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Check your Insurance policies for this...

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Old 09-26-2003, 02:31 PM
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Default Check your Insurance policies for this...

Many of you are aware of my experiences with the dealer here in Atl. that took a bunch of deposits and made a lot of other illegal transactions, then fled the country.

In addition to a large sum of cash I gave on deposit for a boat, he was also brokering my Fountain. Last Nov. he apparently sold my Fountain while claiming to me he had it at another location a good bit away from me.

After all the fraud and embezzlement surfaced I discovered my boat had been sold, converted to cash, and was gone with him out of country.I took out warrants on all activities that affected me and joined forces with other victims. Our lawyer suggested I file a claim with STATE FARM for my loss.

I filed, and after 60 day investigation they agreed that I was a theft victim and that my policy was in effect at the time of the sale/theft.

Now for the BULL%^IT. THey then informed me that STATE FARM policies specifically EXCLUDE any adverse consequences of leaving my boat with anyone else for ANY REASON. They are not liable under article I in the policy that if the boat is entrusted to another person, even for service, and the boat is damaged, stolen, etc. it is MY(or YOURS) responsibility.

Now, in addition to my CASH, I am out the entire value of my boat(I owned it). I AM PISSED!!

Sorry to be so long, but I hope to help anyone else that may find themselves in this position. I NEVER want to hear about someone else that got screwed this way.

I plan to post info. on my boat, and hope to locate it, before someone gets arrested for theft that wasn't their fault.

Any feedback or ideas are greatly appreciated, and I hope I've given you all some insight into what you can expect if your insurance company is the same way.


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Old 09-26-2003, 02:34 PM
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WOW!!!!! F' an A'!

That blows man. I wish you the best in your conquest.
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Old 09-26-2003, 02:37 PM
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Best wishes man! That REALLY bites the BIG one!
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Old 09-26-2003, 02:40 PM
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WHAT KIND OF BOAT YEAR MAKE AND MODEL AND PICTURES WE CAN FIND THAT BOAT WITH THE POWERS OF OSO. IM SURE THE NEW OWNER ISNT AWARE THAT HE IS DRIVING IN A STOLEN BOAT!
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Old 09-26-2003, 02:41 PM
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hey greg you know mr "harris" has an ex wife and two kids that live in the area dont you? might be a lead you could use. let me know if there is anything else i can do to help you out.
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Old 09-26-2003, 02:45 PM
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Sy and/or Risk Taker...
What can we do to insure the rest of us do not get taken like this, aside from never leave the boat for service or anything?
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Old 09-26-2003, 02:46 PM
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Let us know details including pictures and with 11,000+members we should be able to find it. If anyone sees a "similar" boat or the exact boat....step up to the plate and get more info. This is ONE of the craziest things I've ever heard of....I wish you luck in your investigation and hope that something good can come out of it.
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Old 09-26-2003, 03:13 PM
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OMG! That's really $hitty! That's unbelievable. Damn Insurance companies.

I wonder if that applies to my marina??? After all, I have entrusted them with my boat.
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Old 09-26-2003, 03:29 PM
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Damn shame to hear that one...
You're doing a far better job containing your feelings than I could possibly do.
I sincerely hope you find this guy.

What will happen when you find the Fountain?
Some guy, probably an honest guy, bought that boat "fair and square" with his hard earned cash....
Are you able to take it back from him? even though he paid for it and has a title for it?????

Again,
I sincerely wish you the very best with this terrible circumstance.
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Old 09-26-2003, 03:32 PM
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Default Re: Check your Insurance policies for this...

Quote:
Originally posted by CASH BAR
Now for the BULL%^IT. THey then informed me that STATE FARM policies specifically EXCLUDE any adverse consequences of leaving my boat with anyone else for ANY REASON. They are not liable under article I in the policy that if the boat is entrusted to another person, even for service, and the boat is damaged, stolen, etc. it is MY(or YOURS) responsibility.
In my 23 years in this business, I have NEVER heard of such an exclusion !!! Just remember that not all boat insurance policies are created equal.

The best advice I can give would be to READ YOUR POLICY. Most boat policies are "easy read" meaning that it's not full of insurance jargon, just plain old english. If questions do arise, CALL YOUR AGENT/COMPANY and get answers.

Remember that your premium payment doesn't buy you the paper the policy is printed on.....it buy's you the claims service/payment should a loss occur.

KNOW WHAT YOU ARE BUYING !!!

Last edited by Risk Taker; 09-26-2003 at 03:38 PM.
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