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. _______________________________________________ Thanks everyone for supporting this list with your contributions. Each and every one is greatly appreciated. If you want to support the list - use PayPal to send contribution -- https://urldefense.proofpoint.com/v2/url?u=https-3A__www.paypal.me_stumurray&d=DwICAg&c=clK7kQUTWtAVEOVIgvi0NU5BOUHhpN0H8p7CSfnc_gI&r=9w3G7Cf8YfQnrjmtuNxwDJYr3JMv9f1pAfgAJ9xXYQQ&m=k2Lt-SG6o9I03vcyylQHhk3NCZ4wYxvCecLDss6-pRQ&s=9rx_5cAXI0FUZ8v4mk3THOkZozwGMz4wlqzriOi9sak&e= -------------------------------------------------------------------------------- _______________________________________________ Thanks everyone for supporting this list with your contributions. Each and every one is greatly appreciated. If you want to support the list - use PayPal to send contribution -- https://www.paypal.me/stumurray
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