bugman
12-04-2003, 09:36 AM
I guess many of you may have been wondering about what happened with my insurance claim. I just wanted to wait until it was completely finalised and the cheque was cashed before I give my account.
As many of you may know, my boat was sunk at the wrecks on Tangalooma on March 1. It was a Haines 16c half cabin in pretty good nick with an old 79 140hp Evinrude on the back. As a result of being under (overnight it seems) anything that was screwed on, up and floated away. Included in this were my full storm covers - folded under the front bunks - and even my canopy (which I will admit was held on by some rather week aluminium poles) was ripped off and broken in the current (some people seem to think she may have rolled over).
Water had also penetrated the hull and "popped" all the fibreglass on the floor requiring a new floor. All electrics, including wiring) were deemed to be unusable and needed to be replaced.
The total repair and replacement costs for the boat was around $11,500.
We also suffered losses of fishing and diving gear which equated to $3,500. (most of that diving - except for one rod and reel and tackle box)
The boat was insured with Club Marine for $10,000 with the policy including various specific items like the covers, electrics etc.
The mechanic's and insurance first impresssion was that it was a write-off. An independent assessor saw the boat - agreed it was a write-off and put an offer to me (based on the boat alone) of $7,000. His offer was worked out on "marked value" despite the fact I had been paying insurance premiums on the coverage of "boat alone" as $10,000. He felt it was over insured and didn't like my line of "I've been paying premiums for 6 years on a $10,000 policy not a $7,000 policy". His first advice to me was that I couldn't claim fishing or diving gear under my policy - despite the fact I was told that I could be cause the boat was used for recreational puposes and fishing and diving were those recreational purposes.
He listened to my argument and got back to me later and increased the offer to $8,500 after raising the market value to $8,000 and deciding my policy allowed for a claim of $500 of fishing gear. I also said this was unnacceptable (giving that I was claiming for ($3,000 worth of diving gear)
I was then contacted about a week later to say that I would be paid out on the full sum of my policy of $10,000. I was informed that I was allowed to claim up to $500 for diving gear and the value of my boat was looked at again - as well as some other things which were taken into account.
A week later I recieved a cheque for $9,800 (minus $200 excess) which I have banked and cleared.
I've decided against buying another boat in the short term and am in the process of replacing my lost diving gear. Given that I had to pay $440 for work done by the mechanics in the hope that my motor may have been rebuilt - and also replace a $1,200 digital camera and $800 mobile phone, - there is not much left out of the money. There is no doubt I have finished well behind - without a boat in the backyard.
So the lessons to be learned for others are:
*Insure your boat
*Include specifics: electrics canopies etc with dollar value
*Check for fishing/diving insurance - rods and reels are expensive.
*Take into account if you lose your boat you will lose other gear as well.
*And most importantly*
Don't be bullied by insurance companies!!
PS I'm now open to all fishing trip offers.
Brett
As many of you may know, my boat was sunk at the wrecks on Tangalooma on March 1. It was a Haines 16c half cabin in pretty good nick with an old 79 140hp Evinrude on the back. As a result of being under (overnight it seems) anything that was screwed on, up and floated away. Included in this were my full storm covers - folded under the front bunks - and even my canopy (which I will admit was held on by some rather week aluminium poles) was ripped off and broken in the current (some people seem to think she may have rolled over).
Water had also penetrated the hull and "popped" all the fibreglass on the floor requiring a new floor. All electrics, including wiring) were deemed to be unusable and needed to be replaced.
The total repair and replacement costs for the boat was around $11,500.
We also suffered losses of fishing and diving gear which equated to $3,500. (most of that diving - except for one rod and reel and tackle box)
The boat was insured with Club Marine for $10,000 with the policy including various specific items like the covers, electrics etc.
The mechanic's and insurance first impresssion was that it was a write-off. An independent assessor saw the boat - agreed it was a write-off and put an offer to me (based on the boat alone) of $7,000. His offer was worked out on "marked value" despite the fact I had been paying insurance premiums on the coverage of "boat alone" as $10,000. He felt it was over insured and didn't like my line of "I've been paying premiums for 6 years on a $10,000 policy not a $7,000 policy". His first advice to me was that I couldn't claim fishing or diving gear under my policy - despite the fact I was told that I could be cause the boat was used for recreational puposes and fishing and diving were those recreational purposes.
He listened to my argument and got back to me later and increased the offer to $8,500 after raising the market value to $8,000 and deciding my policy allowed for a claim of $500 of fishing gear. I also said this was unnacceptable (giving that I was claiming for ($3,000 worth of diving gear)
I was then contacted about a week later to say that I would be paid out on the full sum of my policy of $10,000. I was informed that I was allowed to claim up to $500 for diving gear and the value of my boat was looked at again - as well as some other things which were taken into account.
A week later I recieved a cheque for $9,800 (minus $200 excess) which I have banked and cleared.
I've decided against buying another boat in the short term and am in the process of replacing my lost diving gear. Given that I had to pay $440 for work done by the mechanics in the hope that my motor may have been rebuilt - and also replace a $1,200 digital camera and $800 mobile phone, - there is not much left out of the money. There is no doubt I have finished well behind - without a boat in the backyard.
So the lessons to be learned for others are:
*Insure your boat
*Include specifics: electrics canopies etc with dollar value
*Check for fishing/diving insurance - rods and reels are expensive.
*Take into account if you lose your boat you will lose other gear as well.
*And most importantly*
Don't be bullied by insurance companies!!
PS I'm now open to all fishing trip offers.
Brett