capt chris said:
That's one reason I insure with Boat US. It's a "declared value" policy where I can insure for a specified value rather than a "book" value. The declared value has to be reasonable based the type and age of the boat, but at least I know what the settlement value should be in the event of a total loss. That may not have helped you since the other guy's company had to pay the claim but it may have given you some leverage in the negotiations.
Hope you can find a replacement soon! Good Luck!
Chris,
I checked with Boat US for insurance on my 1987 204C and after talking with a agent was able to get him to admit to me that Boat US doesn't offer "Waiver of Depreciation" He didn't want to tell me that, kept beating around the bush. You CAN get agreed value, yes, but what happens if you damage the boat, but not a total loss. Do I want to take a check for the damage at 1987 prices. I don't think so.
Just a point of information. Most people don't realize this.
