Insurance Company Engine Value and Labor Time

That's quite a lot of damage. Quite a harrowing experience I bet. Glad you made it through okay, regardless of the damage.

Did you get a detailed quote? That still seems a bit high to me. I hit a submerged object in 2020 and bent a prop, bent a rudder and broke a prop shaft. Including haul out and a test drive after I was just over $5k all-in. With one new prop maybe you'd be in the $13k ballpark before they start dealing with the strut and motor replacement.

Shouldn't we be able to drop-in a new/reman small block merc for well under $10k? Hmm...
I was shocked at the cost to repair the boat. I went line by line and the labor times were very fair , part pricing was fair. Mercruiser long black is $4500 plus 30 hours labor is $4000 then start adding gaskets that say Mercruiser, fluids and tax your right at 10k. Now add OEM risers and manifolds. Mercruiser will not warranty the engine for one minute with out OEM risers and manifolds. ( If they are going to pro rate the repair as if I am getting added value because of the advantages of a new motor the treat it as a new motor.) Rudders are $3,000, prop shafts are $2000, a prop is $1500, a strut is $1,600, cleaning the mess out of the bulge is about 7 hours, trust me it will climb faster than you think. the shop added clamps and hoses. I will post the quote when I can.
 
Sorry to hear about this. I hit a submerged log a bunch of years back 2 shafts 2 struts 2 rudders 2 props and minor glass work was 14k everything was beyond repair so all new parts were used.
 
On another note.
So your telling me if I purchase a 1996 boat that has let's say 2 cat 3126's and one day next week one blows. I have machinery coverage for 30k. There not going to pay me anything because that motor is over 20 years old?
 
Being that that year and motor could possibly be in my upcoming new boat purchase should I even bother paying for that coverage? I mean if its useless y would I pay for it?
 
That's how they getcha :) All of that language came from your linked policy language.

Aside from all of this exciting insurance discussion I look forward to learning more about the $29k claim that started this thread. How do you smoke an engine by hitting something and not sink the boat? Yikes...
That's quite a lot of damage. Quite a harrowing experience I bet. Glad you made it through okay, regardless of the damage.

Did you get a detailed quote? That still seems a bit high to me. I hit a submerged object in 2020 and bent a prop, bent a rudder and broke a prop shaft. Including haul out and a test drive after I was just over $5k all-in. With one new prop maybe you'd be in the $13k ballpark before they start dealing with the strut and motor replacement.

Shouldn't we be able to drop-in a new/reman small block merc for well under $10k? Hmm...

Yes I did, I thought the same thing so I went through it line by line. I also thought it was high but I am not seeing where they are asking for to much or adding any major components that should not be there. I don't blame the insurance company for not wanting to pay for all hoses and clamps but the gaskets needed to put in the long block and the labor time to is way to low. to swap everything over to a long block is a long process if you do it right.
I sent the policy and the estimate to an attorney today and after he reviewed everything he agrees to the following.
1 - I have a shitty policy.
2 - I have asked 4 times to get a breakdown of what they are covering, what there not, what they are depreciating and by how much without a reply is wrong. By law they have to give it to me and they refuse.
3 - A reman long block can not be depreciated as if it was a new engine.
4 - The labor hours they are willing to pay is to low. they seem to be paying as if it is a new complete drop in not a long block. By not paying for the gaskets proves that.
5 - no where in the policy does it states what there deprecation schedule is.
6 - And again I have a shit policy. I will be talking to my insurance agent about this. I have every thing through him and they know I like to make sure I have a quality policy on everything. Why did they sell me a piece of shit.
 
Things changed last night, i have decided to do all the repairs myself to keep from having to lose 25k. I have already bought two reman Mercruiser long blocks and a list of other items that need to be changed while the motors are out. I pulled the port motor out and started moving everything to the new LB and noticed a painted over tag on the side of the block. cleaned it off and attached is what it shows. the port motor was already replaced and it was built on 8/27/2009. that may change a few things.
 

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  • old port motor tag.jpg
    old port motor tag.jpg
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I have decided to put some time and money into the boat while its out. i am replacing the following and if anyone see something i missed please let me know. All items below are already bought.
1 - both motors with exhaust risers and manifolds using all OEM Mercruiser parts.
2 - all hosed and clamps OEM Mercruiser parts.
3 - all fuel and oil lines OEM Mercruiser parts.
4 - both prop shafts, props, and prop shaft seals.
5 - both rudders with OEM Sea Ray parts
6 - port prop shaft strut OEM Sea Ray part.
7 - all injectors and sensors on both motors using all OEM Mercruiser parts
8 - all gaskets and seals on the motors like throttle body, heat exchanger, exhaust etc.. using all OEM Mercruiser parts.
9 - adding Lewmar bow thruster and stern thruster.
10 - new depth sounder
11 - upgrading from a 7" to 12" nav screen.
12 - new a/c water pump and fresh water system pump.
13 - new starters, alternators, and sea pump on both motors using all OEM Mercruiser parts..
14 - new belts and pulleys using all OEM Mercruiser parts.
15 - upgrading from a dome to a Raymarine 4KW 4’ Open Array Radar 92654-S I bought on this sites parts thread.
16 - new transmission input shaft seals.
17 - Raymarine EV-150 Auto pilot
18 - new Lewmar stainless anchor and stainless anchor chain.
19 - new Rockford Fosgate stereo amp and speaker system.
20 - both new drive plates at flywheel.
21 - the biggest item of all New Insurance.
 
