Insurance coverage , Is this normal?
12-07-2024 | 11:32 AM
#1
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From: Chicago
Insurance coverage , Is this normal?
Reading thru my policy there is a lot of exclusions , this particular one jumped out at me.
"Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat .
What 20 year old powerboat still has the same drive train?
If this is indeed true this insurance is useless because they can invoke that clause for every claim..
Engine Warranty
We agree to provide coverage on your insured vessel only if the engine(s), drive train and propulsion gear are, and remain, the original unmodified equipment provided by the vessel's manufacturer. Any modification or alteration of the engine(s), drive train or propulsion gear, without our prior written agreement, will automatically void all coverage under this policy. This does not apply to normal maintenance of the equipment..
We agree to provide coverage on your insured vessel only if the engine(s), drive train and propulsion gear are, and remain, the original unmodified equipment provided by the vessel's manufacturer. Any modification or alteration of the engine(s), drive train or propulsion gear, without our prior written agreement, will automatically void all coverage under this policy. This does not apply to normal maintenance of the equipment..
"Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat .
What 20 year old powerboat still has the same drive train?
If this is indeed true this insurance is useless because they can invoke that clause for every claim..
12-07-2024 | 12:04 PM
#2
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From: Bourbonnais, IL
I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having.
12-07-2024 | 10:17 PM
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From: Lake Ozark, MO USA
I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having.
12-08-2024 | 07:08 AM
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From: Bourbonnais, IL
You make a good point here. I’ll be 50 next year and I’ve never had an insurance claim in my life (exception being health insurance). I’m just not sure what I’m paying for. I’d much rather pay someone cash for a little dock rash than deal with an insurance company. Paying 10% of a 20 plus year old boat’s purchase value annually to an insurance company as it’s value depreciates 20% per year seems crazy.
Last edited by SecondWind; 12-08-2024 at 07:15 AM.
12-08-2024 | 11:02 AM
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Reading thru my policy there is a lot of exclusions , this particular one jumped out at me.
"Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat .
What 20 year old powerboat still has the same drive train?
If this is indeed true this insurance is useless because they can invoke that clause for every claim..
"Engine warrant" sounds like it would pertain to engines only but the wording "coverage on your vessel" makes it seem like the whole boat .
What 20 year old powerboat still has the same drive train?
If this is indeed true this insurance is useless because they can invoke that clause for every claim..
12-08-2024 | 11:23 AM
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From: Chicago
That is a Total Dollar, I haven`t heard back so I figured Id ask here.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc ..
I agree with you 100% and I would do the same except for the fact that if I hurt someone they`ll sue me till I have nothing . That`s what scares me.
Cat insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc ..
I spoke to a catamaran owner who is selling his boat. I asked him what he pays for insurance annually. His response was zero. It’s not required by law to carry it on boats in most US states. I didn’t know that. Some of the insurance premiums I’ve been quoted on older cats are ridiculous. You throw in verbiage on the policy like you quoted and not really sure it’s worth having.
Cat insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me.
Last edited by ICDEDPPL; 12-08-2024 at 11:45 AM.
12-08-2024 | 11:36 AM
#9
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From: Bourbonnais, IL
That is a Total Dollar, I haven`t heard back so I figured Id ask here.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc ..
I agree with you 100% and I would do the same except for the fact that if I hurt someone they`ll sue me till I have nothing . That`s what scares me.
Car insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me.
They have the survey, they know the engines aren`t original, they know the horsepower, builder, price to build etc etc ..
I agree with you 100% and I would do the same except for the fact that if I hurt someone they`ll sue me till I have nothing . That`s what scares me.
Car insurance isn`t much more than the cig ($1400 more) which they would only insure for $65k but again I had it more for others than me.
12-08-2024 | 11:42 AM
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From: Chicago
"Mysterious" theft or damage doubles the deductible ($30k)
Mysterious can be defined in many ways and without a description it`s an open ended denial IMOP.
Mysterious can be defined in many ways and without a description it`s an open ended denial IMOP.
Mysterious Disappearance, Vandalism and/or Theft Exclusion
The coverage provided under Section III: Hull Coverage and Section IV: Personal Effects Coverage does not insure the mysterious disappearance, vandalism and/or theft of any covered property unless the insured has taken reasonable precautions to prevent such loss as set forth in the warranty above, and:
There is visible evidence of forcible entry into the cabin of the insured vessel;
There is visible evidence of forcible removal of covered properties from the insured vessel;
C. There is a theft of the entire vessel.
Mysterious Disappearance, Vandalism and/or Theft - Deductible Modified
The deductible amounts shown on the declarations page for Section III: Hull Coverage and Section IV: Personal Effects Coverage will be doubled for mysterious disappearance, vandalism and/or theft.
The coverage provided under Section III: Hull Coverage and Section IV: Personal Effects Coverage does not insure the mysterious disappearance, vandalism and/or theft of any covered property unless the insured has taken reasonable precautions to prevent such loss as set forth in the warranty above, and:
There is visible evidence of forcible entry into the cabin of the insured vessel;
There is visible evidence of forcible removal of covered properties from the insured vessel;
C. There is a theft of the entire vessel.
Mysterious Disappearance, Vandalism and/or Theft - Deductible Modified
The deductible amounts shown on the declarations page for Section III: Hull Coverage and Section IV: Personal Effects Coverage will be doubled for mysterious disappearance, vandalism and/or theft.
