- Aug 20, 2021
- 1,323
- Boat Info
- Started out as MAYBE A DANCER
Became a Dancer - 12/23/21
- Engines
- 450 DA Sundancer running CAT 3126
Two weeks away from the 2 year anniversary of my current insurance policy with GEICO.
I had been a Boat US/Current Underwriter client for 25+ years. (and yes, Richard Schwartz is likely turning over in his grave for what has been done to the organization he started, but so is Walt Disney....)
I digress, bear with me...
Anyhow, 2 years ago I was able to insure this vessel - 1996 450DA for an agreed to value of $141,200 and to my surprise, (ready for this.....) NO SURVEY WAS REQUIRED !
I've made numerous improvements and additions to the old girl, and I believe I would be hard pressed to find one in the same condition as this one for $141,200.
It is also doubtful, EXTREMELY DOUBTFUL I could find a decent example, and refit THAT one into the same condition as mine for a total combined outlay of $141,200.
My concern is not the nickel and dime claims. I only seek to insure against a catastrophic loss.
Lightning strike/fire, marina/fire, hurricane, submerged object sinking, etc.
This vessel went through THE EYE of Hurricane IAN, properly stripped, prepped and spiderwebbed in the canal behind my home, with zero, yes ZERO DAMAGE. (although I'm still finding leaves and debris wedged into the most unusual places)
Back to the topic: I contacted GEICO MARINE today, to see about increasing the agreed to value, and was told $101,000 - $111,000 was the max agreed to value they would insure her for, however the current policy and value do remain in effect.
I was expecting them to tell me I'd need a current survey to get that value increased, which is doable as she's coming out of the water next month for a bottom job, however with such a huge drop in parameters, I think it's unlikely even with a survey to get her insured for anything more than the current amount.
These mid 1990's vessels are at the bottom of the depreciation curve.
I'm guessing that this is the shape of things to come, as a result of last years damage.
I do understand that maintenance and returning to baseline type of repairs do not increase her value, but electronics, flooring, soft goods, and equipment upgrades do or should.
After I paint the engine room floor, she will absolutely show as new, both inside and out.
This is NOT an exaggeration.
Guess I don't expect any solutions, however any advice would be appreciated.
BEST !
RWS
I had been a Boat US/Current Underwriter client for 25+ years. (and yes, Richard Schwartz is likely turning over in his grave for what has been done to the organization he started, but so is Walt Disney....)
I digress, bear with me...
Anyhow, 2 years ago I was able to insure this vessel - 1996 450DA for an agreed to value of $141,200 and to my surprise, (ready for this.....) NO SURVEY WAS REQUIRED !
I've made numerous improvements and additions to the old girl, and I believe I would be hard pressed to find one in the same condition as this one for $141,200.
It is also doubtful, EXTREMELY DOUBTFUL I could find a decent example, and refit THAT one into the same condition as mine for a total combined outlay of $141,200.
My concern is not the nickel and dime claims. I only seek to insure against a catastrophic loss.
Lightning strike/fire, marina/fire, hurricane, submerged object sinking, etc.
This vessel went through THE EYE of Hurricane IAN, properly stripped, prepped and spiderwebbed in the canal behind my home, with zero, yes ZERO DAMAGE. (although I'm still finding leaves and debris wedged into the most unusual places)
Back to the topic: I contacted GEICO MARINE today, to see about increasing the agreed to value, and was told $101,000 - $111,000 was the max agreed to value they would insure her for, however the current policy and value do remain in effect.
I was expecting them to tell me I'd need a current survey to get that value increased, which is doable as she's coming out of the water next month for a bottom job, however with such a huge drop in parameters, I think it's unlikely even with a survey to get her insured for anything more than the current amount.
These mid 1990's vessels are at the bottom of the depreciation curve.
I'm guessing that this is the shape of things to come, as a result of last years damage.
I do understand that maintenance and returning to baseline type of repairs do not increase her value, but electronics, flooring, soft goods, and equipment upgrades do or should.
After I paint the engine room floor, she will absolutely show as new, both inside and out.
This is NOT an exaggeration.
Guess I don't expect any solutions, however any advice would be appreciated.
BEST !
RWS