Insured Value of Your Boat

[Ringo]

I think we all can agree on the fact that the average market value of used boats (mainly tin boats) has increased over the last 2-3 years. Have you guys "upped" the declared value of your boats on your insurance papers? What are your thoughts on this? If you've gone through this process, what was your experience with your insurance company/underwriter?
Just wondering if this is something that I should discuss with my brooker before renewing my insurance next mobth.

 

[bigdogeh]

Probably a good thing to do. I'm considering doing the same thing next time I insure...

 

[Chasin' Dreams]

Yes every year when I renew it I talk to the adjuster and also write in anything else I've added to the boat for "fixed items attached to boat" with pictures. I also keep a complete list of loose items in the boat such as rods, reels, tackle, binoculars, etc with pictures and upgrade that yearly with house insurance as they aren't included in the boat insurance value.

 

[noluck]

i will have to update the valve of my powerplant, the 4bt cummins is worth abit more

 

[chadr]

Great reminder, a little to late for me though. My 20ft aluminium is in on an insurance claim and will unfortunatley be written off. I bought out of Oregon about 5 years ago when the dollar was almost on par. I have slowly done alot of updates small and fairly large and [my fault] have not kept my insurance comepletely up to date with improvements. Needless to say I am arguing with insurance company and adjuster now. If [when] I get a cheque for insured amount, it will only be about half of what I could buy a comparable boat for right now. So I say yes, update your policy as prices fluctuate or as you do work on your boat

 

[Franko Manini]

I looked into adjusting the value of my boat as I am in the same situation as @chadr. Bought when the dollar was on par with the US down in Portland. My adjuster told me it was no issue at all but I would need a marine survey.

I kinda wondered... all I did when I initially insured the boat was shop my bill of sale. So couldn't I just go to another insurer and show them the original bill of sale? They would naturally do he conversion to $CDN and then iuld get the higher value without the cost of a survey. Maybe this year I will pose this question to my insurer and see if they bite.

 

[SteelyDan]

This year when I bought my hull out of Massachusetts I had a marine survey done before purchase. I spoke to my insurer and explained that my hull is worth significantly more here in Vancouver because of the market and wanted to insure it for more than the surveyor from MA said it was worth. The response back that I got was I would have to have a survey done here to reassess the value. That kinda sucks but if I keep track of upgrades and keep adjusting value as I go I should be in the ballpark.

 

[Chasin' Dreams]

I looked into adjusting the value of my boat as I am in the same situation as @chadr. Bought when the dollar was on par with the US down in Portland. My adjuster told me it was no issue at all but I would need a marine survey.

I kinda wondered... all I did when I initially insured the boat was shop my bill of sale. So couldn't I just go to another insurer and show them the original bill of sale? They would naturally do he conversion to $CDN and then iuld get the higher value without the cost of a survey. Maybe this year I will pose this question to my insurer and see if they bite.

Not sure if you can contact the underwriter directly to ask your questions instead of the middle man insurance agency adjuster but if you can, the underwriter's they would probably ask those questions to would be:
Coast, Beacon, Cowan, Intact, Pacific Marine and Special Risk Insurance Managers

When I shopped my insurance around there was a large difference in prices from the above underwriters both with my annual cost and with deductibles. Make sure you know exactly what the differences in quotes are that you are offered before signing.

 

[Ringo]

Thanks, guys. The underwriter (london lloyds) asked for a list of upgrades to the boat and trailer. They reviewed and approved the request to increase the "stated amount" by 40% and no need for a new survey. My annual fee only went up by 16% so definitely worth the extra $$.

 

[aheny]

Great reminder, a little to late for me though. My 20ft aluminium is in on an insurance claim and will unfortunatley be written off. I bought out of Oregon about 5 years ago when the dollar was almost on par. I have slowly done alot of updates small and fairly large and [my fault] have not kept my insurance comepletely up to date with improvements. Needless to say I am arguing with insurance company and adjuster now. If [when] I get a cheque for insured amount, it will only be about half of what I could buy a comparable boat for right now. So I say yes, update your policy as prices fluctuate or as you do work on your boat

This is a great point. When your insurance is up for the year resist the urge to just carry it forward for another year.
I always use it as a chance to completely re inventory my boat, and get the broker to send it out to the markets and see what policies are offered. Make them compete to keep your business.