David,

As do I.  I have CCEd my broker.  A sailor to boot.

From: CnC-List <cnc-list-boun...@cnc-list.com> On Behalf Of Joel Aronson via 
CnC-List
Sent: Tuesday, November 12, 2019 12:58 PM
To: cnc-list <cnc-list@cnc-list.com>
Cc: Joel Aronson <joel.aron...@gmail.com>
Subject: Re: Stus-List Boat insurance...reimbursement vs. depreciated

David,

I use Berkeley Marine through an independent broker.  No claims experience 
luckily.

Joel

On Tue, Nov 12, 2019 at 12:38 PM David E Spiro via CnC-List 
<cnc-list@cnc-list.com<mailto:cnc-list@cnc-list.com>> wrote:

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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Joel
301 541 8551
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