Quote:
Originally Posted by dakota560
Will find out soon enough but my guess is my insurance will handle the claim and subrogate against Seaport's liability insurance for recovery. If there was a third party contractor involved in the accident, which is why I asked the question to captnvinny I initially did, my insurance company will go after them as well for reimbursement. Monmouth County Prosecutor's office has to finish their investigation to start the ball rolling and their findings involving cause, negligence etc. will influence I assume how the insurance company proceeds. That's my general understanding of how the claim process will work.
We have, which I believe is fortunate, what's called an "Agreed Upon Value (AUV)" policy. SO I believe in the case of a complete loss which this is, the insurance company will settle the claim for the stated agree upon value of the boat in the policy, less possibly a stated deductible. Again will know after filing a claim but that's my understanding. Other policies without an AUV clause I believe market value or replacement cost factors into the settlement calculation. Again that's my 50,000 foot understanding.
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That sucks and sorry to hear it Tom... Smart thing having an Agreed Upon Value policy on your boat for sure... Been there twice now with older boats we had dumped a considerable amount of money into when we repowered them and never would have got that money back with a retail replacement value policy.... You probably have a personal effects amount that is due you as well, so probably a good idea to start gathering receipts and or pictures of the stuff.
Sorry you have to go through this but on the bright side, it sure is going to be exciting shopping for a new boat.
Best of luck and ping me if you need any help.
