Insurance-post hurricane Sandy

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NEWFREEDOM

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Hurricane Sandy will go down as the worst disaster the Northeast Boating community has ever seen. This is the first time many of us have submitted substantial claims. it would be interested to find out which insurance companies fared best.
So the question is....How did your Insurance company measure up ?
 
Progressive was fantastic!

When my boat was hauled, I noticed a bit of damage, called them on a Monday, by Friday the adjuster was there. Before he left the marina, I had a check in my hand.
 
I have Star Insurance thru NBOA. 40 days after storm I had a check for full agreed value of boat plus personal property plus full haul-out costs. In addition they paid a $13K seatow bill. I couldn't be happier.

For the new boat, NBOA is quoting me rates from the same company with no increase except I am lowering my deductible and increasing my value. Star says since it was not my fault, they don't hold this incident against me and it seems the rates are not going up.

I think insurance companies have alot of money and this storm, though big, is a drop in a bucket compared to all other boats they insure and pay nothing on. This is what insurance is for. In my case there is no deductible for total loss. I hear some others are still waiting for checks!

Now with that said, if this storm ran coast and did what it did to NorthEast all the way from Florida up, then I think we could be looking at some insolvency!
 
New hampshire has been great to me so far, paid the haul bill and bill to retrive boat with no questions asked. Yard only got me estimate last week so it will take a few days to total.
 
I'll be interested in seeing how many policies have named storm coverage in our area next year. Mine does not have it now, but with a hurricane two years in a row I wonder if we'll see more of these policies in our area. I've been told the difference is that named storm coverage applies a different deductible that might be something like 10% of the claim. My deductible is 1% of the hull value.
 
Ben, Travelers currently offers them. Most of the carriers I deal with don't have them and I'd be suprised if it will change as much on the marine front as I anticipate it will on the property front.
 
quote:
Originally posted by HOGAN

Progressive was fantastic!

When my boat was hauled, I noticed a bit of damage, called them on a Monday, by Friday the adjuster was there. Before he left the marina, I had a check in my hand.

Click to expand...


What kind of damage? I thought you came out OK from the storm?
 
Saw there was a crack in my swim platform when I hauled out. Not sure if from storm or from backing in to slip and hitting piling.
 
Suprised that the damage exceed your deductible.
Seems most people didn't.
 
I have to say I haven't heard a bad word on any insurance company, House or boat. I had three trees come down at home and never bothered calling insurance company figuring they would not cover.. My wife called last week and they didn't even want a receipt or pics. We got a check for $2400 yesterday in the mail. Wow. And I was one of the first to post that insurance companies would have a hard time paying off. Its nice to be proven wrong. Now I am in negotiations with the Admiral on what I can buy for my boat.
 
I have travelers. So far, I am less than impressed. I hope in the end they do the right thing...I will provide a full report when this chapter is closed. Too early to discuss on an open forum.
 
Boat/US has been very slow to move the paper. I have yet to receive a check. While I understand that they are busy, I think they are moving slow to protect cashflow. I call them very nicely every week to check on the status of my payment. They say now that the initial portion (90%) may go out this week. Once they get the lien release back from the bank then they will send the additional 10%. I just hope the bank processes the payoff quicker than this initial check is processed. In spite of the delay my next boat will be insured by Boat/US as I like how they assist the boating community. Going for a survay tomorrow on my new toy, I hope it passes...
 
Boat us is just a broker, they aren't the actual carrier. The tie up would be with the carrier.
 
"---- moving slow to protect cash flow." I would be surprised. Capt. C is correct. Further, Boat/US places the bulk of their business with CNA. CNA is ultimately owned by Loews. CNA, to put it directly, is big, profitable and highly rated by A M Best (rating service) and others. Although, Sandy may have given CNA and other carriers a huge financial hit that is what the reinsurance market is all about.
VS, please let us know how your claim shakes out.Good luck!
 
NBOA is a brokers too, but I can't say enough nice things about them.
My agent called me or emailed me every other day to ask if there was anything she could do.
When I wasn't getting thru to insurance claim rep, she spent her time calling and got thru and insisted they call me. Having a broker may cost a little extra but you have a agent who can hold future business over the insurance companies head. If insurance company pisses you off, they lose 1 customer. They piss a broker off, they lose alot of customers. Think about that.
 
Dave, also their are carriers that can only be accesed through agents it isn't always more money to have an agent
 
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