Geico marine insurance is depreciating my anchor roller, blow pulpit and
stanchions by 80% because they say those parts are from 1985...Thanks, Danny
-------- Original message --------From: ALAN BERGEN via CnC-List
<cnc-list@cnc-list.com> Date: 11/10/19 5:27 PM (GMT-05:00) To: C&C
<cnc-list@cnc-list.com> Cc: ALAN BERGEN <trya...@alumni.usc.edu> Subject: Re:
Stus-List Boat insurance...reimbursement vs. depreciated coverage... I have
Geico Insurance through BoatUS. Agreed value is agreed value. They only
depreciate items that are depreciable, like sails or the engine. A couple of
years ago, my boom cracked after getting hung up on a crab pot. Geico paid the
full cost of replacing the boom - parts and labor, with no depreciation. I
suspect your new insurance company's policy does the same thing.Alan Bergen35
Mk III ThirstyRose City YCPortland, OROn Sun, Nov 10, 2019 at 1:39 PM David
Risch via CnC-List <cnc-list@cnc-list.com> wrote:
I may be repeating myself here, but it bears repeating. Check your boat
coverage. BoatIUS had reimbursement coverage before they switched to GEICO as
their carrier last year. Now it is depreciated value coverage. Reimbursement
coverage
pays for replacing damages up to the agreed value. Depreciated coverage drops
to 20% over time to where most of our boats would only receive 20% of fixing
damages! I switched coverage when I learned of this and I still pay the same
premium.
I bring this up because one of our brethren has been caught by this issue after
a recent incident. If your broker cannot find a reimbursement carrier, let me
know. I will provide the contact info of my guy.
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