[Rhodes22-list] Outboard Insurance

[ROGER PIHLAJA]

Tom,

Two points:

1. Until you document the equipment that you have on board, how do you set a full loss value?  You would probably be surprised at how much gear you have on board and what the replacement cost would be.  I know I was.

2. Having the itemized list greatly simplifies your claim if something is stolen off your boat.  Your insurance company already has make, model number, serial number, cost, etc.  They agree up front to insure it, so there is no issue when it comes time to make a claim.  Otherwise, you have to prove you actually owned the stolen gear, what it cost, etc.  I have found insurance companies are much easier to deal with when there is an honest disclosure up front of what their potential liability could be.  When there is clear disclosure up front, the insurance company can give you a better price because their risk is known to a much greater degree of accuracy.

Roger Pihlaja
S/V Dynamic Equilibrium

Sent from my iPhone

> On Jun 5, 2021, at 7:48 PM, Tom Van Heule <tom.vanheule at intrinsicprograms.com> wrote:
> 
> Id make sure to set a full loss value and paid what they wanted.   Non
> itemized.  I don't think the savings would be worth the hassle?
> Am i missing something?
> 
>> On Sat, Jun 5, 2021, 6:19 PM Bob Garrant <bgarrant at gmail.com> wrote:
>> 
>> Thanks Roger
>> Good idea about the replacement value
>> However the itemized accounting for insurance purposes caused the abacus on
>> my T-Account Yellow Pad to overheat.
>> So I’ll just go back to repairing the cable for my non-CDI furler. I hope
>> to make some progress on that tomorrow.
>> We’ll see
>> Bob
>> 
>> On Sat, Jun 5, 2021 at 5:11 PM ROGER PIHLAJA <roger_pihlaja at msn.com>
>> wrote:
>> 
>>> Bob,
>>> 
>>> We bundled our R-22, Honda outboard, and Lil Dude trailer into our home
>>> owner’s insurance policy.  We have Auto Owners.  Not being able to insure
>>> your outboard is utter nonsense!  Find a different insurance company.
>>> 
>>> We got a separate appraisal for the R-22’s hull and rigging.  Then, we
>>> have a separate schedule of equipment.  I keep this on a spreadsheet and
>> we
>>> provided our insurance company with copies of receipts to prove value.
>> We
>>> update the spreadsheet every year when the premium comes due.  This
>>> schedule includes everything from anchors to sails to VHF radios.  There
>> is
>>> actually more equipment cost than the hull is worth!
>>> 
>>> Although it’s a lot of work up front, the advantage of doing it this way
>>> is that I have an agreed upon value for the whole boat.  My insurance
>>> company and I won’t get into a dispute in the event of a total loss.
>> Also,
>>> make sure you get a full replacement value policy, not depreciated value.
>>> 
>>> Roger Pihlaja
>>> S/V Dynamic Equilibrium
>>> 
>>> Sent from my iPhone
>>> 
>>>> On Jun 5, 2021, at 4:31 PM, Bob Garrant <bgarrant at gmail.com> wrote:
>>>> 
>>>> I switched from USAA/Progressive to BoatUS/Geico. Way cheaper. Easy to
>>> deal
>>>> with towboaUS.
>>>> My insurance covers my outboard Honda 8 hp
>>>> Bob Garrant
>>>> s/v Sail la Vie 2000
>>>> Kent island MD
>>>> 
>>>> 
>>>>> On Fri, Jun 4, 2021 at 5:52 PM Lee <lvjkuhn at gmail.com> wrote:
>>>>> 
>>>>> My insurance company is USAA but they contract out to Progressive for
>>>>> boats.
>>>>> Progressive told me they can't insure outboards for sailboats.  My
>>> outboard
>>>>> is inexpensive so it's probably okay, but because it's so small
>> someone
>>>>> could easily steal it or I could drop it in the drink, again.
>>>>> 
>>>>> Do any of you all insure your outboards?
>>>>> 
>>>>> Lee
>>>>> 1999 Rhodes22
>>>>> Claytor Lake, VA
>>>>> 
>>>>> 
>>>>> 
>>>>> --
>>>>> Sent from: http://rhodes-22.1065344.n5.nabble.com/
>>>>> 
>>> 
>>