I can absolutely confirm that BoatUS/Geico depreciates to 20 percent on repairs, on a policy that has an agreed value. The agreed value is for a total loss. When they paid for repairs on my 1981 C&C 40 this past summer, I had to pay for 80% of any fitting or other part of the hull, AFTER the deductible. Labor is not depreciated. But.
In my case, BoatUS/Geico sent adjusters who had no experience or knowledge of sailboats. The adjusters gave a ridiculously low estimate of time required to make repairs, and used labor rates that were less than half the prevailing rates in the NE US. I then had to have every single charge over and above the fictional estimate approved, which took weeks. And I had to pay for storage while they were approving the new charges. They also made several accounting errors in calculating how much to reimburse me, and it took several weeks to explain the errors to them and have them corrected. The total payout in the end was nearly ten times what they had first determined. I went with them because last winter I sailed to the Bahamas, and their policy with additional Bahamas coverage was not very expensive. But given that they do have any restrictions on what season one sails in the Bahamas, I expect their rates are going to go up dramatically. (Funny how insurance companies adjust premia to reflect past losses, rather than pricing risk as they are supposed to). I am extremely unhappy with BoatUS/Geico. I'd welcome referrals to companies that will insure a boat built in 1981 for offshore sailing, or referrals to brokers that can find good underwriters. David Spiro SV Hidden Hand City Island, NY -----Original Message----- You'll want to look very closely for issues related to depreciation.? If you have a policy in PDF format, you can do a search on words like "depreciate" "depreciation" and 20%" and you should find it.? Bruce Whitmore
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