Insurance Adjuster

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BoatCrazy

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I had the insurance adjuster down at the Searay when it was still in the water on Long Island about a month ago. He looked at the boat and listed the damage. He asked when the boat is hauled to let him know and he will come down and look at it.

Boat was shipped to SC, and I met with the adjuster this past weekend.

The news is bad. He wants to total the boat. Between the electrical issues, damage to the rubrail, bow rails, bow pulpit, and some stress cracks, he is saying its more to fix then the boat is worth.

For those of you who arent familiar, during the storm I had a floating dock break off down the canal and that smacked the searay up pretty good. I had the boat tied off to another boat across the canal to keep it off the dock.

As far as the electrical issues goes, fridge does not work, ice maker does not work, constavolt does not work, one outdrive does not move (up and down), engines start when only using emergency start.

The adjuster said its up to me what I want to do. I can either fix the boat with some help of the insurance company, or I can total it, buy it back from the insurance company but now will have a salvage title of some sorts..

I feel terrible, as I shipped the boat down to SC for my folks to have and use, and then I find this out. I am leaning towards fixing it myself and having a clear title...

Thoughts?
 
Seems like a simple math exercise to me. Which way will net you the most money in your pocket after all is said and done?

1. Total the boat, get a check, buy the boat back, repair it = how much money left? (There's Nothing wrong with a salvage title)

2. Total the boat, take the money and run, buy another boat = how much money left?

Bob
 
I have done the math. Boat is insured at 30K.

A salvage title isnt going to hurt the resale of this vessel?
 
If electrical connections go wet with saltwater, the boat will never be the same.

Total it, take the money and buy a new (to you) boat.
 
Mike, thats the thing, all electrical connections have been checked and there is NO trace of salt water. Adjuster is saying he would suggest rewiring the boat, something I wouldnt mind having done..

If I total this boat, Ill put it towards something for my folks. Ive got the money set aside for my next boat.
 
Assume you total the boat, get your check, buy back the 'salvage' and repair it yourself. Will you be able to get insurance on it in the future? I doubt it, since it was totaled. Will you be able to keep it at a marina without having insurance. I doubt it, since every marina I've checked required insurance details. Can you keep it behind your own home or a rented slip behind someone else's home? Probably. Are you in serious trouble if something happens to someone on your boat or because of your boat? Definitely, since you won't have insurance. Even if you have an insurance umbrella policy, it will be useless. It only goes into effect after the basic insurance coverage is used, and will specifically exclude your boat because you won't have had a boat insurance policy. Is this boat so unusual that you can't get a reasonable replacement using the insurance check? I doubt it; it's a Searay. There are plenty of used Searays and other similar brands on the market. My suggestion is that you take the check, keep a set of keys and some photos as momentos, and buy yourself a different boat. You'll be happier and safer in the long run. Hy
 
BC, whaterver you do it is for your parents who are older. What if something you missed happens "out there" and they don't have the skills.
Total it and buy them a boat that is safe for them.
There are no other options.
 
As long as the repairs are done correctly and the boat passes survey it will be insurance

Why are the items you mentioned not working? If it didnt sink and wiring was not affected by salt water then finding why a few things font work isn't rocket science...
 
Boat will be a black hole of costs. Fix this, then that, then that.
$30K is not alot to play with after salvage cost.
So say they determine boat is worth $10K in salvage, now you have $20K left to fix it with.
Take the money and run.
 
Lets see what they are actually going to give me. I have a total loss with another boat that Ive had for years, boat was insured for 5K, and that was the agreed upon value. Company sent me a check for $350 and said thats all they are paying...

I am waiting to see what they are ACTUALLY going to try and attempt to pay me for the Searay..
 
How can they pay $350 for a total loss on an agreed value of $5k.

I assume and hope you are fighting it!!!
 
If you can "total" AND later make an offer to buy the salvage you may find how very little you need offer. The insurance company will, at that point, view the boat as but one more albatross around its neck. If you can't agree on purchase price you still have your "total" money in pocket. I agree with the above; to bring your boat back will be full of expensive surprises. Something the adjuster probably already recognizes. Good Luck! I just surfed through Yachtworld and found a lot of boats that look ready to go, are near what I think you want to spend, have fewer unknowns, AND in a very soft market. Please keep us posted and good luck!
 
quote:
Originally posted by WALSHIE

How can they pay $350 for a total loss on an agreed value of $5k.

I assume and hope you are fighting it!!!

Click to expand...


Exactly "agreed upon value" means they pay you what you insured it for. That's why your premiums are higher.
 
The boat was a old clunker BUT had a mint 1994 5.0 Yamaha I-O with 312hours on it. The motor is worth about 3500 bucks if not more.

I am certainly fighting it. Ive been paying the premiums on the boat for years, $600 bucks a year or something like that..Why would ANYONE on their right mind pay $600 a year in premium for a boat that is supposedly worth $350...Just does not add up.
 
quote:
Originally posted by BoatCrazy

The boat was a old clunker BUT had a mint 1994 5.0 Yamaha I-O with 312hours on it. The motor is worth about 3500 bucks if not more.

I am certainly fighting it. Ive been paying the premiums on the boat for years, $600 bucks a year or something like that..Why would ANYONE on their right mind pay $600 a year in premium for a boat that is supposedly worth $350...Just does not add up.
Click to expand...
You don't have Travelers Insurance do you?? (sorry, I had to ask)
 
I have a nice 31' Silverton that we could "slide" your parents into for the $30,000 the insurance company is offering to pay, and it's already in SC.

Just sayin'
 
"As far as the electrical issues goes, fridge does not work, ice maker does not work, constavolt does not work, one outdrive does not move (up and down), engines start when only using emergency start. "

Iby emergency start, if you mean paralleling the banks then it s likely to be an insane with one of of the battery banks (likely the side which drive doesn't move). Could be a very simple wiring problem... Since you said electrical system was inspected and no trace if salt water found, suggesting the whole boat should've rewired is absurd

Rub rail, bow fails and pulpit can't be that expensive to repair...

Totaling boats with so little damage is why insurance premiums are sky rocketing

As to the other boat, may be they are realizing the boat was over insured... Low hours or not an almost 20 year old after drive that s not even being produced isn't worth all that much
 
Matt, if you need any help on the coverage dispute feel free to reach out. Marine is one of my expertise.
 
Sounds to me like you have a bad battery! Not sure if there is anything else really wrong. To the best of my knowledge there is no such thing as a salvage title for a boat, I have been told be several there is not at least in NY anyway.

If it were my boat I would be taking a much closer look at the issues before making a decision. Guessing at what might be is too risky if you are not handy and able to make some of these repairs yourself simply walk and buy something else. I know it was a gift for them but a boat with problems is not a gift it's a nightmare!
 
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