My Ameriprise broker just told me Progressive doesn’t depreciate. Cheers, Randy
> On Feb 9, 2018, at 10:12 AM, Della Barba, Joe via CnC-List > <[email protected]> wrote: > > So what about Progressive or Allstate? > Do either one of them do the “depreciating” BS? I can see depreciating sails > and exterior canvas, but things like a pedestal? It is cast aluminum and > should last 500 years without issue if no one breaks it or steals it. > Seems like a backdoor rate increase – you get less for your money L > Joe > Coquina > > From: CnC-List [mailto:[email protected]] On Behalf Of David via > CnC-List > Sent: Friday, February 09, 2018 12:00 PM > To: Joel Aronson; [email protected] > Cc: David; John Christopher > Subject: Re: Stus-List Restarting Thread - Insurance: SHAME on Boat > U.S./Geico! > > Yup...apparently BoatUS lost their shirt after the last round of > hurricanes...boats over-insured etc. > > David F. Risch > (401) 419-4650 (cell) > > > From: CnC-List <[email protected] > <mailto:[email protected]>> on behalf of John Christopher via > CnC-List <[email protected] <mailto:[email protected]>> > Sent: Friday, February 9, 2018 11:56 AM > To: Joel Aronson > Cc: John Christopher; [email protected] <mailto:[email protected]> > Subject: Re: Stus-List Restarting Thread - Insurance: SHAME on Boat > U.S./Geico! > > Hi, > > Have been monitoring this thread from the Canadian north. > > A pattern to consider in relation to depreciation is, considering the > hurricanes, storms, frequency, numbers, and perhaps where people store their > boats for the winter (mainland or other). > > It comes to mind the insurers are also mitigating their risk for the future. > As a result they have devised a method that supports paying out far less than > they do today due to the increased frequency of disasters. > > I don’t mean to stir the pot here, just an observation. > > > /J > > On Feb 9, 2018, at 11:30 AM, Joel Aronson <[email protected] > <mailto:[email protected]>> wrote: > > 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 > > > <https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.avg.com%2Femail-signature%3Futm_medium%3Demail%26utm_source%3Dlink%26utm_campaign%3Dsig-email%26utm_content%3Dwebmail&data=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636537922664439192&sdata=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D&reserved=0> > > Virus-free. www.avg.com > <https://eur02.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.avg.com%2Femail-signature%3Futm_medium%3Demail%26utm_source%3Dlink%26utm_campaign%3Dsig-email%26utm_content%3Dwebmail&data=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636537922664439192&sdata=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D&reserved=0> > > On Fri, Feb 9, 2018 at 6:59 AM, John and Maryann Read via CnC-List > <[email protected] <mailto:[email protected]>> 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:[email protected] > <mailto:[email protected]>] On Behalf Of Randy Stafford via > CnC-List > Sent: Thursday, February 08, 2018 8:33 PM > To: [email protected] <mailto:[email protected]> > 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 > <[email protected] <mailto:[email protected]>> 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 <tel:(847)%20404-5092> (mobile) > [email protected] <mailto:[email protected]> > _______________________________________________ > > Thanks everyone for supporting this list with your contributions. Each and > every one is greatly appreciated. If you want to support the list - use > PayPal to send contribution -- https://www.paypal.me/stumurray > <https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.paypal.me%2Fstumurray&data=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636537922664439192&sdata=VMMpE6GUJczd39CnAeovchEiB%2BqMA4qlovyVAONgO1M%3D&reserved=0> > > > _______________________________________________ > > Thanks everyone for supporting this list with your contributions. Each and > every one is greatly appreciated. If you want to support the list - use > PayPal to send contribution -- https://www.paypal.me/stumurray > <https://eur02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fwww.paypal.me%2Fstumurray&data=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435aaaaaaaaaaaa%7C1%7C0%7C636537922664439192&sdata=VMMpE6GUJczd39CnAeovchEiB%2BqMA4qlovyVAONgO1M%3D&reserved=0> > > > > > -- > Joel > 301 541 8551 > _______________________________________________ > > Thanks everyone for supporting this list with your contributions. Each and > every one is greatly appreciated. If you want to support the list - use > PayPal to send contribution -- https://www.paypal.me/stumurray >
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