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Old 09-13-2016, 06:37 PM   #1
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Question Insurance Totaled My Boat

Hi All!
Looking for any advice.
When our boat sank, the insurance company totaled it and paid out what we bought it for.
But we raised it, saved the engines, saved the generator, pretty much saved everything and piloted it 1200 miles home. This is not a heap of junk just barely floating. lol.

We are now in drydock, in the middle of restoration but the insurance company has said they are not renewing our policy once it expires.

Does anyone have any insight on what kind of questions to ask or how to discuss a policy with a new insurer? Or do you have any personal experiences that might guide us to a new insurance company?

Thank you all, as always
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Old 09-13-2016, 06:45 PM   #2
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Did you buy it back from the insurance company? Certainly want documentation that you now / still own it. I'm sure the first thing that any new company will want is a very thorough survey. Then the issue of exclusions for anything relative to the sinking will come up. Liability shouldn't be to hard to get. Hull value will be tougher.

Ted
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Old 09-13-2016, 06:53 PM   #3
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The yacht underwriter will look to why the boat sank. Operator error, orunavoidable accident? Is this your first claim, or do you have other claims onyour record? They will also run a credit check to assess your ability to maintainthe boat. One claim does not disqualify you from obtaining new insurance, butexpect to pay a bit more. Find a good agent with multiple underwriters tosubmit your application to. If there are no other issues, you should be able tofind good coverage.
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Old 09-13-2016, 06:56 PM   #4
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Oh I'm so sorry. If you don't mind me asking, how did she sink?

Who was your ins. company? Mine is a well known boat insurer. They wanted a copy of the survey, hull id number, etc. No named storms could be in the atlantic and once I gave them my first born, they wrote the policy a couple days before closing because I didnt want them to change their minds.

I have no idea how it works when a boat is totaled. Wouldn't the title be an issue?
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Old 09-13-2016, 07:19 PM   #5
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Donna asks an important question as any insurer would be concerned the same thing will happen again. I would be surprised if anyone would grant hull insurance. If it was a car, then it would get a Salvage Title. Some states even have Scrap Titles.

Basically you're trying to insure something that was determined to have a value of Zero.
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Old 09-13-2016, 07:30 PM   #6
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How about if the boat has a new survey? If the boat has been rebuilt, repaired, rewired, etc, why not have an insured value?

I'm just throwing this out there.
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Old 09-13-2016, 07:37 PM   #7
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How about if the boat has a new survey? If the boat has been rebuilt, repaired, rewired, etc, why not have an insured value?

I'm just throwing this out there.
Plus, I'd appreciate it being insured if it's side tied to our boat and goes down again
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Old 09-13-2016, 07:43 PM   #8
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Basically you're trying to insure something that was determined to have a value of Zero.
We don`t know that. Insurers may write off a car as economically unrepairable, taking into account the sale value of the wreck, which they sell to recoup part of the total loss payout. The use the OP is making of the boat suggests it has some value.
The outstanding information is whether the OP has title to the boat? As part of a total loss payout I`d expect the insurer acquired ownership of the "wreck". To have title the OP needs to have acquired title from the insurer, to have retained or acquired an "insurable interest" in the boat.
(I`ll just qualify the above for the possibility things work quite differently over there for insurance).
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Old 09-13-2016, 07:56 PM   #9
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The insurer has first right to recoveryof the vessel. They will then sell it at salvage back to the insured. Once therepairs have been made, and a new survey determines the value, the boat can beinsured at an agreed value. The company will require that any deficienciesnoted by the surveyor be addressed. Most States do not Title boats.
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Old 09-13-2016, 08:21 PM   #10
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The insurer has first right to recoveryof the vessel. They will then sell it at salvage back to the insured. Once therepairs have been made, and a new survey determines the value, the boat can beinsured at an agreed value. The company will require that any deficienciesnoted by the surveyor be addressed. Most States do not Title boats.
Yes, we don't know what his deal with the insurer was.

And most states do title boats except documented vessels.
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Old 09-13-2016, 08:23 PM   #11
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How about if the boat has a new survey? If the boat has been rebuilt, repaired, rewired, etc, why not have an insured value?

I'm just throwing this out there.
They might, treating it somewhat like a home built boat. Someone out there will insure anything. However, I think far more likely he can get everything but hull coverage. Now some of this does depend on the reason for sinking and on the owner's record.
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Old 09-13-2016, 08:24 PM   #12
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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 09-13-2016, 08:25 PM   #13
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In Florida titles are required. I even had to have a title search done.

I would imagine since you were paid for a total loss, then the title would have a lien on it by the ins. company?
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Old 09-13-2016, 09:09 PM   #14
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In Florida titles are required. I even had to have a title search done.

I would imagine since you were paid for a total loss, then the title would have a lien on it by the ins. company?
Donna,

Sounds strange... but perhaps some of the insurance guys can comment.

I've only had one experience... years ago when I had insurance. Totaled (not a boat), insurance company released their interest in it to me... no title change, but I did pay for it. Simple.
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Old 09-13-2016, 09:35 PM   #15
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The insurance co. might have determined the boat had little value after recovery and may have made no effort to claim title.
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Old 09-14-2016, 04:25 AM   #16
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Originally Posted by O C Diver View Post
Did you buy it back from the insurance company? Certainly want documentation that you now / still own it. I'm sure the first thing that any new company will want is a very thorough survey. Then the issue of exclusions for anything relative to the sinking will come up. Liability shouldn't be to hard to get. Hull value will be tougher.

Ted

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
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Old 09-14-2016, 04:28 AM   #17
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Originally Posted by Inghamphoto View Post
The yacht underwriter will look to why the boat sank. Operator error, orunavoidable accident? Is this your first claim, or do you have other claims onyour record? They will also run a credit check to assess your ability to maintainthe boat. One claim does not disqualify you from obtaining new insurance, butexpect to pay a bit more. Find a good agent with multiple underwriters tosubmit your application to. If there are no other issues, you should be able tofind good coverage.
Definitely not operator error (thank goodness!) And Positive answers to all of those questions....I'm feeling a little better now. Thank you!
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Old 09-14-2016, 04:32 AM   #18
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Oh I'm so sorry. If you don't mind me asking, how did she sink?

Who was your ins. company? Mine is a well known boat insurer. They wanted a copy of the survey, hull id number, etc. No named storms could be in the atlantic and once I gave them my first born, they wrote the policy a couple days before closing because I didnt want them to change their minds.

I have no idea how it works when a boat is totaled. Wouldn't the title be an issue?
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
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Old 09-14-2016, 04:34 AM   #19
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How about if the boat has a new survey? If the boat has been rebuilt, repaired, rewired, etc, why not have an insured value?

I'm just throwing this out there.

That's what we're hoping for too Larry!
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Old 09-14-2016, 04:34 AM   #20
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Plus, I'd appreciate it being insured if it's side tied to our boat and goes down again
LOL Murray....That makes two of us!
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