Boat Insurance Questions

[FELLOW-SHIP]

Ha Abl
A Survey tells the Insurance Co the Value of the boat AT THE TIME OF THE SURVEY. That’s like a home inspection/survey that banks do before they lend you the $$$. The problems come lets say 5 to 10 years later AFTER depreciation of the boat takes place. There are 3 ways that can be used to pay claims
1. ACV – actual cash value “after depreciation” – cars, boats and such like.
2. R.C. – replacement cost – “new for old or no depreciation”- houses
3. Stated Value – “agreed value after a Appraisals” – rings, collectables, art, etc.
You can get some insurance companies to write a Stated Value or Agreed value policy for boats but will cost more $$ I think Progressive might do that one with a Survey to confirm the value. Hope that helps.
FellowShip [img]/images/graemlins/wink.gif[/img]