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Dthornton

Insurance total loss question

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Dthornton

Received a phone call from marina about a fire in dry storage.  Our 2007 Malibu XTI is a total loss, only 420 hours and in good condition.  Any ideas on what the real cash value should be?

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Ronnie

Call your local dealer and ask what full retail should be, get it in writing.

 

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Eagleboy99

It is going to be all over the map:  private sale vs. dealer; accessories; location etc.  Here's on example:  https://www.onlyinboards.com/Used-ski-boats.aspx?MakerName=3&Model=63&sold=1   And don't expect the insurance to cover more than book value ( NADA says basic price of 31-37K but I don't know how yours was equipped) so you will likely have to  have a great case.   Another reason for full replacement cost insurance.

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Rednucleus

So sorry for your loss.

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DonT

Make sure in the value of your boat all the accessories/improvements you have made are included in the valuation.  This should also include covers, etc.  

 

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TallRedRider

I would not do insurance without full cost replacement.  It costs a little more, but then you KNOW exactly how much you will get when something like this happens.  

I am sorry to hear this. 

Start with a value from the dealer and hopefully the insurance will negotiate.  Unfortunately, they may take NADA value and tell you to pound sand about any other value.  The small print in the policy may say something to that effect.  

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Txstoj

@Dthornton, I am a few units down from you and we lost our 17 red/black T23.  Sucks to have something else to deal with.

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oldjeep

Sucks.  But on the next boat get agreed value coverage.

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MattyICE15

sorry to hear. Not a great way to start the holiday season. I'm sure you'll enjoy the new boat and make a lot of new memories.

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Sixball

As brought up insure your boats for a value. this way you know going in the money you will receive for a full clam.  If you are a home owner potting packages on your home owner site can make things fairly cheep to insure. We have many other things around the home insured. Photography gear, Art, jewelry, An umbrella to cover things that could come up around the home.  Mu costs are very reasonable for the coveridge we have.

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Eagleboy99

FWIW, my book value insurance (pegged to reasonable replacement cost BTW) is about $120 USD less than what agreed (original purchase price) was.  Like I said, if I could get replacement cost on a boat I would most definitely do it considering the annual escalation rate of prices.

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oldjeep
Just now, Sixball said:

As brought up insure your boats for a value. this way you know going in the money you will receive for a full clam.  If you are a home owner potting packages on your home owner site can make things fairly cheep to insure. We have many other things around the home insured. Photography gear, Art, jewelry, An umbrella to cover things that could come up around the home.  Mu costs are very reasonable for the coveridge we have.

FWIW, my skisafe policy is about half what I was paying to insure the boat through the company that does my homeowners.  I pay $264 for 61K of agreed value and 300K of liability which was the same coverage I had with State Farm

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Chris_B
3 hours ago, Dthornton said:

Received a phone call from marina about a fire in dry storage.

Depending on the documents you signed (e.g., waiver of liability) when storing it and the cause of the fire (e.g., negligence on part of storage provider), it may be their insurance covering your loss (or at least any out of pocket expenses not covered by your insurance).

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barefootpaul
9 minutes ago, Chris_B said:

Depending on the documents you signed (e.g., waiver of liability) when storing it and the cause of the fire (e.g., negligence on part of storage provider), it may be their insurance covering your loss (or at least any out of pocket expenses not covered by your insurance).

Extremely unlikely that the property owner's insurance will hold any liability. I am in the business. It needs to be thought of as providing space rental, not providing storage of things. The provider is only providing empty space. The owner, and their insurance company, has very limited ability to quantify the financial risk of the stored property, so they just don't.

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Chris_B
1 minute ago, barefootpaul said:

Extremely unlikely that the property owner's insurance will hold any liability. I am in the business. It needs to be thought of as providing space rental, not providing storage of things. The provider is only providing empty space. The owner, and their insurance company, has very limited ability to quantify the financial risk of the stored property, so they just don't.

It would completely depend on the facts and circumstances of the fire.  If the property owner (storage provider) or one of his agents (i.e., employees) caused the fire - especially if by gross negligence, then the storage provider would likely hold liability. 

For example, if the storage facility is an open indoor metal building that is also used for other mechanical repairs and the owner causes a fire by welding next to a fuel can...then he/she would likely be liable for the foreseeable consequences of such reckless behavior.

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Leftlane

I just had a total loss claim on our 2014 23 LSV that was crushed and swept away in the Lake LBJ floods in October (still never recovered).  I had a stated value policy with Progressive and was paid the full amount minus a $375 deductible, and that included the trailer which they came to pick up.  It made life so much easier to know I was fully covered - I ended up having that boat for a year and a half basically for free when it was all said and done. I’m a big fan of stated value coverage even if it is slightly more.

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Sixball
23 hours ago, oldjeep said:

FWIW, my skisafe policy is about half what I was paying to insure the boat through the company that does my homeowners.  I pay $264 for 61K of agreed value and 300K of liability which was the same coverage I had with State Farm

Sine retiring and moving to our new home I have the best insurance agent I have ever worked with. He has done me a very good job with all my insurance.  He also checks our policies often and if thing change we talk.  I use to shop around but have found no need now. And everything is with good company's.  Even my boat and I don't have a lay up time as I never know when the boat is going in or out.  On a good year I get nine months even up in the north.

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Nitrousbird

Why does it feel like every year I read that someone on this form lost a boat from a storage facility cathcing fire or collapsing?

There has to be something to it. There aren't that many members here.  I have a feeling this one was an insurance grab for someone with a boat stored in the area. 

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Steve B.

Sorry to the three of you above for your boat loss's. My insurance is not replacement. Need to change that. 

Steve B.

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Eagleboy99
14 hours ago, Nitrousbird said:

Why does it feel like every year I read that someone on this form lost a boat from a storage facility cathcing fire or collapsing?

There has to be something to it. There aren't that many members here.  I have a feeling this one was an insurance grab for someone with a boat stored in the area. 

Have you seen some of these storage facilities?  Many are pretty janky.  My old one was like that and the new one just built is pretty great. Webcams, alarms, intrusion detection etc.

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Sixball

Marina and boat storage fires are bad. Boats being stored often have full fuel tanks and fiberglass loves to burn.  Even marina fires with boats on the water don't often only involve one or two boats.

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JeffC

Im always sorry to read threads like this... my thoughts are with you guys.    At least for me, the boat is more than just a thing.   Even with full replacement value insurance, the boat represents much more to me than just a collection of fiberglass and metal.    It is inextricably tied to some of the best of our family memories - in the case of the BU, maybe only two summers worth, but they are priceless memories.   Taking a financial hit on top of losing the boat is only salt in the wound.

But in any case, I hope all is resolved quickly, and you can get into next season and start making new memories.    

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