Insurance claim

dlochner · Oct 24, 2022

Is the boat currently painted or is it gelcoat? The insurance company will only pay to repair the damaged area.

How much is your deductible? Are there exclusions for named storms? Do you have a yacht policy or is it attached to your homeowner's insurance? Do you have an agreed hull value insurance or actual cash value insurance?

The Bristol Corsair has not been built in about 40 years. That will be a factor in their determination. This may be as much as they are willing to pay given the low value of the boat.

FastOlson · Oct 24, 2022

Perhaps a bit late for this boat, but next time you should have an "agreed value" insurance policy.
Cynical observation, but most insurers are insuring against their potential loss rather than worrying about your potential loss.
Good insurance costs quite a bit more than basic liability or minimal (depreciated by them) boat value coverage.

Don S/V ILLusion · Oct 24, 2022

Just curious - did Ian cause this carnage in Tampa?
the reason I ask is that it wasn’t hard hit by the storm and not much damage resulted there which begs the question the underwriters always ask -

Rick D · Oct 24, 2022

The_Sailing_Pelican said:
Well the boat arrived just in time for the hurricane... Thx God almighty nothing much happened to her. Both boats on her side went on the side, one of them lost her fin keel to eight compression it broke my heart too see that.
I took a minute silence and moved on. My starboard side is peppered with circular scratches and now the insurance is saying they will pay only $800 and some change.
Painting that will be much more.
How to follow up/what to do if it was you?

1. Advise them the offer is insufficient. 2, get an estimate from one or more jobbers you trust. 3. Submit that to the insurer. 4. If the insurer balks, demand an Appraisal of Loss pursuant to the terms of your policy. It is up to you to show evidence of the extent of loss (IE repair cost). Also, you said painting. Is it in fact paint, or is it gel coat? Is it one side or both sides? Did the appraiser say anything about depreciation (if it is a partial repais as it sounds, there should be no depreciation, IE, betterment. Good luck.

capta · Oct 24, 2022

I don't suppose you will have much of a choice. The insurance company will pay as little as possible to repair your boat. If that isn't enough, right or fair, well who ever said an insurance company playes by those things.
Since your deductible is probably doubled in a named storm, be sure the deductible isn't more than the damage. Lastly, if you feel wrongged by your insurance company, you are probably looking at a contracted lawsuit, which might not be worth it. Any way about it, if you involve your insurance company in this, your rates will surly increase. Think about involving them in this as it might not be economically sound.

jssailem · Oct 25, 2022

Law suit, or discuss the issue with your state Insurance Commission Office. They may be able to help you with securing a fair resolution. You won’t get more than the policy states you entitled to, but you won’t get less either.

Thaniel · Oct 26, 2022

The_Sailing_Pelican said:
My starboard side is peppered with circular scratches

Any pictures of the damage you can share? Hard to advise a suggested action without a knowledge of how much damage exists. If the scratches small enough they can buff out or are just cosmetic or if they through to the fiberglass and need repaired would make a big difference on what I would suggest.

capta said:
if you involve your insurance company in this, your rates will surly increase. Think about involving them in this as it might not be economically sound.

Agreed. They will try and make the money back in increased premiums so if the amount is small it's a lose lose. It needs to be a big $ amount to be worth the battle and that they can't quickly make it back by raising the premium. My thoughts anyway.

dlochner · Oct 26, 2022

Reading back through this thread, two key pieces of information are absent. First, is the hull painted or gel coated? And second, what is the deductible on the insurance policy? If the hull is still gelcoat, the scratches not too deep, and the deductible $1K, then payout is about what we might expect, $2K to regelcoat one side of a 24' boat.

Crazy Dave Condon · Nov 25, 2022

capta said:
I don't suppose you will have much of a choice. The insurance company will pay as little as possible to repair your boat. If that isn't enough, right or fair, well who ever said an insurance company playes by those things.
Since your deductible is probably doubled in a named storm, be sure the deductible isn't more than the damage. Lastly, if you feel wrongged by your insurance company, you are probably looking at a contracted lawsuit, which might not be worth it. Any way about it, if you involve your insurance company in this, your rates will surly increase. Think about involving them in this as it might not be economically sound.

Insurance claim

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SBO Weather and Forecasting Forum Jim & John

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