Salvage boat insurance
12-11-2008, 12:22 PM
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Salvage boat insurance
I am looking at a salvage boat, does anyuone know if you can get insurqnce on a salvaged boat? Do you have show repair cost equal to the agreed upon insurance coverage. This could be a real issue when considering buying a salvage boat.
12-11-2008, 01:09 PM
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Ineligible Watercraft
All watercraft types owned by your customer are
ineligible for participation in our watercraft program as
listed below:
(Lots before this
)• Physical damage not allowed on salvage watercraft
I have only one carrier that will insure the boat but it would be pending a survey to note deficencies. Furthermore, it would be put on "port risk" until all deficiencies have been complied with.
I'd be more than willing to discuss this further with you as there are many variables when looking to insure this type of boat. If you want to talk more, please call me to discuss.
Stacy
12-11-2008, 01:20 PM
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Insuring a salvaged boat
I spoke with one of my underwriters for the American Reliable boat policy and they said they would consider writing a previous damaged/salvaged boat depending on how much and what exactly was damaged to the boat. Supporting documentation would be needed first to determine if the boat would be insurable.
My recommendation would be for you to submit your information detailing the specifics of the boat you are purchasing first, as a way of getting 'pre-approved.' This way you can rest assured have the insurance handled prior to purchase...and possibly avoiding a problem later.
I hope this helps. Let me know if I can be of further help.
Devin Wozencraft
www.wozencraftinsurance.com
12-11-2008, 02:22 PM
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Their are so many screaming deals out there, I wouldn't advize anyone to even consider a salvage boat. We have purchased them in the past and parted them out. However even the companies we buy through (you have to be a dealer to even bid) they think the salvage value is more than what a turn key used boat is??
Case on point, I offered a insurance company 3K for a 10yr old cruiser, unknown condition, shallow sink. They said due to the payout they couldn't let it go for less than 18K, while the guy was on the phone with me we pulled up traderonline and found private forsale same boats for 14K, guy wouldn't budge. Told me he couldn't write off that much and would rather have it sit and rott on the books.
OK BUDDY
WILL
Case on point, I offered a insurance company 3K for a 10yr old cruiser, unknown condition, shallow sink. They said due to the payout they couldn't let it go for less than 18K, while the guy was on the phone with me we pulled up traderonline and found private forsale same boats for 14K, guy wouldn't budge. Told me he couldn't write off that much and would rather have it sit and rott on the books.
OK BUDDY
WILL
12-11-2008, 02:51 PM
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Their are so many screaming deals out there, I wouldn't advize anyone to even consider a salvage boat. We have purchased them in the past and parted them out. However even the companies we buy through (you have to be a dealer to even bid) they think the salvage value is more than what a turn key used boat is??
Case on point, I offered a insurance company 3K for a 10yr old cruiser, unknown condition, shallow sink. They said due to the payout they couldn't let it go for less than 18K, while the guy was on the phone with me we pulled up traderonline and found private forsale same boats for 14K, guy wouldn't budge. Told me he couldn't write off that much and would rather have it sit and rott on the books.
OK BUDDY
WILL
Case on point, I offered a insurance company 3K for a 10yr old cruiser, unknown condition, shallow sink. They said due to the payout they couldn't let it go for less than 18K, while the guy was on the phone with me we pulled up traderonline and found private forsale same boats for 14K, guy wouldn't budge. Told me he couldn't write off that much and would rather have it sit and rott on the books.
OK BUDDY
WILL
Devin
www.wozencraftinsurance.com
12-11-2008, 03:22 PM
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Devin
You are right and its not the first, it is crazy. Most of those IKE boats, unless they get their head out of their azzes they are going to be stuck with (and paying storage). Insurance companies better get ready, they will be lucky to recover 5% on average of what the pay out was on all those boats. I have had guys come in my dealership and want to give me their old azz cruisers, just take over storage fee's. NO WAY.
IKE was the best thing to happen to some of the old fart boats in TX. Now instead of having a liability they got a check.
