name storm deductable on low cost electronics deductable

[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

 

[Shrew]

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?

 

[wwestman]

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.

 

[psneeld]

Mine doesn't have one unless you refer to navigation limits and hurricane season.

 

[wwestman]

Even our condo in the USVI had a "named" storm change in coverage.

 

[BandB]

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

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.

 

[psneeld]

Even our condo in the USVI had a "named" storm change in coverage.

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.

 

[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

 

[cardude01]

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

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?

 

[BandB]

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?

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.

 

[psneeld]

Mine for 2018-2019 was the same as last year's.

 

[healhustler]

My policy also has the special named storm deductable of 10% of the policy value.