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 
> <cnc-list@cnc-list.com> 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:cnc-list-boun...@cnc-list.com] On Behalf Of David via 
> CnC-List
> Sent: Friday, February 09, 2018 12:00 PM
> To: Joel Aronson; cnc-list@cnc-list.com
> 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 <cnc-list-boun...@cnc-list.com 
> <mailto:cnc-list-boun...@cnc-list.com>> on behalf of John Christopher via 
> CnC-List <cnc-list@cnc-list.com <mailto:cnc-list@cnc-list.com>>
> Sent: Friday, February 9, 2018 11:56 AM
> To: Joel Aronson
> Cc: John Christopher; cnc-list@cnc-list.com <mailto:cnc-list@cnc-list.com>
> 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 <joel.aron...@gmail.com 
> <mailto:joel.aron...@gmail.com>> 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
>  
>  
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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 <mailto: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 
> <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 <mailto: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 <mailto: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 <tel:(847)%20404-5092> (mobile)
> bwhitm...@sbcglobal.net <mailto:bwhitm...@sbcglobal.net>
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> 
> 
>  
> --
> Joel 
> 301 541 8551
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