I am having a problem. My boat was damaged by Hurricane Rita. Progressive Insurance sent a marine surveyor to get and estimate. They sent the check made out to US Bank (the lien holder) and myself. US Bank will not endorse the check because they will not take the insurance estimate (even though that is what the check is made out for). The bank says they can only take an estimate from a repair shop to endorse my insurance check made out to me and paid for by my insurance premimum. In my opinion stay away from both. Neither will help with the problem. Any suggestions?
- Status
An Idea
I'm in the insurance biz and I have a suggestion. See if the bank/lienholder will deposit the check, then have them pay the boatyard a partial to start work (1/3), then another 1/3 midway followed by 1/3 on completion. Since the bank "owns" your boat they want to make sure its repaired, this way they control the process. BTW, I do NOT represent Progressive. good luck. Bob
I'm in the insurance biz and I have a suggestion. See if the bank/lienholder will deposit the check, then have them pay the boatyard a partial to start work (1/3), then another 1/3 midway followed by 1/3 on completion. Since the bank "owns" your boat they want to make sure its repaired, this way they control the process. BTW, I do NOT represent Progressive. good luck. Bob
Tried that
don945 - Progressive sent out a marine surveyor from a company called Inland Marine. That is where the estimate came from. I might also add that it took about 30 days for someone to show up to look at the boat. Would not be so bad, but they made 3 appointments before anyone decided to actually show up. My problem so far is trying to find someone to do the work that I think will do a good job. I have been in contact with a couple of places, bit I will have to trailer the boat about 200 miles. That is why I was hoping to have the money ready. Also, if anyone knows someone who does good fiberglass work in the Guntersville, AL area, let me know.
don945 - Progressive sent out a marine surveyor from a company called Inland Marine. That is where the estimate came from. I might also add that it took about 30 days for someone to show up to look at the boat. Would not be so bad, but they made 3 appointments before anyone decided to actually show up. My problem so far is trying to find someone to do the work that I think will do a good job. I have been in contact with a couple of places, bit I will have to trailer the boat about 200 miles. That is why I was hoping to have the money ready. Also, if anyone knows someone who does good fiberglass work in the Guntersville, AL area, let me know.
Sorry Bob, the Bank does not own the Boat
The Bank does not own your Boat! They own the lien on it! Don't let them push you around! Hurricane Katrina hit my house. I live in South Florida. A Banyon Tree fell on the house and caused nearly $35,000 in damages. I got a check from the Insurance company made out to me and my Bank, Sun Trust! I went to Sun Trust to have them sign off on the check and wanted to deposit it in my account. I was told that I would have to sign the check, send it on to the home office somewhere in Virgina, then they would sign it, and deposit it in my account approximately 2 weeks later! I took my check, went home and called the Attorney Generals office, then called Sun Trust in Atlanta and asked to speak to the President of the Bank. Of course, I did not, but one of his aids. He also got a call from his legal department and was only too happy to have them sign off on the check at any Sun Trust location so I could deposit it. Remeber this, your bank and your insurance company do not work for you. They have a "profit" motive in whatever they do! The point is that your bank did not make the insurance payments, you did! The bank is actually not covered by the insurance, but you are! I suggest you start acting tough and know your rights. That scares the hell out of them! By the way, my 22ft O'Day was docked on the canal in my back yard and did not receive a scratch! Best of Luck, Paul "Fine As Frog's Hair"
The Bank does not own your Boat! They own the lien on it! Don't let them push you around! Hurricane Katrina hit my house. I live in South Florida. A Banyon Tree fell on the house and caused nearly $35,000 in damages. I got a check from the Insurance company made out to me and my Bank, Sun Trust! I went to Sun Trust to have them sign off on the check and wanted to deposit it in my account. I was told that I would have to sign the check, send it on to the home office somewhere in Virgina, then they would sign it, and deposit it in my account approximately 2 weeks later! I took my check, went home and called the Attorney Generals office, then called Sun Trust in Atlanta and asked to speak to the President of the Bank. Of course, I did not, but one of his aids. He also got a call from his legal department and was only too happy to have them sign off on the check at any Sun Trust location so I could deposit it. Remeber this, your bank and your insurance company do not work for you. They have a "profit" motive in whatever they do! The point is that your bank did not make the insurance payments, you did! The bank is actually not covered by the insurance, but you are! I suggest you start acting tough and know your rights. That scares the hell out of them! By the way, my 22ft O'Day was docked on the canal in my back yard and did not receive a scratch! Best of Luck, Paul "Fine As Frog's Hair"
My story
I had a boat hit mine during a regatta. The insurance company (Boat US) took the claim from both boat owners, told us to get estimates for repair, and they dispatched a surveyor to check the damage. Boat US sent a check to me for 50% of the amount. The check was made out to me and my credit union (lien holder). I took the check to the credit union, they took the check and gave me a bank draft for the same amount made out to the boat yard doing the repairs. I gave them the check to start the work. When they finish the repair, I fill out a form from Boat US, have it notarized, and will get the final 50% from Boat US.
I had a boat hit mine during a regatta. The insurance company (Boat US) took the claim from both boat owners, told us to get estimates for repair, and they dispatched a surveyor to check the damage. Boat US sent a check to me for 50% of the amount. The check was made out to me and my credit union (lien holder). I took the check to the credit union, they took the check and gave me a bank draft for the same amount made out to the boat yard doing the repairs. I gave them the check to start the work. When they finish the repair, I fill out a form from Boat US, have it notarized, and will get the final 50% from Boat US.
Call the insurance commissioner first
Like Paul says, you own the boat and paid for the insurance. The insurance company should answer to you not the bank. The attorney general would be the second call and then if they do not pay up 100 percent, I would get an attorney of my own. You could tell them that you are doing your own work, too - even if you don't.
Like Paul says, you own the boat and paid for the insurance. The insurance company should answer to you not the bank. The attorney general would be the second call and then if they do not pay up 100 percent, I would get an attorney of my own. You could tell them that you are doing your own work, too - even if you don't.
- Status