Insurance question

HOGAN

HOGAN

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We all know a lot of boats will be unfixable after Sandy. However, I have to think that there will be a lot of electronic equipment that is still fine and usable.

My question, if the insurance company totals the boat, can you take off your working electronics and sell them on your own? Or do they all get trashed along with the rest of the boat?
 
I wonder if insurance companys can file bankruptsy.... and pay 0 claims ?
 
I dont know what happens to boat estimated valuse when stuff was removed for winter storage prior to damage
 
I'm not saying this is universal, but as a data point, BoatUS says, "If we pay you the insured value, we have the right to the insured property. If we exercise our right to acquire the insured property, you must provide all documents needed to transfer title to us."

It just makes sense. If they pay you for it, it's theirs.
 
I am sure that many electronics will be "stolen" while waiting for the adjuster.
 
Greetings to all: This is a really good question. Not only does it apply to Sandy issues, but yard fires during the winter storage period. My take is that the insurance company at right off owns the vessels and all things there attached and on board. If you have a replace value insurance then they with you will try to replace in kind and condition the vessel you lost. As for items not on board an arguement could ensue with the insurer that the vessel at the time of the incident was not up to the value for which it was insured. In the long run the insurer will pay the least amount it can. Surely there is some member of this forum who has insurance expertise and can or will enter into the dicussion simply to inform we the not knowing. Regards Bill.
 
quote:
Originally posted by Double D

I wonder if insurance companys can file bankruptsy.... and pay 0 claims ?

Click to expand...


Technically they can. But 1. it's not in their best interest, 2. it's unlikely that they would need to, and 3. if they did, each state has a guarantee fund (similar in concept) to FDIC which would cover some, if not all of the claim.

This would be more of a danger for regional insurers with a high concentration of insured in the NY/NJ area.
 
I took a look at my policy and it has a separate line item for boat contents and electronics. Like the other parts, hull and engines, it's stated value, and I called my broker - if the boat is totaled, they add that value into it as well.

Anyone else have that? I have the boat insured with Allstate
 
The insurance company owns the boat, motor and all fixtures. When I had a car totalled in my younger days, I removed the newly installed stereo I had just installed, and the insurance company dinged me $150 for the missing stereo.
 
Don
I do not believe that is possible.
Every company has reserves to pay claims.
If the company paid claims to the extent they went insolvent, the state of domicile would make a decision as to rehab the company or have it go bust.
Declaring bankruptcy to get out of claims is not an option.
Either way milllions of dollars in claims would have to be paid before an insolvency filing.
There is a state fund as to pay claims for bankrupt companies but the claims are limited.
You can probably go on the insurance department of new yorks website and get these numbers.
I hope you,deb and the dog are good.
 
If the insurance company takes possession of the parts you are interested in, make an offer for them. Years ago I did and we made a deal. "You don't ask -- you don't get!"
 
quote:
Originally posted by EdFitz

The insurance company owns the boat, motor and all fixtures. When I had a car totalled in my younger days, I removed the newly installed stereo I had just installed, and the insurance company dinged me $150 for the missing stereo.

Click to expand...


True because you took out the radio you install but did not replace it with one that was origionally installed.
 
If you have personal property on your boat or any installed items after you you were given your policy and it was not recorded or added to the policy then you should be able to remove it as they may not pay for it anyway.
 
Seriously need a computer back up and running. Trying to read on the phone was difficult. Sorry about my random comment lol.
 
Installed items are usually factored into hull value and go with the boat in the event of a total loss.
 
Installed will be the operable term to pay attention to
 
Short and sweet answer, remove what is good and you can sell,electronics on the boat is not going to affect the claim. Agreed value is just that and that is what the claim is based on.
 
All the electronics on my boat were installed after may boat was insured and I did not update them as I added each device. However I did stated I had a radar and GPS system the fact that it's all new is irreverent I sure they would expect it to be there My satellite I would feel comfortable removing as there is no record of such. When I called to put in my claim I was advised to remove all electronics to prevent them from being stolen in the yard while waiting for the adjuster.
 
Go get the electronics and tell them you removed them from the boat before the hurricane.
If they were in your house for the hurricane, they are yours.
 
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