Re: Stus-List Restarting Thread - Insurance

[schiller via CnC-List]

I can pitch in on Agreed value in a dis-masting. Auto Owners wrote a 
check for the Agreed value once the repair quote came in at 1.5 times 
Agreed value.  No depreciation, no haggles.  They even gave me the 
option of them disposing the hull for salvage or leaving it to me.  I 
convinced Torresen Marine to take it off my hands for a song.  They 
still have it for those 35, Mark I owners that may need hull parts like 
emergency tillers. Contact Torresen's service department to see if they 
are interested.  Contact me if they give you the run around and I can 
run interference.


Neil Schiller
Old: 1970 Redwing 35 (C 35-1) #007
New 1983 C 35-5, #028
"Grace"
White Lake Michigan
WLYC

On 2/9/2018 12:14 PM, Della Barba, Joe via CnC-List wrote:


Agreed value is for the entire boat. I am not sure that helps with 
dismasting or other non-total loses.


Joe Della Barba

Coquina

*From:*CnC-List [mailto:cnc-list-boun...@cnc-list.com] *On Behalf Of 
*Marek Dziedzic via CnC-List

*Sent:* Friday, February 09, 2018 12:09 PM
*To:* cnc-list@cnc-list.com
*Cc:* Marek Dziedzic
*Subject:* Re: Stus-List Restarting Thread - Insurance

Isn’t one of the options the so called “agreed value” insurance? This 
is what I am using for over 10 years (both for the previous boat and 
this one). This way, the value does not depreciate over time. You 
agree on the value (in fact you call it, but they adjust the premium) 
and that’s it. Any additional costs (liability, salvage etc.) don’t 
depreciate, so it is not the issue.


just my 2 (Canadian) cents

Marek

in Ottawa, ON

*From:*John Christopher via CnC-List

*Sent:*Friday, February 9, 2018 11:57

*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




___

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



___

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

Re: Stus-List Restarting Thread - Insurance

[Ken Heaton via CnC-List]

This is the wording for our policy's section on Partial Loss:

2) Partial Loss

If the watercraft sustains partial damage from a covered loss we will pay
the reasonable cost to repair, in accordance with customary repair
practices, or replace, whichever is less, with like kind and quality
without deduction for depreciation up to the amount of physical damage
coverage shown on the Pleasurecraft Insurance Policy Declarations page.


We will only pay Actual Cash Value at the time of the loss for sails,
protective covers, fabric or similar material, older than (5) years of age.

We will reduce our payment by any amount paid for a previous loss to the
watercraft if damage from a previous occurrence was not repaired.


The definition of watercraft includes spars, rigging, etc.;

*Watercraft* means the vessel(s) you own, as described on the Pleasurecraft
Insurance Policy Declarations page, including the power units and/or
auxiliary outboard motors, spars, sails, rigging, accessories and equipment
together with any dinghy or tender.

This is a Cowan Group Policy, in Canada.

I looked at a different policy last time we renewed and I didn't like the
wording for partial loss, as it did deduct for depreciation.  we stayed
with Cowan as a result.


Ken H.


On 9 February 2018 at 13:14, Della Barba, Joe via CnC-List <
cnc-list@cnc-list.com> wrote:

> Agreed value is for the entire boat. I am not sure that helps with
> dismasting or other non-total loses.
>
>
>
>
>
>
>
> Joe Della Barba
>
> Coquina
>
>
>
>
>
> *From:* CnC-List [mailto:cnc-list-boun...@cnc-list.com] *On Behalf Of *Marek
> Dziedzic via CnC-List
> *Sent:* Friday, February 09, 2018 12:09 PM
> *To:* cnc-list@cnc-list.com
> *Cc:* Marek Dziedzic
> *Subject:* Re: Stus-List Restarting Thread - Insurance
>
>
>
> Isn’t one of the options the so called “agreed value” insurance? This is
> what I am using for over 10 years (both for the previous boat and this
> one). This way, the value does not depreciate over time. You agree on the
> value (in fact you call it, but they adjust the premium) and that’s it. Any
> additional costs (liability, salvage etc.) don’t depreciate, so it is not
> the issue.
>
>
>
> just my 2 (Canadian) cents
>
>
>
> Marek
>
> in Ottawa, ON
>
>
>
> *From:* John Christopher via CnC-List
>
> *Sent:* Friday, February 9, 2018 11:57
>
> *To:* Joel Aronson
>
> *Cc:* John Christopher ; 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
>
>
>
>
> ___
>
> 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
>
>
>
___

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

Re: Stus-List Restarting Thread - Insurance

[Joe Della Barba via CnC-List]

Well I did the Progressive online calculator and I think I would save 
about $200. Right now BOATUS is charging me $150/yr for my Boston Whaler 
that would be something like $40/yr as an extra boat with Progressive. 
Switching ASAP!



