Insurance Company Engine Value and Labor Time

I'd love to have it. Any idea what freight might cost to VA?
I have dropped things at Fastenal for others. it is a good place to look into. I can get you a weight if you would like. If the motor is for you or a friend your the first that has asked so you have a few days to see what you can do. I do not want someone wanting it to sell it to make money. Its to help someone. everyone tells me to keep it as a spare and I have no room and have to many spare parts around. I don't need to add a motor to the list with two new ones in it.
 
I have dropped things at Fastenal for others. it is a good place to look into. I can get you a weight if you would like. If the motor is for you or a friend your the first that has asked so you have a few days to see what you can do. I do not want someone wanting it to sell it to make money. Its to help someone. everyone tells me to keep it as a spare and I have no room and have to many spare parts around. I don't need to add a motor to the list with two new ones in it.
I'm not a reseller. This is for me. I love to build big blocks. Yes, please let me know the weight and location and I'll see what I can do. I shot you a message too. Thanks!
 
I'm not a reseller. This is for me. I love to build big blocks. Yes, please let me know the weight and location and I'll see what I can do. I shot you a message too. Thanks!
ITS NOT A BIG BLOCK ITS A 5.7 300HP
 
ITS NOT A BIG BLOCK ITS A 5.7 300HP
I don't know how the hell I missed that! I have big blocks on the brain. I saw 300hp Mag MPI in your options and assumed 454. I'm sorry about that... Please disregard previous messages.
 
I don't know how the hell I missed that! I have big blocks on the brain. I saw 300hp Mag MPI in your options and assumed 454. I'm sorry about that... Please disregard previous messages.


don't we always have Big Blocks on the brain, i know i do!
 
Yes I do. If I didn't have a trailer and own a crane shop I would be so screwed right now.
I'm sorry you are going trough this, but you obviously have the talent (and the money) to do this yourself for a huge savings and the results will be a great boat "out of the box" when you are finished.
 
as fuel prices increase the big block will be a pain on the brain.
 
I'm sorry you are going trough this, but you obviously have the talent (and the money) to do this yourself for a huge savings and the results will be a great boat "out of the box" when you are finished.
I believe it will be. I would love a bigger boat but then i wouldn't be able to tow it if i wanted to. i want to plan a Bahama trip. from Ponce Inlet to the Bahamas would be way to long a trip. It would add 150 miles to the run and would have to follow the coast to fuel up, but if I trailer it to West Palm Beach its a two hour run. Much better on the pocket book and time calendar. When I retire i will be looking for a 50 plus Sea Ray.
 
I'm sorry you are going trough this, but you obviously have the talent (and the money) to do this yourself for a huge savings and the results will be a great boat "out of the box" when you are finished.
If that's your boat in the picture that is a sweeet boat. what YMM is that? That looks like what I would want when I retire in 5 years.
 
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?

These are quotes from my adjuster when I questioned her on what the depreciation schedule is and why non wear items were depreciated. When I read it I could not believe what I was reading. This was after the engine was found to be an late build 2009 not a 2000. The estimate sent to her had all the parts that were damaged during the accident.
"
"As set forth in the Policy, “in the event of a covered partial loss to your Insured Property that is subject to depreciation, we will only pay the necessary and reasonable cost to repair your Insured Property after taking into account any applicable depreciation in computing the loss. Moreover, the cost of repairs shall be determined by boat repair yard, equipment repairers or surveyors agreeable to us.” The policy covers repairs and not estimates."

"Preliminarily, all of the parts were depreciated. The engine estimate depreciated parts should have been depreciated by 60%, but I only applied 50% depreciation as a courtesy. As previously provided, the surveyor highlighted and marked the items that were not covered by the policy and which reduced the estimate to $15,108.75. The prop and rudder estimates were subject to full depreciation, but we applied a 10% residual value. Please understand that all parts were depreciated as set forth above and labor was not depreciated. In addition, a depreciation schedule is not a document that exists. We have provided the settlement calculation based on the estimates provided and the survey, which I also provided for your review. The list of parts that were depreciated are in the estimates you provided and the % applied is set forth above."

"It is our standard practice to depreciate those parts for your vessel. Please also provide your attorney with the estimates provided to us, that is the list of parts that are subject to depreciation. We have no further work product available, there is no list generated by Skisafe, we based our calculations off the estimates you provided and the engine estimate that is marked up by the surveyor that has been provided to you. "
 
These are quotes from my adjuster when I questioned her on what the depreciation schedule is and why non wear items were depreciated. When I read it I could not believe what I was reading. This was after the engine was found to be an late build 2009 not a 2000. The estimate sent to her had all the parts that were damaged during the accident.
"
"As set forth in the Policy, “in the event of a covered partial loss to your Insured Property that is subject to depreciation, we will only pay the necessary and reasonable cost to repair your Insured Property after taking into account any applicable depreciation in computing the loss. Moreover, the cost of repairs shall be determined by boat repair yard, equipment repairers or surveyors agreeable to us.” The policy covers repairs and not estimates."

