Insurance Question on Major Rehab

[Handful in NC]

I just finished a major rehab on a '74 23' Tsunami (see the thread under Repairs/Mods) and need insurance advice.

First, I'm way upside down on the market value versus my investment, which is okay because I've got what I want and plan to enjoy it for a long time. (Take note you newbies asking questions about doing a major rehab or buying an already rehabbed boat.) Second, my boat insurance has always been ACV (actual cash value) coverage, and this just doesn't work on an older hull, especially for one in excellent condition or rehabbed. The adjusters can't make the numbers work to support a high enough value.

I am interested in replacement coverage based on an agreed upon value. Basically, if my boat is insured for X dollars and is totaled, I receive X dollars with no painful negotiation. Black and white, cut and dried. My local insurance agent said a survey by a credentialed surveyor and good documentation of my expenses would help obtain coverage, both of which I have, and he is obtaining quotes.

Surely someone on this forum has dealt with this issue before - good insurance coverage for an older fully restored boat. Any recommendations?

[bobbert]

I have several older rehabbed boats, and insurance always was a problem. Several years ago I spoke to BOATUS about insurance. They are very helpful,competitively priced and have FIRST CLASS claims service. Call Them at 1-800-283-2883. They should be able to help you out.

[77SceptreOB]

Originally Posted by bobbert

Several years ago I spoke to BOATUS about insurance. They are very helpful,competitively priced and have FIRST CLASS claims service. Call Them at 1-800-283-2883. They should be able to help you out.

I also use BoatUs and have a "agreed on price" policy. Easy to deal with, no problems. Thankfully, no claims either. LOL!

[Old'sCool]

Mine is through Charter Lakes and ultimately, Progressive.

[Blue_Heron]

I think you're going to need that survey to get an agreed value policy that's above market value.

I had the adjuster from Progressive out to look at the lower unit on my flats skiff. Something knocked a healthy chunk off the anti-ventilation plate and they bought me a new SEI lower unit. My claim experience with Progressive was good. Fast and no hassles.

While he was there, I showed him what I was doing with the 25 Seafari. He said I would need a survey and good documentation of the work I've done to get an agreed value policy for what it would cost to replace it.

The agreed value policies I have on my other two boats are within normal market value for those boats.

Dave

[3rdday]

I have always had agreed value coverage, your premiums are more, and based off the amount you wish to cover it for, it will also cover trailer, electronics and fishing gear. Read closely to see if it depreciates anything, like engine,sometimes there are exceptions, exclusions.

[Fr. Frank]

I have BoatUS, with agreed value way above book or market price.

[bitsamonkey]

I'm in a similar situation with my restored 18'. I got a quote from BoatUS for about $700/year for about $25,000 agreed value. Is that approximately what you guys are paying?

[CaptLloyd]

I have BoatUS with agreed value. Easy and quick, just had to email a few pics.

Bits, $700 for 25K sounds right.

Lloyd

[Bushwacker]

BoatUS probably has the best coverage and service of anybody in the business. They were the only outfit that would cover a 20' outboard for trips to the Bahamas years ago; I was able to get a temporary rider for the duration of a trip that didn't cost much at all. They will often insist on a survey for an older boat and will recommend some good surveyors. The Corrective Action Teams they put together to help folks after hurricanes do some amazing work that always get rave reviews from their customers. Check out this link: http://www.boatus.com/insurance/newslettersignup.asp