Normally how long does it take to get reimbursed on a insurance claim. The reason I'm asking is because the first week of May my main sail was a total loss because of a weather storm. I took pictures and sent them to the insurance adjuster and filled out the forms that he needed. I have my new sail ,but It's now July 1, and no reimbursement. I don't went to mention any names at this time. Thanks for all your replies.
Insurance Claim
- Thread starter Ronald Roman
- Start date
I think I'd think twice about an insurance claim on just one sail...you must have a low deductable. And what shape was your sail in before the loss? How was your seamanship? Just questions that may come up...Your claim may prove successful, but be prepared for a spike in premiums....
Less than 4 weeks after a storm related dismasting on the hard wiped ot the mast, furler, associated rigging, and masthead electronics.
Met with the adjuster the first week, personally got bids on all of the repair work, and submitted to him. I contracted for the major hardware on my own dime at the same time. Received a call from the insurance company after they saw the bids and the adjuster's documentation telling me what they were paying less my deductable, and received my check about 5 business days later.
Met with the adjuster the first week, personally got bids on all of the repair work, and submitted to him. I contracted for the major hardware on my own dime at the same time. Received a call from the insurance company after they saw the bids and the adjuster's documentation telling me what they were paying less my deductable, and received my check about 5 business days later.
I wouldn't file an insurance claim if I blew out a sail. I would consider it user error and eat it. If fact, my deductible is set higher than the price of a sail to make it clear that small losses are on me and I am fully insured for big losses at agreed value.
Interesting that an insurance company would agree to replace a sail by reimbursement; did it actually? Did the adjuster/agent actually tell you to go ahead and make a new sail at full replacement cost and then be reimbursed for it? So, he approved your "claim" but did not send you a check by now? That would be odd. Car insurance, for example, pays a vendor directly after work is done, or sends you a check based on work estimates, minus deductible. In my last fender-bender (which is now a major-cost repair on the cars with plastic "bumpers"), I paid nothing directly out of pocket. I had the insurance guys talking directly to the repair shop and the replacement rental car company, etc., and they took care of it.
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Does that mean you did not actually pay? Normally, new sails have to be paid for in advance--sometimes in "steps." Surely, the sail maker would know if s/he had gotten money from the insurance company b/f asking you for it, nicht so?
Have you read your policy? Mine says, "Sails and canvas damaged or lost due solely to foreseeable wind and weather conditions are not covered". It also specifies that insurer will not pay for "betterment" of the vessel. Meaning if I have a used sail, I don't get a new one paid in full, I get the value left in the sail.
I paid for the entire sail. They owe me $4100 minus my deductible {$1000 }.
GU, my policy covers full replacement.
GU, my policy covers full replacement.
I think I'll take another look at mine!!
In any event--call 'em and find out what happened (i.e., check status); talk to a boss if you can find one.
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Full replacement doesn't mean "brand new". e.g., if you have four year old car, you get a four year old car back.
Mine (BOATU.S.) says: "We will pay the reasonable cost of repairs with depreciation...protective covers, fabric or sails." ... "We have the option to make or reimburse you for repairs or replacements, or to pay you directly based on an agreed estimate of loss."
I wonder what, say, a 10-yr-old mainsail that has been sailed frequently is worth for the purpose of "% depreciation." It would take a lot of work to find another one as a match b/c all of 'em, except stock ones made when the boats are first delivered to market, are custom-made to order. How would an insurance company determine its value for the purpose of depreciation if it was ripped up in storm? About the only thing you can do is to spring for the construction of another one. I would protest if the insurance company tried to force me to take a used sail made for another boat to replace a sail custom made for my boat b/c it (sort-of) "fits." So, I don't know. Paying off on a brand new one might the least expensive option for an insurance company?
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That's probably what they (insurance company) would want to say. So, if the sail was made 10 yr ago for $3,000, you now get $300 to find or build another sail when new ones cost > $4,000? That would not be "replacement" in my opinion. They'd have to do much better than that. The MINIMUM I would accept and consider it "replacement with depreciation" would be half the present cost of a new, custom-made sail of the same type (e.g., x-cut Dacron); here, $2,000 worth of replacement.
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Was this a standard Dacron sail?
That's very interesting. Our boat is 15 feet longer than yours (a heavier, bigger sail) and a fairly rare boat, so the sailmaker had to measure it personally, and we paid Doyle $700.00 less for this main!
As for a claim on a sail, I didn't know a standard pleasure boat policy covered that sort of loss. I'm sure the racers have that coverage, but I'm also sure that it costs a bunch more.