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: 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. 
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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 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: 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. 
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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 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
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<#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

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

[Bruce Whitmore via CnC-List]

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