I have decided to put some time and money into the boat while its out. i am replacing the following and if anyone see something i missed please let me know. All items below are already bought.
1 - both motors with exhaust risers and manifolds using all OEM Mercruiser parts.
2 - all hosed and clamps OEM Mercruiser parts.
3 - all fuel and oil lines OEM Mercruiser parts.
4 - both prop shafts, props, and prop shaft seals.
5 - both rudders with OEM Sea Ray parts
6 - port prop shaft strut OEM Sea Ray part.
7 - all injectors and sensors on both motors using all OEM Mercruiser parts
8 - all gaskets and seals on the motors like throttle body, heat exchanger, exhaust etc.. using all OEM Mercruiser parts.
9 - adding Lewmar bow thruster and stern thruster.
10 - new depth sounder
11 - upgrading from a 7" to 12" nav screen.
12 - new a/c water pump and fresh water system pump.
13 - new starters, alternators, and sea pump on both motors using all OEM Mercruiser parts..
14 - new belts and pulleys using all OEM Mercruiser parts.
15 - upgrading from a dome to a Raymarine 4KW 4’ Open Array Radar 92654-S I bought on this sites parts thread.
16 - new transmission input shaft seals.
17 - Raymarine EV-150 Auto pilot
18 - new Lewmar stainless anchor and stainless anchor chain.
19 - new Rockford Fosgate stereo amp and speaker system.
20 - both new drive plates at flywheel.
21 - the biggest item of all New Insurance.

Sheesh...for what you're about to spend you could probably buy another boat with all of those things already installed!
 
Sheesh...for what you're about to spend you could probably buy another boat with all of those things already installed!
That is my thought too but this way you know what you have. You just need to be sure you will enjoy that boat for many years to amortize the investment and not suffer the wrath of 2 footitis 2 years from now.
I need to have a very serious discussion with my insurance broker about what my coverage will take care of in the event of a serious underwater strike. On my 06 44 DB I had Chubb and the first year we had it I had a $35,000 claim. The boat was 10 years old and there was no discussion of depreciation of props or shafts. Chubb did not blink an eye. At the time my premium was $1300/year on a $345K agreed value. Now with the 51 foot 2000 Carver just turning of legal drinking age I am wondering what they would do if I had a strike that damages the running gear and drive or worst case engines. The broker put us with Travelers as Chubb is getting out of underwriting yacht policies. BTW for the 506 agreed value at $270K my premium is $2K and change.
Carpe Diem
 
Sheesh...for what you're about to spend you could probably buy another boat with all of those things already installed!
Have you priced a new 30 plus foot boat lately? I like the older Sundancer line and the cost of doing what I am doing myself is not bad just a lot of work. I may have 15k into it and like Carpediem said, I will know what I have. I got a supper deal on the boat because of it being the end of the season so all in I still do not have as much as some are paying for the same with no new upgrades
 
Skip the stern thruster. No need on that boat.
My slip id in Ponce Inlet Fl. and the tide current is very strong. With the changing of the current direction I think I was thinking that it would help.
 
Glad you had a good experience with Chubb, that’s who my yacht policy is with. I guess I will let you know if they renew in 2 weeks when I get my notice... knock on wood, 30 years of boating, no claims, it’s something I hope to never use.

That is my thought too but this way you know what you have. You just need to be sure you will enjoy that boat for many years to amortize the investment and not suffer the wrath of 2 footitis 2 years from now.
I need to have a very serious discussion with my insurance broker about what my coverage will take care of in the event of a serious underwater strike. On my 06 44 DB I had Chubb and the first year we had it I had a $35,000 claim. The boat was 10 years old and there was no discussion of depreciation of props or shafts. Chubb did not blink an eye. At the time my premium was $1300/year on a $345K agreed value. Now with the 51 foot 2000 Carver just turning of legal drinking age I am wondering what they would do if I had a strike that damages the running gear and drive or worst case engines. The broker put us with Travelers as Chubb is getting out of underwriting yacht policies. BTW for the 506 agreed value at $270K my premium is $2K and change.
Carpe Diem
 
That is my thought too but this way you know what you have. You just need to be sure you will enjoy that boat for many years to amortize the investment and not suffer the wrath of 2 footitis 2 years from now.
I need to have a very serious discussion with my insurance broker about what my coverage will take care of in the event of a serious underwater strike. On my 06 44 DB I had Chubb and the first year we had it I had a $35,000 claim. The boat was 10 years old and there was no discussion of depreciation of props or shafts. Chubb did not blink an eye. At the time my premium was $1300/year on a $345K agreed value. Now with the 51 foot 2000 Carver just turning of legal drinking age I am wondering what they would do if I had a strike that damages the running gear and drive or worst case engines. The broker put us with Travelers as Chubb is getting out of underwriting yacht policies. BTW for the 506 agreed value at $270K my premium is $2K and change.
Carpe Diem

I agree with having to keep the boat for a while but if it turns out like I expect it will i see no reason to trade up for a few years.
I am going to look into Chubb, i will have to call to see if they can write the insurance on everything I have. With SkiSafe they screw you everywhere they can. If i cancel the policy they prorate it 75% after its written then again every month on the remaining 25% . I paid about $3,000 for the year policy so I should get back about $400 after 4 months. unless I can have two policies on it I see no reason to keep it since unless the boat sinks I don't see a value to in it and even than i am sure they have something that gets them out of that too.
 
port motor new.jpg
port motor damage.jpg
port rudder.jpg


first picture is the new port motor ready to go in, the second is the damage to the ports motor cyl 5 and 7, the last is the prop, rudder and strut damage to the port side.
 
starboard engine coming out. If someone needs a long block just pay the freight and you can have it.
starboard motor old.jpg
 
look at using fastenal store to store - i shipped one from fla to ma - IIRC it was about $150 - other sources would be uship, forward air and r&l carriers are good too - probably a lot of demand fot that motor soon with all the freezing temps down south....
 

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