Stated Value vs Agreed Value ?

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01-18-2008 | 11:55 PM

#11

Rippem

Registered

Joined: Dec 2002

Posts: 4,815

Likes: 42

From: 1000 Islands

Quote:

Originally Posted by Chris Sunkin

Unless it's significantly above book value, you shouldn't have an issue. You're paying for insurance at an agreed dollar value and they're charging you a commensurate rate that allows them to write a no-questions-asked check in the event of a total loss.

exactly. I'm at about 25% over. A little total loss "buffer" by my choosing and I pay for it.

01-25-2008 | 07:24 PM

#12

GCAT911

Registered

Joined: Jun 2007

Posts: 150

Likes: 0

From: League City, TX.

All my boats, past and present are stipulated agreed upon
value. The only problom is when their is a total loss. You see
total loss is a matter of opinion, the adjusters opinion.
When the loss is high somtimes insurance companies will
try to save the boat when it should have been totaled.
So the boat sits in the boat yard for months getting fixed and
it is never ever what it once was.

01-25-2008 | 10:15 PM

#13

nordic95

Registered

Joined: Aug 2005

Posts: 1,845

Likes: 3

From: New Jersey

Quote:

Originally Posted by Strip Poker 388

Looks like I need to ck into a agreed policy,I wonder if the will will want a survey or new pictures of the boat?

Rob,

I have an agreed value also on my Fountain.Because its and older boat and I dumped a TON on money into it I wanted to make sure I was covered.I sent my agent 47 pages of receipts,200 build pictures and also a copy of a log book I was keep while putting this resin bucket back together.The agent called me back and said this had to be the best documented build they have ever seen and since I had the proof they gave me the agreed coverage that is twice the book value.So it cost a little more but I can sleep at night.

Nordic95
Anthony R.