good luck, ron

 

[GreatWhite23]

Ron I agree with you that the boat ect coverage is good. And that old electronics really do not have a value though they seem to of depreciated 40% based on what comp units are selling for on ebay. When they sell you a policy the underwriter should inform you of this. Instead of stating all electronics are covered minus a 250 deductible. Also if you do not have receipts they start with manufacture date. Like the Garmin Radar antenna that is not a year old but wrote up as a 91 model. Buyer should read his policy instead of taking what underwriter states as 100% accurate. This is hear nor there buying a new radar is not a big deal. I will be hunting a new policy that will be covering the boat and rigging. THX

 

[ElyseM]

starting to understand the radar thing. get your serial number and ask garmin the manufacture date. do it by email and include the fact that you need to prove date of purchase to your insurance adjuster. garmin has always been very helpful to me. once you get the email with manufacture date, provide it to the adjuster. good luck, ron

 

[GreatWhite23]

Thx Ron great info I shall work on that on Mon