Boat Insurance....

[wyldbillnj]

Progressive will NOT bend or yield to Monmouth County's request to be "additionally insured" only listing them as "additional interest". Just an FYI if you're there and looking to switch or anywhere that requires similar statement on the Dec. sheet.

Is anyone else aware of the minimum coverage that Monmouth Cove requires for "their coverage"? Im curious is others are aware of the $$

Geico/Boat US is $450 more than progressive would have been with same coverage and lower deductibles.

[pcheesesteak]

I have Markel American Insurance Co, and they have no problem listing MCove as an additional insured. $30K agreed value $509.

[Capt. Debbie]

Do they pay for salvage separately, replacement cost separately, and vessel disposal cost separately?

Many insurers DONT cover anything but the replacement cost leaving you with a BIG BILL to pay on your own.

Originally Posted by pcheesesteak

I have Markel American Insurance Co, and they have no problem listing MCove as an additional insured. $30K agreed value $509.

[pcheesesteak]

Originally Posted by Capt. Frank

Do they pay for salvage separately, replacement cost separately, and vessel disposal cost separately?

Many insurers DONT cover anything but the replacement cost leaving you with a BIG BILL to pay on your own.

Captain, how do you construe this policy statement?

"Salvage and Abandonment
If we pay the limit shown on the Declarations Page for "Watercraft and Equipment" or "Trailer" [$30K], we reserve the right to take possession of the remains if we elect. At our request, you will transfer the title of the property to us or to a salvage buyer appointed by us. Any recovery or salvage loss will accrue entirely to our benefit until the sum paid by us has been made up."

[Capt. Debbie]

They pay no more than face value and that its for everything all totalled up.

SO if you're boat is worth $30k, they give you nothing more on a $30k policy. And we can keep it to do as we please with including give it to someone else.

Originally Posted by pcheesesteak

Captain, how do you construe this policy statement?

"Salvage and Abandonment
If we pay the limit shown on the Declarations Page for "Watercraft and Equipment" or "Trailer" [$30K], we reserve the right to take possession of the remains if we elect. At our request, you will transfer the title of the property to us or to a salvage buyer appointed by us. Any recovery or salvage loss will accrue entirely to our benefit until the sum paid by us has been made up."

[pcheesesteak]

Originally Posted by Capt. Frank

They pay no more than face value and that its for everything all totalled up.

SO if you're boat is worth $30k, they give you nothing more on a $30k policy. And we can keep it to do as we please with including give it to someone else.

Thanks. I'll give a call to the insurance co. to verify this is true.

[Capt. Debbie]

Definitely do call and get coverage if it's not buried somewhere else in that policy. After it sinks and salvage costs are $1,000's its a bad time to find out that salvage and boat value are shared in that $30K.

You want boat cost $30,000 coverage
AND
Salvage cost to at least $10,000
AND
Spill coverage_____________
AND
Physical injury Liability. __________
AND
Scrapping costs ( if not under salvage) _________


I knew a few people screwed in Sandy that way.

Wife was happy boat was gone. The owner was NOT.

Originally Posted by pcheesesteak

Thanks. I'll give a call to the insurance co. to verify this is true.

[pcheesesteak]

Tip of the hat to you, Captain, you were 100% correct. Verified with the insurance agent today. Thank you!

Update:

The insurance agent called the insurance company, which said:

Partial loss requiring salvage comes out of the agreed value.
Total loss requiring salvage comes out of the Watercraft Liability portion ($300K).

Your thoughts Captain?

[Capt. Debbie]

Thoughts? Just I was glad to help you catch this. Most do not know this BIG HOLES in heir coverage stuff until they are screwed after the boat is destroyed. One rare occurrence is the boat is over Capacity plate HP rating. They offer no coverage but will take you money until you tell them and pay for an over power rider. This is true even if it sinks at the dock.

Just glad to help. Now you tell/ save someone. LOL

Originally Posted by pcheesesteak

Tip of the hat to you, Captain, you were 100% correct. Verified with the insurance agent today. Thank you!

Update:

The insurance agent called the insurance company, which said:

Partial loss requiring salvage comes out of the agreed value.
Total loss requiring salvage comes out of the Watercraft Liability portion ($300K).

Your thoughts Captain?

[pcheesesteak]

Many thanks, Captain.