Re: Insuracne Cliam, not happy with settlement, What to do????


John Gaquin wrote:
> "ToneJohn" <222@xxxxxxxxxxx> wrote in message
>
> >...... (BoatUS) told me that they would not pay for the entire cost of
> >repairs becuase some was due to wear and tear,
>
> The easiest way to deal wth this is before it happens. I know that's no
> help to you now, but my guess is that your current policy is written
> stipulating replacement at ACV -- actual cash value. This is what gives the
> carrier the right to depreciate the payout.
>
> In future, make sure your policy is written such that three important
> factors are addressed. The policy should stipulate, right from the start,
> an *agreed value* for the vessel; should effect repairs/replacements at
> *replacement cost*; and should cover *all risks*. This way, all the tough
> questions are resolved before the damage occurs, so no one has the wiggle
> room to try to tap-dance out of their responsibilities. This type of policy
> will cost a bit more, but will avoid the kind of hassle you're having right
> now. There are lots of boats sitting on the hard because their owners can't
> afford their portion of required repairs -- all because they tried to save a
> couple hundred on their insurance premium.

Good luck finding a policy these days that doesn't consider wear and
tear on machinery. The old days of putting 2000 hours on an engine,
over 20 years, and then geting a "freebie" from the insurance company
when the old mill goes toes up are long gone.

Even policies that are "agreed value" on hull, etc, commonly depreciate
engines, gearboxes, etc. Boat US being a specific example.

There is a difference between a risk that is insured against, such as
storm damage or striking a rock, and expecting to be reimbursed because
something with a specific useful life finally reached the end of it.

It isn't uncommon for an insurance company to pay for repairs to
engines, etc, when the loss is due to accidental damage, but in this
case it sounds like the springs (valve springs?) are worn out to the
point where the first one has broken and the others may not be far
behind.

.

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