insurance

[1962 31]

im about to renew my insurance and want to up the agreed upon value since the diesel conversion/repower
the company I deal with is stating that I need to send copies of invoices for the motors and gears understandably but that the labor isn't considered in the value
from them " If you changed/upgraded transmissions, that, too. We can easily go up on value for the cost of the material items (engines themselves), but labor doesn’t increase the value so the insurance underwriters don’t consider it. As you did it yourself, that’s not an issue."
now shouldn't agreed upon value coincide with replacement value ?
in the event of a total loss I would want enough money back to replace the boat not just the added value of motors and gears
the agreed upon value is around 25k from when I bought it
new since then ac, release marine helm chair, release marine teak rocket launcher, lowrance electronics, rebuilt cummins motors new zf gears
how do I protect those items
messing around online boat us will quote you on your given agreed upon value
I put in 90k just to see what happens and they quoted 1250 for the year with seemingly no questions asked
any help or suggestions would be appreciated

[Dug]

Seems pretty good to me!

[Charlie J]

that's a good price
they will probably want a survey
I use a broker in n Carolina
they are great
pm me for more info if you like

[Bertramp]

Hi there ...
I'm an insurance "bean-counter" when not out playing boat.
The term that you want to use with the insurance company is "indemnification"...... in the event of a loss, you want to be made whole.
If it were a house and you built it yourself, would you be happy with just a pile of lumber, some copper pipes and a box of tiles ? ... of course not.
If necessary, bring in a surveyor to look at work done and come up with comps on Yachtworld.

[Tony Meola]

Tom

When I re-powered, Boat US had me at $40,000 and after the repower the upped it to $75,000. No seurvey, just based on invoices. Basically they added on the cost fo the motors and Tranny's. Did not take into consideration any glass work we did to upgrade the rudder shelfs, strut pads etc.

I wonder how Jimmy G's company rated him? That was a full blown upgrade.

[Amberjack]

I took a look at my insurance when it rolled over this spring and your rate is in line with what I'm now paying for good coverage under a yacht policy, around 0.012-0.013 per year against agreed value. When I looked around the other quotes came in higher.

Stuff I learned:

Agreed value pays that amount in event of a total loss vs replacement value which is usually lower. Sounds like you have that covered.
Yacht policies cover more than boat policies. My original coverage was a boat policy attached to my homeowners policy and it had limitations. The yacht policy covers a lot more and wasn't much more expensive. Boat policies seem mostly for small fishing and ski boats, Bertram 31's are serious stuff.
Amberjack lives in fresh water during the winter and every year muskrats sink a couple boats in the lake by crawling into the exhaust and then chewing their way out. My original homeowners policy excluded rodent damage and muskrats are rodents so the boat wouldn't have been covered against that.

Bert could probably shed more light on boat policies vs yacht policies.

[bbtiller]

My policy has the boat valued at 130K and the premium is $1250.00. Foremost Insurance: http://www.foremost.com/products/boat/

[IRGuy]

I will have to call my agent and ask if muskrat damage is covered! I'm not sure if they like salt water.

[Marlin]

Marine insurance is not like car, house insurance, find a maritime group that specializes in marine,the liability is another issue. They will require a survey from a SAMS person ,want invoices as proof and really educate u on the maritime liability ,especially with crew and guest,international travel. It's a specialty think, I have an old boat wooden collection and use Hagerty for that,it's there thing, my offshore boats require a different specialty

[Navatech]

My policy has the boat valued at 130K and the premium is $1250.00. Foremost Insurance: http://www.foremost.com/products/boat/

I've been shopping around for insurance on my Bertram... Similar value ($125K)... Cheapest quote I got was quadruple that... What gives?!...

[Tony Meola]

Nav

It is more than value that goes into this. Area of the country applies also. I pay 950 up here in nj for 75,000. Move the boat to Florida and you can jump that number 3 times.

Hurricanes is the biggest factor.

[Yannis]

My new policy just arrived.
585 euro, 500 k liability included, 50k boat value. No hurricanes here.

[Navatech]

Hurricanes is the biggest factor.

I guess that makes sense... Even though it's been many years since we've had a really bad one come through...

[Tony Meola]

Nav

When they look at loss statistics and storm occurrence, overall loss in nj is lower due to lower storm incidents. Also outside of freak storms, like Sandy, most storms decrease in strength when they hit our northern waters. While we may get water temps on the mid 70's. The deep water can be much colder. The storms usually cause upwellings which brings the colder water to the surface, helping decrease the storms strength.

Florida unfortunstrly is dead on hurricane target

[Navatech]

Florida unfortunstrly is dead on hurricane target

As they say in Florida, "if you want to live in paradise you've got to pay the price" <wink>

[bbtiller]

I've been shopping around for insurance on my Bertram... Similar value ($125K)... Cheapest quote I got was quadruple that... What gives?!...

PM me and I'll give you all the details of my policy, and anyone else that wants the same.