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Old 09-14-2016, 06:18 AM   #21
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Hi Ted, yes, we definitely still own it. We paid cash when we bought it and found an insurance company that inspected and was willing to insure it for what we paid and when we lost it, we made it very clear we were maintaining possession even if they paid, and if they wouldn't allow that to keep their money. We were fairly confident even at that time that it was save-able. Thank you for the insight
I think you have a good plan going forward. If your insurance will lapse before the restoration is complete, see if you can get the liability insurance with a minimal hull coverage. My friend bought a sailboat this summer that had moisture in the coring in one section of the deck. The boat was substantially reduced in price as a result. He's only able to get liability insurance and minimal hull insurance until the deck is repaired and that portion is resurveyed. While hull insurance is important, liability insurance is what protects you in an accident.

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Old 09-14-2016, 07:51 AM   #22
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Small local company Donna. We paid cash for our boat so they inspected and went off of a previous survey. The adjuster determined it to be an accident that was not negligence. We are blessed to be mechanically inclined and that they paid as well as did not require "taking custody" in order to do that. LOL
Why are you so deftly avoiding answering the question of how it sank?

A small local company insured you? Do you mean the agency was small and local or the underwriter? I think of the underwriter as the insurer.
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Old 09-14-2016, 08:05 AM   #23
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This is what I was thinking, forget the insurance, get liability and call it a day.
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So, the insurance company paid the claim for what you paid for it and gave you the boat, and they didn't charge you for the hull value? If so, you made out fine.

At this point, who cares about hull insurance, you just beat the odds, get a liability policy and carry on. Life is good. It could sink again, and you're still ahead.
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Old 09-14-2016, 01:26 PM   #24
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I think it is now standard operating procedure with many (plese note I didn't say ALL). I've placed two claims over the last 10 years. Both times the insurance company denied renewal. Just move on and get a policy with a new insurance company.
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Old 09-14-2016, 02:11 PM   #25
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I think it is now standard operating procedure with many (plese note I didn't say ALL). I've placed two claims over the last 10 years. Both times the insurance company denied renewal. Just move on and get a policy with a new insurance company.
Very often true.
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Old 09-23-2016, 06:54 PM   #26
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Why are you so deftly avoiding answering the question of how it sank?

A small local company insured you? Do you mean the agency was small and local or the underwriter? I think of the underwriter as the insurer.
Not "deftly avoiding" anything sir. It's a long story and since an insurance adjuster found there was no negligence I felt that was an adequate response to the poster's question. If you do not...well, Press On Brother.

Have a blessed night
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Old 09-23-2016, 06:55 PM   #27
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That's very likely what we will do until a full survey allows us to insure it for the value including all the work we have put into it
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Old 09-24-2016, 01:31 AM   #28
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Hi Ted, yes, we definitely still own it. We paid cash when we bought it and found an insurance company that inspected and was willing to insure it for what we paid and when we lost it, we made it very clear we were maintaining possession even if they paid, and if they wouldn't allow that to keep their money. We were fairly confident even at that time that it was save-able. Thank you for the insight
Interesting. Any insurance contract would pay you based on the policy language (agreed value or actual cash value) and then exchange payment for the title.

I'm a bit late to this party, but in general, I (as an underwriter) will look at all the factors of the sinking to determine if I will offer coverage. The survey is a part of the info required, to be sure- but I'll want to know about the loss, and what was done to mitigate the loss.
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Old 09-24-2016, 02:13 AM   #29
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Not "deftly avoiding" anything sir. It's a long story and since an insurance adjuster found there was no negligence I felt that was an adequate response to the poster's question. If you do not...well, Press On Brother.

Have a blessed night
I respectfully say: Wouldn't it be good for other boaters to take into caution why/how your boat sunk so they/we-all can be careful to not have same occurrence? Please share the reasons for your experience... if at all possible.

A big feature of Trawler Forum posts is so we can learn from one another.

Thanks, Art
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Old 09-24-2016, 07:37 AM   #30
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I agree. My boat (which I also paid cash for) Has yet to leave the marina!!! BUT, when she does, I do want to avoid every possible thing that could sink her. So, it would be helpful for me to know the "how".

Anyway, I wish you success with your boat. You are braver than I am. If my boat sunk, I'd be searching for a another boat.
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Old 09-24-2016, 08:49 AM   #31
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I agree. My boat (which I also paid cash for) Has yet to leave the marina!!! BUT, when she does, I do want to avoid every possible thing that could sink her. So, it would be helpful for me to know the "how".

Anyway, I wish you success with your boat. You are braver than I am. If my boat sunk, I'd be searching for a another boat.
One thing to be aware of, Donna. Probably more boats sink at marinas than underway.
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Old 09-24-2016, 09:05 AM   #32
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One thing to be aware of, Donna. Probably more boats sink at marinas than underway.
Absolutely true. BoatUS has some stats on that.

When applying for new insurance an often asked question is "have you ever been denied coverage" or something along that line. Technically you could beat that question if you applied to a new underwriter before your current policy expires.
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Old 09-24-2016, 09:50 AM   #33
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One thing to be aware of, Donna. Probably more boats sink at marinas than underway.
Now I won't sleep at night LOL!!!!!!
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