[Rhodes22-list] Boat Insurance Question

[Todd Zumach]

For what its worth... I asked my agent yesterday about coverage for my used
1986.  She told me that under my homeowners policy, I have $300k liability.
To add comprehensive and collision will cost $102 per year.

Todd Z.

On 4/4/06, Bud <budconnor at earthlink.net> wrote:
>
> I went with State Farm.  They asked how much I paid for the boat, then
> they asked how much would I like to
> insure the boat for.  I told them it was worth a lot more and
> subsequently insured it for what I thought it was
> actually worth.
>
> -Bud
>
> mputnam1 at aol.com wrote:
>
> >State Farm has told me that they insure the purchase price, not the blue
> book.  Now the only outstanding issue is that my broker is hoping to avoid
> having to get a boat survey.  She's hoping the one-pager that Stan sent me
> about recycling will suffice, although it would be best if Stan could
> generate a document that says specifically what he does to recycle a boat,
> or even better, what he did to my boat in particular.  But of course, I
> realize that's not going to happen ... with Stan feeling under the weather
> at his busiest time, I know better than to ask for that.  But it will be
> interesting to see if the insurance company is satisfied with Stan's broad
> view description of what "recycling" means.  He says he's had success before
> when sending such a document ... but I know not to expect much from
> insurance companies.
> >
> >- Mark Putnam
> >
> >-----Original Message-----
> >From: Richard Smith <sailnut at att.net>
> >To: The Rhodes 22 mail list <rhodes22-list at rhodes22.org>
> >Sent: Tue, 4 Apr 2006 15:16:12 -0400
> >Subject: Re: [Rhodes22-list] Boat Insurance Question
> >
> >
> >On the ACV issue.
> >
> >Please remember that in general the market for older, smaller, used
> >sailboats is very much a buyers market. A few years ago I had to sell a
> >beautiful Albin 28 foot diesel cruiser for $6,500 and only got that after
> a
> >six month wait!!  The boat had a lot of exposure because it was brokered
> >from a Brewers Yard in Connecticut.
> >
> >The only small sailboats which are in demand are the high end luxury
> charter
> >boats built by boutique builders and (locally) established racing class
> >boats like the Marshall Cats and Pearson Ensigns.
> >
> > Can you imagine the powerful urge to get out of a financial drain that
> an
> >isolated seller feels after fruitlessly trying to sell for
> months?  Better
> >to simply total the boat (one way or the other) and collect the declared
> >value from the insurer.
> >
> >In my opinion GB's policy of brokering/buying back their product is a
> deal
> >maker.  No other manufacturer offers anything like this.  However since
> >Stan's business model is so unique none of the marine insurance agents or
> >direct writing carriers are aware of it.
> >
> >Because of that they have to restrict their exposure to whats published
> in
> >the Blue Book.
> >
> >Richard Smith
> >
> >PS:  I run the claim department for a small auto insurer.  What I write
> here
> >sets forth the general reality of the insurance causality business.
> >
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> >
> >
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