"Preliminarily, all of the parts were depreciated. The engine estimate depreciated parts should have been depreciated by 60%, but I only applied 50% depreciation as a courtesy. As previously provided, the surveyor highlighted and marked the items that were not covered by the policy and which reduced the estimate to $15,108.75. The prop and rudder estimates were subject to full depreciation, but we applied a 10% residual value. Please understand that all parts were depreciated as set forth above and labor was not depreciated. In addition, a depreciation schedule is not a document that exists. We have provided the settlement calculation based on the estimates provided and the survey, which I also provided for your review. The list of parts that were depreciated are in the estimates you provided and the % applied is set forth above."

"It is our standard practice to depreciate those parts for your vessel. Please also provide your attorney with the estimates provided to us, that is the list of parts that are subject to depreciation. We have no further work product available, there is no list generated by Skisafe, we based our calculations off the estimates you provided and the engine estimate that is marked up by the surveyor that has been provided to you. "
Sounds like they are ready for the fight
 
After speaking to a couple insurance brokers yesterday, the depreciation is standard language, the only thing o can do is shop a little better to compare what full depreciation is. My current policy has it at a maximum of 80%, where there may be some that have lower maximums at 70%.... I am a little freaked out over this. I don’t expect my insurance to fix something that is wore out, but a V drive transmission can easily last for decades, not 10-15 years.... a properly maintained big block motor can last for 3000 hours, which would be a lot more than the time frame allocated by the depreciation schedule.
 
After speaking to a couple insurance brokers yesterday, the depreciation is standard language, the only thing o can do is shop a little better to compare what full depreciation is. My current policy has it at a maximum of 80%, where there may be some that have lower maximums at 70%.... I am a little freaked out over this. I don’t expect my insurance to fix something that is wore out, but a V drive transmission can easily last for decades, not 10-15 years.... a properly maintained big block motor can last for 3000 hours, which would be a lot more than the time frame allocated by the depreciation schedule.

One of the parts that blows me away is " depreciation schedule is not a document that exists" , this lady has been telling me for a month the the value of the parts is determined by the depreciation schedule that I now find out is made up in there head. What a scam. Why would you charge $2500 to insure a boat that has no value.
 
One of the parts that blows me away is " depreciation schedule is not a document that exists" , this lady has been telling me for a month the the value of the parts is determined by the depreciation schedule that I now find out is made up in there head. What a scam. Why would you charge $2500 to insure a boat that has no value.

I read that part you posted, that would be the main focus of my bitch also
 
These are quotes from my adjuster when I questioned her on what the depreciation schedule is and why non wear items were depreciated. When I read it I could not believe what I was reading. This was after the engine was found to be an late build 2009 not a 2000. The estimate sent to her had all the parts that were damaged during the accident.
"
"As set forth in the Policy, “in the event of a covered partial loss to your Insured Property that is subject to depreciation, we will only pay the necessary and reasonable cost to repair your Insured Property after taking into account any applicable depreciation in computing the loss. Moreover, the cost of repairs shall be determined by boat repair yard, equipment repairers or surveyors agreeable to us.” The policy covers repairs and not estimates."

"Preliminarily, all of the parts were depreciated. The engine estimate depreciated parts should have been depreciated by 60%, but I only applied 50% depreciation as a courtesy. As previously provided, the surveyor highlighted and marked the items that were not covered by the policy and which reduced the estimate to $15,108.75. The prop and rudder estimates were subject to full depreciation, but we applied a 10% residual value. Please understand that all parts were depreciated as set forth above and labor was not depreciated. In addition, a depreciation schedule is not a document that exists. We have provided the settlement calculation based on the estimates provided and the survey, which I also provided for your review. The list of parts that were depreciated are in the estimates you provided and the % applied is set forth above."

"It is our standard practice to depreciate those parts for your vessel. Please also provide your attorney with the estimates provided to us, that is the list of parts that are subject to depreciation. We have no further work product available, there is no list generated by Skisafe, we based our calculations off the estimates you provided and the engine estimate that is marked up by the surveyor that has been provided to you. "
Jesus.... scary....
 
I am running into an issue where my insurance company will not pay a claim. The adjuster states that the valve seat breaking apart is normal wear and tear. This damage happened while the mechanic was adjusting the carbs, no issue before this.

summary of cause.PNG
Piece of broken valve seat Number 8 exhaust valve.PNG
 
I am running into an issue where my insurance company will not pay a claim. The adjuster states that the valve seat breaking apart is normal wear and tear. This damage happened while the mechanic was adjusting the carbs, no issue before this.

View attachment 116073View attachment 116074
Unfortunately, I would have to agree with the adjuster. "Sudden and Accidental" is operative language. Ie; you have to hit something.
 
Unfortunately, I would have to agree with the adjuster. "Sudden and Accidental" is operative language. Ie; you have to hit something.

Thank you for your input, Golfman25.
 

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