Joe

Coquina


On 02/09/2018 02:22 PM, Bruce Whitmore via CnC-List wrote:


For those of you who decide to change carriers mid-year, demand Boat 
U.S. return 100% of the unearned premium because of the failure to 
disclose the change in settlement provisions by comparison to the old 
CNA policy.  You don't want them to hit you with a "short rate 
penalty" which would reduce the refund they will process.


Thanks again to Joel for pointing this out,
Bruce Whitmore

(847) 404-5092 (mobile)
bwhitm...@sbcglobal.net



*F*


___

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

Re: Stus-List Restarting Thread - Insurance

[Bruce Whitmore via CnC-List]

For those of you who decide to change carriers mid-year, demand Boat U.S. 
return 100% of the unearned premium because of the failure to disclose the 
change in settlement provisions by comparison to the old CNA policy.  You don't 
want them to hit you with a "short rate penalty" which would reduce the refund 
they will process.
Thanks again to Joel for pointing this out, Bruce Whitmore

(847) 404-5092 (mobile)
bwhitm...@sbcglobal.net


  From: Frederick G Street via CnC-List <cnc-list@cnc-list.com>
 To: cnc-list@cnc-list.com 
Cc: Frederick G Street <f...@postaudio.net>
 Sent: Friday, February 9, 2018 2:11 PM
 Subject: Re: Stus-List Restarting Thread - Insurance
   
I’m with you; I checked my policy earlier today and found that same verbiage.  
Maybe it’s time to get in touch with BoatUS to express our total and complete 
disgust.
— Fred

Fred Street -- Minneapolis
S/V Oceanis (1979 C Landfall 38) -- on the hard in Bayfield, WI   :^(

On Feb 9, 2018, at 1:04 PM, Bruce Whitmore via CnC-List <cnc-list@cnc-list.com> 
wrote:
I agree with Joel.  

The Agreed Value says that everyone's agreed as to the payment in the event of 
a total loss.  

I'm looking at the declarations page from Boat U.S. right now, and it says 
nothing about depreciation in the case of repairs (for less than a total loss). 
 That is buried down in the policy language itself on Page 4 of 13 under "(2) 
Repair for Partial Loss"
I'm just plain offended...  Bruce Whitmore

(847) 404-5092 (mobile)
bwhitm...@sbcglobal.net



___

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



   ___

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

Re: Stus-List Restarting Thread - Insurance

[Frederick G Street via CnC-List]

I’m with you; I checked my policy earlier today and found that same verbiage.  
Maybe it’s time to get in touch with BoatUS to express our total and complete 
disgust.

— Fred

Fred Street -- Minneapolis
S/V Oceanis (1979 C Landfall 38) -- on the hard in Bayfield, WI   :^(

> On Feb 9, 2018, at 1:04 PM, Bruce Whitmore via CnC-List 
>  wrote:
> 
> I agree with Joel.  
> 
> The Agreed Value says that everyone's agreed as to the payment in the event 
> of a total loss.  
> 
> I'm looking at the declarations page from Boat U.S. right now, and it says 
> nothing about depreciation in the case of repairs (for less than a total 
> loss).  That is buried down in the policy language itself on Page 4 of 13 
> under "(2) Repair for Partial Loss"
> 
> I'm just plain offended... 
>  
> Bruce Whitmore
> 
> (847) 404-5092 (mobile)
> bwhitm...@sbcglobal.net 
> 

___

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

Re: Stus-List Restarting Thread - Insurance

[Bruce Whitmore via CnC-List]

I agree with Joel.  

The Agreed Value says that everyone's agreed as to the payment in the event of 
a total loss.  

