After this discussion emerged on this list a year or two ago, I contacted GEICO 
(which had become the Boat US insurer) and asked whether, if I were dismasted, 
the depreciation would apply.  They looked into it and replied yes.  As I 
recall, there was a 20% floor.  In other words, if I got dismasted, I would 
have to pay 80% of the replacement cost.  I have a 42 foot boat with a 60 foot 
mast.  I was on the phone to Travelers that day.

From: ALAN BERGEN via CnC-List 
Sent: Sunday, November 10, 2019 5:27 PM
To: C&C 
Cc: ALAN BERGEN 
Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated 
coverage...

I have Geico Insurance through BoatUS. Agreed value is agreed value. They only 
depreciate items that are depreciable, like sails or the engine. A couple of 
years ago, my boom cracked after getting hung up on a crab pot. Geico paid the 
full cost of replacing the boom - parts and labor, with no depreciation. I 
suspect your new insurance company's policy does the same thing.


Alan Bergen
35 Mk III Thirsty
Rose City YC
Portland, OR


On Sun, Nov 10, 2019 at 1:39 PM David Risch via CnC-List 
<cnc-list@cnc-list.com> wrote:

  I may be repeating myself here, but it bears repeating.  Check your boat 
coverage.  BoatIUS had reimbursement coverage before they switched to GEICO as 
their carrier last year.  Now it is depreciated value coverage.  Reimbursement 
coverage pays for replacing damages up to the agreed value.  Depreciated 
coverage drops to 20% over time to where most of our boats would only receive 
20% of fixing damages!   I switched coverage when I learned of this and I still 
pay the same premium. 



  I bring this up because one of our brethren has been caught by this issue 
after a recent incident.  If your broker cannot find a reimbursement carrier, 
let me know.  I will provide the contact info of my guy.  

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