The rendezvous was by far a HUGE success! Thanks to all who made it happen! Ruth and I had a great time! My pics are on my personal Facebook site and I will email Char soon.
One other note! It's been fun getting texts and emails from people who attended the seminar and made the call about their coverages... Some were ok and no change needed. Some didn't have any coverage other than liability, Some had everything EXCEPT recovery (Salvage from sinking) and one wild card that even got me! One reported back that their salvage and recovery was only at the slip and was not covered if underway. YIKES!!
Its been a great discussion and seeing the results was even more bizarre than I expected!
T echnicals (By definition)
Makes Perfect Sense.!!!
I checked my Progressive coverage on wreckage removal. On the standard coverages it appears that if you have comprehensive and collision coverage, as well as agreed value coverage, it looks like they'll pay as follows:
If you're legally or contractually required to get your sunk boat out of wherever it is (I'm betting this would be boats at the slip and likely wrecks in the Great Lakes), you're going to be covered so long as the cost to raise, clean up, and fix any physical damage to anything you don't own does not exceed your limit of liability for physical damage plus 5% of your agreed value. This sort of makes sense since "property damage" to them includes the cost to clean up accidental spills and costs associated with loss of their use of their property. I'd have to think getting your sunk boat off their harbor floor so they can use it again would qualify, but I'm not an insurance expert (just a guy tapping on a phone screen).
If you're not legally or contractually required to raise it, they'll just give you 5% of your agreed value, on addition to the agreed value for your totalled out boat.