My GEICO policy has a deductible and this:

We will pay the reasonable cost of repairs with depreciation applied to the
repair or replacement of the following items: inflatable dinghies, paint
and finishes protective covers, fabric or sails. Depreciation shall also
apply to outdrive units, outboard motors and gel coat beginning with the
sixth year from the year of manufacture, and to internal machinery
beginning with the eleventh year from the year of manufacture.

Joel

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On Fri, Feb 9, 2018 at 6:59 AM, John and Maryann Read via CnC-List <
cnc-list@cnc-list.com> wrote:

> Have made inquiry to our agent on this point – will advise.  Seems a good
> idea for all of us to do check on this
>
>
>
> John and Maryann
>
> Legacy III
>
> 1982 C&C 34
>
> Noank, CT
>
>
>
> *From:* CnC-List [mailto:cnc-list-boun...@cnc-list.com] *On Behalf Of *Randy
> Stafford via CnC-List
> *Sent:* Thursday, February 08, 2018 8:33 PM
> *To:* cnc-list@cnc-list.com
> *Cc:* Randy Stafford; Keith Bridges; Keith Oulson; Judi Suarez; BoatUS
> *Subject:* Re: Stus-List Restarting Thread - Insurance: SHAME on Boat
> U.S./Geico!
>
>
>
> Thank you Bruce.  I have made the decision to switch from BoatUS to
> Ameriprise/Progressive.
>
>
>
> Cheers,
>
> Randy
>
>
>
> On Feb 8, 2018, at 5:43 PM, Bruce Whitmore via CnC-List <
> cnc-list@cnc-list.com> wrote:
>
>
>
> Hello all,
>
>
>
> First, thanks to Eric for pointing out a CRITICAL provision in the new
> Boat U.S. policies now issued by Geico.
>
>
>
> I read my new policy (which has only been in force since February 2nd) and
> found the following provision:
>
>
>
> "We will pay the reasonable cost of repairs and replacements, in
> accordance with quality marine repair practice, *less depreciation*
> (emphasis added).  Depreciation shall be calculated at 10% for each year
> beginning with the 20th year from manufacture.  In all cases, there shall
> remain no less than 20% residual value regardless of age."
>
>
>
> I then researched all the information provided during the quoting
> process.  This was *not* disclosed.  I then called Boat U.S., and they
> agreed they had not informed me of this provision, and then offered me (for
> an upcharge of $64), an endorsement that would take away the depreciation
> provision, but *only* for the hull, mast, spars, railings, but not much
> more.  They do not normally offer this endorsement unless the boat is less
> than 10 years old (So what's the value in that?).  In my mind, that
> endorsement is worthless - just think about that nice $2,000 chart plotter
> that gets fried by lightning...
>
>
>
> For a 1994 boat like mine, that means a partial loss would have only
> resulted in recovery of 60% after the $1,200 deductible, and for my last
> boat, (a 1977) only 20%.  For that kind of coverage on my old boat, I'd
> just go bare!  The policy I had in place until last week was slightly more
> expensive. but does not include a depreciation provision of that
> magnitude.
>
>
>
> I am immediately urging all folks I know to immediately shop their
> coverage and move it to a company that does not apply depreciation as soon
> as possible.
>
>
>
> 1).  I am embarrassed to have to admit that as a person with 30+ years in
> the insurance industry, I had not read my policy.
>
> 2).  The person I spoke with on the phone confirmed that this was *not* a
> provision of the prior CNA policies issued through Boat U.S.
>
> 3). I consider this bad faith on the part of the insurer and the licensed
> brokers at Boat U.S.  I intend to file a formal complaint with the Florida
> Department of Insurance accordingly.
>
>
>
> This is exactly the kind of thing that would get me involved in an Errors
> & Omissions claim if I did this to a client, and I made that abundantly
> clear to the person I was talking to at Boat U.S.
>
>
>
> I will also post this on other boards.
>
>
>
> Bruce Whitmore
> 1994 C&C 37/40+ "Astralis"
> (847) 404-5092 (mobile)
> bwhitm...@sbcglobal.net
>
> _______________________________________________
>
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>
>
> _______________________________________________
>
> Thanks everyone for supporting this list with your contributions.  Each
> and every one is greatly appreciated.  If you want to support the list -
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>
>
>


-- 
Joel
301 541 8551
_______________________________________________

Thanks everyone for supporting this list with your contributions.  Each and 
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