I'll know more by the time I get to Algonac, and it WILL be a subject of my seminar.
My Dad has always insured with Boat/US for as long as I can remember, and I have kept the tradition. We have been insured since 1984 when we bought our Bayliner 19'. It's always been his belief that you get what you pay for. Now for the good, the bad and the ugly.
The time to check your coverage is NOT when you have a claim. So here's some food for thought. On my BUS Policy it is an "agreed value" policy. Will it replace the boat? No. but it will cover the boat. I am guaranteed a check for that amount should it ever be totaled.
Now... How about the salvage, Haulout, Storage fees, etc until the settlement? Here's where it gets dicey. I will not name other carriers. It's YOUR JOB to do your due diligence. On my BUS Agreed value policy, There is a separate coverage, for salvage, transport, storage etc that will cover my boat 100% with no deductible up to the value of the boat. It does not come out of my Agreed amount check. Its a separate part.
Other carriers who do not specialize in Marine policy underwriting go by a different standard. One or two "well known" carriers will not tell you until it's too late that they cover salvage, recovery, storage, transport etc to 5% (Thats FIVE PERCENT) of the boat/policy value then the balance comes out of your pocket. To give you some real numbers? Lets say hypothetically Labors Love had an agreed upon value of $8,000 and I had a policy with a different carrier I would be covered up to 400.00 for the 5 hr salvage, towing, Haulout, transport and Storage.
I can tell you I got the first invoice today for everything but the salvage and it was $1900.00.
So very glad, that I listened to my dads advice. The salvage (TowBoatUS) Covered 100% No Deductible. The Haulout, transport, yard fees, etc? 100% Covered No deductible. And I'll have a decent check coming for all those years I paid roughly 7-800/yr for this coverage.
Now.... Did I scare ya? Maybe so, Maybe Not. But my Surveyor who was assigned to me, spent time explaining all of this because its all he does is claims for all carriers of boat insurance, and says, the only reason people will stray from a carrier like Boat/US, is because 1) It's not the cheapest policy. 2) They have a "friend" in the insurance or they've had all their insurance under one brand. or 3) They don't want or won't get a survey done which is required.
So... There's what I got so far. I'll bring the rest to Algonac for my seminar.
Be sure to film that for archives
I have had two very minor claims with Boat US over the past 20+ years and all I can say is it was one of the smoothest transactions ever dealing with insurances.
Yes, maybe Boat US is a little higher than others but I will pay the extra knowing I get better coverage and service if I need to report a claim.
We also have Boat US on our 1941 Century including towing. We had a blowout on Rt 87 on our way to Lake George on the trailer. We could not get 2 of the lug nuts off and had to be towed into Saggerties NY. We had to put out initial payment but was refunded within a month. And yes it was smooth. Dave