I'm looking at the declarations page from Boat U.S. right now, and it says 
nothing about depreciation in the case of repairs (for less than a total loss). 
 That is buried down in the policy language itself on Page 4 of 13 under "(2) 
Repair for Partial Loss"
I'm just plain offended...  Bruce Whitmore

(847) 404-5092 (mobile)
bwhitm...@sbcglobal.net


  From: Joel Aronson via CnC-List <cnc-list@cnc-list.com>
 To: cnc-list@cnc-list.com 
Cc: Joel Aronson <joel.aron...@gmail.com>
 Sent: Friday, February 9, 2018 12:31 PM
 Subject: Re: Stus-List Restarting Thread - Insurance
   
"Agreed value" applies in a total loss situation.  Its a ceiling, not a floor.
Joel

|  | Virus-free. www.avg.com  |


On Fri, Feb 9, 2018 at 12:21 PM, John Christopher via CnC-List 
<cnc-list@cnc-list.com> wrote:

You could very well be right (being in Canada) for the last 10 years, but let’s 
keep an eye on what the fine print says on renewal forms as a trend.


/J
On Feb 9, 2018, at 12:09 PM, Marek Dziedzic <dziedzi...@hotmail.com> wrote:


Isn’t one of the options the so called “agreed value” insurance? This is what I 
am using for over 10 years (both for the previous boat and this one). This way, 
the value does not depreciate over time. You agree on the value (in fact you 
call it, but they adjust the premium) and that’s it. Any additional costs 
(liability, salvage etc.) don’t depreciate, so it is not the issue. just my 2 
(Canadian) cents Marekin Ottawa, ON From: John Christopher via CnC-ListSent: 
Friday, February 9, 2018 11:57To: Joel Aronson Cc: John Christopher ; 
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
 

__ _

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






-- 
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



   ___

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

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[Randy Stafford via CnC-List]

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
>  
>  
> <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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=0>
>  
> 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 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 followin

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[Bill Bina - gmail via CnC-List]

I had a toolbox full of snap-on tools stolen and Allstate tried to 
depreciate them. I argued that there could never be any depreciation on 
Snap-On tools because they had an unlimited lifetime exchange guarantee. 
I had presented Snap-on with screw drivers broken into 3 pieces and they 
handed me a new one. Even a little plating flaking off was enough to get 
a tool replaced with a brand new one. Allstate relented and paid me full 
replacement cost. It was almost $6000. That was in the late 1970's.



Bill Bina
On 2/9/2018 12:12 PM, Della Barba, Joe via CnC-List 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)




___

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

Re: Stus-List Restarting Thread - Insurance

[Joel Aronson via CnC-List]

"Agreed value" applies in a total loss situation.  Its a ceiling, not a
floor.

Joel

<http://www.avg.com/email-signature?utm_medium=email_source=link_campaign=sig-email_content=webmail>
Virus-free.
www.avg.com
<http://www.avg.com/email-signature?utm_medium=email_source=link_campaign=sig-email_content=webmail>
<#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>

On Fri, Feb 9, 2018 at 12:21 PM, John Christopher via CnC-List <
cnc-list@cnc-list.com> wrote:

> You could very well be right (being in Canada) for the last 10 years, but
> let’s keep an eye on what the fine print says on renewal forms as a trend.
>
>
> /J
>
> On Feb 9, 2018, at 12:09 PM, Marek Dziedzic <dziedzi...@hotmail.com>
> wrote:
>
> Isn’t one of the options the so called “agreed value” insurance? This is
> what I am using for over 10 years (both for the previous boat and this
> one). This way, the value does not depreciate over time. You agree on the
> value (in fact you call it, but they adjust the premium) and that’s it. Any
> additional costs (liability, salvage etc.) don’t depreciate, so it is not
> the issue.
>
> just my 2 (Canadian) cents
>
> Marek
> in Ottawa, ON
>
> *From:* John Christopher via CnC-List
> *Sent:* Friday, February 9, 2018 11:57
> *To:* Joel Aronson
> *Cc:* John Christopher ; 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
>
>
>
>
> ___
>
> 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
>
>
>


-- 
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

Re: Stus-List Restarting Thread - Insurance

[John Christopher via CnC-List]

You could very well be right (being in Canada) for the last 10 years, but let’s 
keep an eye on what the fine print says on renewal forms as a trend.