WILL
You are right and its not the first, it is crazy. Most of those IKE boats, unless they get their head out of their azzes they are going to be stuck with (and paying storage). Insurance companies better get ready, they will be lucky to recover 5% on average of what the pay out was on all those boats. I have had guys come in my dealership and want to give me their old azz cruisers, just take over storage fee's. NO WAY.
IKE was the best thing to happen to some of the old fart boats in TX. Now instead of having a liability they got a check.
WILL
12-11-2008, 03:34 PM
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Devin
You are right and its not the first, it is crazy. Most of those IKE boats, unless they get their head out of their azzes they are going to be stuck with (and paying storage). Insurance companies better get ready, they will be lucky to recover 5% on average of what the pay out was on all those boats. I have had guys come in my dealership and want to give me their old azz cruisers, just take over storage fee's. NO WAY.
IKE was the best thing to happen to some of the old fart boats in TX. Now instead of having a liability they got a check.
WILL
You are right and its not the first, it is crazy. Most of those IKE boats, unless they get their head out of their azzes they are going to be stuck with (and paying storage). Insurance companies better get ready, they will be lucky to recover 5% on average of what the pay out was on all those boats. I have had guys come in my dealership and want to give me their old azz cruisers, just take over storage fee's. NO WAY.
IKE was the best thing to happen to some of the old fart boats in TX. Now instead of having a liability they got a check.
WILL
I assume boat manufactures love when hurricanes come through. :-)
Devin
www.wozencraftinsurance.com
12-12-2008, 12:39 PM
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Hi UncleJobin Just reporting back from our phone call yesterday. With a survey of the boat, one of my carriers will write coverage on the hull you described yesterday. The boat we need to be on port risk until the hull has been brought to seaworthy condition, at which time they will lift the port risk provided all items and conditions of survey recommentaitons have been met. I hope this helps you out.
Just reporting back from our phone call yesterday. With a survey of the boat, one of my carriers will write coverage on the hull you described yesterday. The boat we need to be on port risk until the hull has been brought to seaworthy condition, at which time they will lift the port risk provided all items and conditions of survey recommentaitons have been met. I hope this helps you out.
12-12-2008, 02:06 PM
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Devin
It would blow your mind the conversations I have with some of these "salvage" boat brokers/Banks.
A few months ago, we were looking at a 1996 42 Fountain, we offered 20K for it, missing one drive, totally phucked boat, 18" of oil and water in CABIN, wouldn't start and the bank would not let us try to get it to start, BUT THEY CLAIMED IT RAN, ( I asked them how can it run WITHOUT A DRIVE??) they wanted 80K I laughed, they called back and said 65K would "probably " take it if we had cash. I was so pissed, I told them not to call us again for this boat.
Then they called wanting us to do the repairs to get it running and in sellable condition, told them I would need 10K up front, they said no, we would get paid after they sold it, and the pay off was satisfied, I asked what the pay off was and they said they couldn't tell me. I told them to PHUCK off, don't call me again.
BTW boat is still forsale, and I warned one OSO member on it.
UNREAL
WILL
It would blow your mind the conversations I have with some of these "salvage" boat brokers/Banks.
A few months ago, we were looking at a 1996 42 Fountain, we offered 20K for it, missing one drive, totally phucked boat, 18" of oil and water in CABIN, wouldn't start and the bank would not let us try to get it to start, BUT THEY CLAIMED IT RAN, ( I asked them how can it run WITHOUT A DRIVE??) they wanted 80K I laughed, they called back and said 65K would "probably " take it if we had cash. I was so pissed, I told them not to call us again for this boat.
Then they called wanting us to do the repairs to get it running and in sellable condition, told them I would need 10K up front, they said no, we would get paid after they sold it, and the pay off was satisfied, I asked what the pay off was and they said they couldn't tell me. I told them to PHUCK off, don't call me again.
BTW boat is still forsale, and I warned one OSO member on it.
UNREAL
WILL
