I received the final quote to repair my H31 form the yard yesterday. Progressive ins. has sent me a check for 5700 the yard estimated the repairs at 13,500. I think we'll need to do some talking.
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The big question is...
Does your policy replace old for new...or does it depreciate equipment, sails, rigging etc? A friend once found that out the hard way. His 6 yr old housebout sank in its slip...his insurance only covered raising the boat, drying it out and recovering the engines and genset...NOTHING on the boat...'cuz his policy considered everything on the boat fully depreciated after 5 years. Didn't cover any personal items either..."call your homeowners agent."
Does your policy replace old for new...or does it depreciate equipment, sails, rigging etc? A friend once found that out the hard way. His 6 yr old housebout sank in its slip...his insurance only covered raising the boat, drying it out and recovering the engines and genset...NOTHING on the boat...'cuz his policy considered everything on the boat fully depreciated after 5 years. Didn't cover any personal items either..."call your homeowners agent."
That is One Hell of a Deductible
Sounds like you either need a new yard or new insurance maybe both. Get them together buy a six pack of beer and see if they can get together on what it is going to take. Let us know how it shakes out.
Sounds like you either need a new yard or new insurance maybe both. Get them together buy a six pack of beer and see if they can get together on what it is going to take. Let us know how it shakes out.
A possible solution.
Perhaps the insurance co is paying you "up front" for the actual cash value (depreciated value) and will make a second payment for the balance after the work is completed. If there's a loan on the boat, the lender may require this.
Perhaps the insurance co is paying you "up front" for the actual cash value (depreciated value) and will make a second payment for the balance after the work is completed. If there's a loan on the boat, the lender may require this.
Progressive Claim
Thanks for all the responses. I have talked to the insurance company and they are sending an adjuster to negotiate with the yard. I simply told them to contact the yard and the broker that sold me the boat 2 days before KATRINA. He is familiar with and willing to make a statement as to the condition of my boat at time of loss. Since I have replacement coverage on my boat it is up to them to get my boat back to the condition it was in before Katrina. I don't care who does it or who pays for it. It's just simply the insurance company's responsability to indemnify my loss.
Thanks for all the responses. I have talked to the insurance company and they are sending an adjuster to negotiate with the yard. I simply told them to contact the yard and the broker that sold me the boat 2 days before KATRINA. He is familiar with and willing to make a statement as to the condition of my boat at time of loss. Since I have replacement coverage on my boat it is up to them to get my boat back to the condition it was in before Katrina. I don't care who does it or who pays for it. It's just simply the insurance company's responsability to indemnify my loss.
Tony, the way it is supposed to work...
a certified marine adjuster or surveyor, paid for by the insurance company, first goes over the boat to determine the extent of damage. You can select the yard to do the repair as long as the surveyor agrees that the yard is qualified to do the work. The yard representative prepares a written statement of work and submits it, with courtesy copies to you and the surveyor, to the insurance company for approval. The surveyor can address any disputes about the SOW with the yard; extent of damage, costs for repairs, specific repairs, etc. As long as all parties agree with the SOW and costs, the insurance company should then cut a check to you for the full amount less any deductible. As the repair work progresses, if more or less work is needed due to unforseen damage(s), that also should be approved by the surveyor and paid for by the insurance company. At least that is the way it worked in my case, with my insurance company (ACE). My only disappointment was with the person that caused the damage, me. All the others were stellar performers. Terry
a certified marine adjuster or surveyor, paid for by the insurance company, first goes over the boat to determine the extent of damage. You can select the yard to do the repair as long as the surveyor agrees that the yard is qualified to do the work. The yard representative prepares a written statement of work and submits it, with courtesy copies to you and the surveyor, to the insurance company for approval. The surveyor can address any disputes about the SOW with the yard; extent of damage, costs for repairs, specific repairs, etc. As long as all parties agree with the SOW and costs, the insurance company should then cut a check to you for the full amount less any deductible. As the repair work progresses, if more or less work is needed due to unforseen damage(s), that also should be approved by the surveyor and paid for by the insurance company. At least that is the way it worked in my case, with my insurance company (ACE). My only disappointment was with the person that caused the damage, me. All the others were stellar performers. Terry
progressive claim
I got a call from progressive today. They requoted the damage to my boat at 13,288.00. They also said if the yard finds additional needed repairs they will suplement my calim. Looks like things are going to be okay. Now I just need to get the yard in gear and do some work.
I got a call from progressive today. They requoted the damage to my boat at 13,288.00. They also said if the yard finds additional needed repairs they will suplement my calim. Looks like things are going to be okay. Now I just need to get the yard in gear and do some work.
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