/J

> On Feb 9, 2018, at 12:09 PM, Marek Dziedzic <dziedzi...@hotmail.com> wrote:
> 
> Isn’t one of the options the so called “agreed value” insurance? This is what 
> I am using for over 10 years (both for the previous boat and this one). This 
> way, the value does not depreciate over time. You agree on the value (in fact 
> you call it, but they adjust the premium) and that’s it. Any additional costs 
> (liability, salvage etc.) don’t depreciate, so it is not the issue.
>  
> just my 2 (Canadian) cents
>  
> Marek
> in Ottawa, ON
>  
> From: John Christopher via CnC-List
> Sent: Friday, February 9, 2018 11:57
> To: Joel Aronson
> Cc: John Christopher ; 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
> 
>  
___

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

Re: Stus-List Restarting Thread - Insurance

[Della Barba, Joe via CnC-List]

Agreed value is for the entire boat. I am not sure that helps with dismasting 
or other non-total loses.



Joe Della Barba
Coquina


From: CnC-List [mailto:cnc-list-boun...@cnc-list.com] On Behalf Of Marek 
Dziedzic via CnC-List
Sent: Friday, February 09, 2018 12:09 PM
To: cnc-list@cnc-list.com
Cc: Marek Dziedzic
Subject: Re: Stus-List Restarting Thread - Insurance

Isn’t one of the options the so called “agreed value” insurance? This is what I 
am using for over 10 years (both for the previous boat and this one). This way, 
the value does not depreciate over time. You agree on the value (in fact you 
call it, but they adjust the premium) and that’s it. Any additional costs 
(liability, salvage etc.) don’t depreciate, so it is not the issue.

just my 2 (Canadian) cents

Marek
in Ottawa, ON

From: John Christopher via CnC-List
Sent: Friday, February 9, 2018 11:57
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


___

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

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[Della Barba, Joe via CnC-List]

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 :(
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

[https://ipmcdn.avast.com/images/icons/icon-envelope-tick-green-avg-v1.png]<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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=0>


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 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 ta

Re: Stus-List Restarting Thread - Insurance

[Marek Dziedzic via CnC-List]

Isn’t one of the options the so called “agreed value” insurance? This is what I 
am using for over 10 years (both for the previous boat and this one). This way, 
the value does not depreciate over time. You agree on the value (in fact you 
call it, but they adjust the premium) and that’s it. Any additional costs 
(liability, salvage etc.) don’t depreciate, so it is not the issue.

just my 2 (Canadian) cents

Marek
in Ottawa, ON

From: John Christopher via CnC-List
Sent: Friday, February 9, 2018 11:57
To: Joel Aronson
Cc: John Christopher ; 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


___

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

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[David via CnC-List]

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> on behalf of John Christopher 
via CnC-List <cnc-list@cnc-list.com>
Sent: Friday, February 9, 2018 11:56 AM
To: Joel Aronson
Cc: John Christopher; 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

[https://ipmcdn.avast.com/images/icons/icon-envelope-tick-green-avg-v1.png]<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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=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=02%7C01%7C%7Cebaf20fd467f415dc6f508d56fde3e28%7C84df9e7fe9f640afb435%7C1%7C0%7C636537922664439192=b81j01fsBWUYIY6hJ%2FHufGsbQoGby4u9oY8NbLYlYvQ%3D=0>

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 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 ur

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[John Christopher via CnC-List]

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> 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
> 
>   Virus-free. www.avg.com
> 
>> 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 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.
&g

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[Joel Aronson via CnC-List]

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

<http://www.avg.com/email-signature?utm_medium=email_source=link_campaign=sig-email_content=webmail>
Virus-free.
www.avg.com
<http://www.avg.com/email-signature?utm_medium=email_source=link_campaign=sig-email_content=webmail>
<#DAB4FAD8-2DD7-40BB-A1B8-4E2AA1F9FDF2>

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 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 37/40+ "Astralis"
> (847) 404-5092 (mobile)
> bwhitm...@sbcglobal.net
>
> ___
>
> 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
>
>
>
> ___
>
> Thanks e

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[John and Maryann Read via CnC-List]

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 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 37/40+ "Astralis"  
(847) 404-5092 (mobile)
bwhitm...@sbcglobal.net

___

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

 

___

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

Re: Stus-List Restarting Thread - Insurance: SHAME on Boat U.S./Geico!

[Randy Stafford via CnC-List]

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 
>  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 37/40+ "Astralis"  
> (847) 404-5092 (mobile)
> bwhitm...@sbcglobal.net
> ___
> 
> 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
> 

___

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