Insurance claim

General
1

A couple of week ago Chancy was resting peacefully at the dock when a power boat ran into her bending the pushpit and damaging the deck at 3 stanchion bases.

There was a witness and the owner of the boat came forward.

I am now getting an education about insurance.

I reported the incident to my insurance co. and thought that would take care of the problem.

Maybe not. I just got a call from my adjuster to say that my insurance is based on the assessed value and the boat is 40odd years old. That I have to organise the repairs, pay for them and see what I get (my interpretation of the conversation). I will not have to pay the deductible.

I should have at least had insurance on an agreed value. The premium is based on a value of $45,000 but that is just used to determine the amount of the premium.

Incidentally I was at a presentation on rigging last week and talked to the presenter about the mast. It would be interesting to hear about owners insurance claims for damaged masts as well as claimed like mine.

The adjuster has a 70 year old wooden boat.

2

Perhaps letting us know your location, model, and insurance company may elicit a more meaningful response.

3

This is a slippery slope. Once upon a time insurance companies had the customers best interest in mind. I’m afraid it hasn’t been that way in a decade or more. So, you have to be careful. If your claim is more than they value your boat…. The boat goes away and you get a check for an amount that may or may not replace your boat. It’s easier and cheaper for the insurance company. We pay, they profit.

4

Deep sympathies, Mike.

This is a good reminder for all of us to check that our policies read “agreed value” rather than “assessed value”.

This made me go back and look at my policy declaration, which includes this:

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I hope this means what I thought it means, but then again, I’m sure you thought you were covered, too, Mike.

It’s a telling Freudian slip about insurance companies that Don wrote “illicit” instead of “elicit”. Fits better. They seem pretty uniformly evil.

– Bob

5

I have had a couple claims over the years with Boat US now GEICO. I file the claim, the yard provides a bill for the repairs, the insurance company reimbursed me. Just had an incident this year when the yard had a fire damaging the mast. They reimbursed for the repair estimate. It would be a problem if the repairs exceed the insured value of the boat but thankfully our damage was minimal. Unlike folks who had to get all new equipment.

6

Yeah, that’s what I meant, thanks Bob. Or can I blame it on auto correct? :wink:

7

Sorry, I forgot all about the signature.

Premier Insurance.

Mike Jennings.

NS30C Chancy.

Port Moody, BC.

8

I had a mast failure at the joint while sailing to the boatyard on my 33 in the fall about 5 years ago.

The insurance company said send us an estimate. I sent an estimate of $60,000 for a carbon fiber mast to replace the failed aluminum mast. A half hour after the adjuster received my email, he sent me an email that basically said “okay”.

I think it helped that the boat was insured by a homeowner’s/car insurance company.

Ward Woodruff

9

Hi Mike,
Sorry for your loss and the red tape associated. In situations where there is another boater at fault, most state property laws hold the at-fault boater responsible for the damage. Your claim isn’t with your insurance company, it’s with the at-fault boaters insurance.

You should have the name, insurance company, and policy number of the at-fault boater. Approach the other company directly with your claim. Many times your insurance company will do this legwork for you, but you will pay your deductible and may have to settle for the limits outlined in your policy.

At this point, I’d make sure the accident has been reported to both insurance companies. Then ask your insurance company to advise you on the best approach… which is usually for you to deal directly with the insurance company of the at-fault boater. A good insurance company will coach you through the process. I had a similar incident with an auto claim and my insurance ( USAA ) coached me to submit a direct claim to the at-fault driver’s insurance and helped me track down the right company because information shared at the accident was incorrect.

Good luck…
Rob…

PS - With property damage, the at-fault party is responsible to restore or replace the damaged property. The marina also has insurance and they require boats stored at the marina to have insurance.

10

Hi Mike,
If you have not yet already done so, I’d talk to Pro-Tech Yacht Services (604-988-3052) located near you at Lynnwood Marina. They likely have the best skills and experience required to repair the damage to your stanchions and pushpit. And they work with other neighboring marine trades to repair any fiberglass damage.

Assuming you take your boat to them at Lynnwood this could be an opportunity to have Pro-Tech pull the mast, and do a complete inspection. While at the same time getting at any repairs and maintenance items located in the bow area, such as leaks, windlass service, etc.

Cheers
Don

11

I spent 30+ years representing insurance companies and their insureds, but never marine. I second what Rob says, but I would also contact your agent that you bought your coverage through (assuming you did not buy directly from the carrier). You paid your agent to in part, handle your claims. They will not research and assist in getting your boat fixed, but should assist in making the claim directly to the at-fault boater. And put pressure on the at fault boater - he should be putting a claim in with his carrier and if he does not have one, fixing your boat for you/reimbursing you.

The norm in the US if your carrier pays for the repairs, they will then subrogate against the at-fault party’s carrier. Even with clearcut liability (and your’s certainly sounds clearcut), it is not uncommon for a carrier to settle for less than the full amount they paid out - it costs them money to handle subrogation and its cheaper/easier to just smooth things over between the carriers. They do enough subrogation that on the small stuff (and no offense here, but this is small stuff), it all evens out in the end for the carrier (but maybe not for the insured - you have a claim and it may impact on your future rates).

Having had stanchion/deck damage in the past, I would be surprised if this is enough to total your boat. That said, I am not familiar with your carrier (it is Canada only) nor with the language of their policies.

lloyd herman
Rendezvous, 30U
Port Washington, NY

12

I installed a new Beta 35 in my 30U last year and have been doing other major refit projects that will continue through this spring.

At the time just before launch in June 2026, I will have a new survey completed and send that information to my insurance company. The end state I suspect will be as follows:
A. The insurance company will have the latest information on the refit items completed for my vessel;
B. That refit work (investment) will now be covered by an updated insurance policy;
C. The agreed upon value will be adjusted in case of a total loss and the new items would be better covered by my insurance;
D. I do expect to pay a higher annual insurance premium.

BTW, adding a new engine does very little to increase the actual value of a boat. It helps to sell it but that’s about it. Funny because a new or overhauled light aircraft engine makes a huge difference in the value of an aircraft.

Stephen Marinelli
SUNSHINE
N30U # 271

13

I don’t want to hijack this thread on general insurance issues, but if anyone has insurance companies and/or brokers that they’d actually recommend, would you please take a look at this thread: Good experiences with brokers buying or selling a Nonsuch?

Thanks,

– Bob