Be careful to understand your insurance policy. Lots of terms like “replacement value” or “agreed value” or “new for old” have different definitions. See the definitions section of your policy. Sometimes the “agreed value” provision applies only in the case of a total loss while a “depreciated value” provision is applied in case of a partial loss. If you purchase your insurance from a “marine” broker or even a “marine” agent you should be able to get straight answers about how claims will be handled but if you are buying your insurance from the same person you are buying your home owners or auto coverage you may find the broker/agent less knowledgeable about your yacht/boat policy because it’s a very different product. And remember that a “broker” works for you while an “agent” works for the insurance company. Property/casualty insurances are regulated by your state’s insurance commissioner while a true “ marine” policy falls under federal jurisdiction. A lower price often equates to less coverage. I suggest you be very careful here. Just my opinion. Dave. Kaseler SLY 1975 C&C 33
Sent from my iPad > On Nov 11, 2019, at 12:29 PM, Francois Rivard via CnC-List > <cnc-list@cnc-list.com> wrote: > > I have agreed upon value with Allstate. Straight-up agreed-upon value > coverage, 35-40% cheaper than Boat US and Geico. (Geico's been insuring my > cars since the 90's but they wouldn't / couldn't compete with Allstate.) > > I'm on an inland lake / that most likely makes a difference. > Your actual mileage may vary. > > -Francois Rivard > 1990 34+ "Take Five" > Lake Lanier, GA > _______________________________________________ > > 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 > _______________________________________________ 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
