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09-19-2018, 08:24 AM
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#1
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Senior Member
City: marco island
Join Date: Apr 2012
Posts: 111
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name storm deductable on low cost electronics deductable
Can someone advise me on this:
I have a 2006 34 mainship trawler with Raymarine electronics
The electronics were made non useable by Storm Gordon.
My insurance included a low $250 deductable for the electronic package.
I made a claim to my insurance. At first and they said the $250 would apply, then they said that the so called "Named Storm Deductable of $6300 would "TRUMP" the low $250 deductable for the electronics packge resulting in much less payout.
Am I being taken advantage of and what can I do.
Anyone with opinion or experience in this type of matter.
Thanks
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09-19-2018, 10:28 AM
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#2
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TF Site Team
City: Westerly, RI
Vessel Name: N/A
Vessel Model: 1999 Mainship 350 Trawler
Join Date: Jan 2014
Posts: 4,154
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Moved from "Marlow - Mainship" to "Financial Matters and Red Tape"
Not really Mainshop specific.
It's going to come down to the details in the policy. Have you dug through it to verify?
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09-19-2018, 10:32 AM
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#3
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Senior Member
City: Bellingham, WA
Vessel Name: Excellent Adventure
Vessel Model: 1995 Jefferson Ker Shine 45
Join Date: Apr 2015
Posts: 395
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Every policy I have encountered included a "named" storm change in deductible. This is how the insurance companies protect themselves from claims during hurricane season.
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09-19-2018, 10:54 AM
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#4
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,119
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Mine doesn't have one unless you refer to navigation limits and hurricane season.
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09-19-2018, 11:18 AM
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#5
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Senior Member
City: Bellingham, WA
Vessel Name: Excellent Adventure
Vessel Model: 1995 Jefferson Ker Shine 45
Join Date: Apr 2015
Posts: 395
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Even our condo in the USVI had a "named" storm change in coverage.
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09-19-2018, 11:23 AM
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#6
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by jann
Can someone advise me on this:
I have a 2006 34 mainship trawler with Raymarine electronics
The electronics were made non useable by Storm Gordon.
My insurance included a low $250 deductable for the electronic package.
I made a claim to my insurance. At first and they said the $250 would apply, then they said that the so called "Named Storm Deductable of $6300 would "TRUMP" the low $250 deductable for the electronics packge resulting in much less payout.
Am I being taken advantage of and what can I do.
Anyone with opinion or experience in this type of matter.
Thanks
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Read your policy, something you should have done when you purchased it. This and many other clauses in it can be very severe. If the policy reads $6300 for a named storm, then that's what it is. You're not being taken advantage of if they're following the policy and there's really nothing you can do.
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09-19-2018, 11:39 AM
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#7
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,119
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Quote:
Originally Posted by wwestman
Even our condo in the USVI had a "named" storm change in coverage.
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OK...just saying not all policies have that.
I don't believe my last liveaboard did either. Both were NOT stored all year in the areas designated as off limits during hurricane season and were with brokers specializing in marine insurance...
Being in Marco Island., FL, it may be in all policies for all I know.
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09-19-2018, 11:48 AM
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#8
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Guru
City: Seattle, WA
Vessel Name: Pau Hana
Vessel Model: 1989 PT52 Overseas Yachtfisher
Join Date: Aug 2012
Posts: 2,676
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Policies either have a Named Storm Deductible, or the policy is priced to account for potential losses from named storms and the lower standard deductible.
With regards to the OP's question- the Low Electronics deductible is generally applied (even during named storm events) if damage is limited to the navigation electronics only If damage is beyond the nav electronics, the NSD applies.
Always best to read your policy and query your agent re specific coverages.
Pete
__________________
Peter- Marine Insurance Guru at Novamar Insurance Group (206-350-5051) & tuna fishing addict!
1989 52' PT Overseas yachtfisher
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09-19-2018, 12:03 PM
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#9
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Guru
City: Victoria TX
Vessel Name: Bijou
Vessel Model: 2008 Island Packet PY/SP
Join Date: Nov 2012
Posts: 5,290
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Quote:
Originally Posted by Pau Hana
Policies either have a Named Storm Deductible, or the policy is priced to account for potential losses from named storms and the lower standard deductible.
With regards to the OP's question- the Low Electronics deductible is generally applied (even during named storm events) if damage is limited to the navigation electronics only If damage is beyond the nav electronics, the NSD applies.
Always best to read your policy and query your agent re specific coverages.
Pete
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Are you still involved in the insurance industry? You were my insurance “go to” guy a few years ago but I thought you retired or moved on to something else?
I had a 25% rate increase this year and wondered if I needed to shop around or is that typical because of all the damage from last year?
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09-19-2018, 02:52 PM
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#10
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Guru
City: Fort Lauderdale. Florida, USA
Join Date: Jan 2014
Posts: 21,449
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Quote:
Originally Posted by cardude01
I had a 25% rate increase this year and wondered if I needed to shop around or is that typical because of all the damage from last year?
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Many found their existing insurer with large increases, but not all insurers had them and often by some shopping they avoided the large increase. Our insurance increased about 5% if I recall correctly.
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09-19-2018, 06:23 PM
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#11
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Guru
City: Ft Pierce
Vessel Name: Sold
Vessel Model: Was an Albin/PSN 40
Join Date: Oct 2011
Posts: 28,119
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Mine for 2018-2019 was the same as last year's.
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09-19-2018, 07:08 PM
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#12
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Guru
City: Longboat Key, FL
Vessel Name: Bucky
Vessel Model: Krogen Manatee 36 North Sea
Join Date: Oct 2009
Posts: 5,196
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My policy also has the special named storm deductable of 10% of the policy value.
__________________
Larry
"When life gets hard, eat marshmallows”.
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