RIP CurrentSea - good times and bad

Curious as to how boat insurance works. Suppose the boat is worth $250k and an agreed value of $400k. It's basically a total loss since it would cost $275k to repair. Does the insurance company pay the $400k agreed value to the owner or pay the $275k to repair it?
 
Hi Dave,

I echo everything all have been saying. It was a terrible storm and none of us will forget it, ever. You have sustained the worst possible scenario of a boater with out the loss of life. Don't second guess yourself, no one could have imagined a three foot higher surge then had ever been recorded on Long Island. Give yourself time to heal, you guys love boating too much to give it up.

Your friend,

Billy 10K.
 
Thanks Billy.

I am told it works like this.
Insurance goes up to 90% of agreed value policies, so using your numbers, 90% of $400K, is $360K, so they will spend the money to fix that boat. Of course there has to be something to fix and has to be worth fixing. People don't realize the intense labor involved in doing this to the average boat. I am sure there are chop shops that can do it cheap, but to do it right, the boat really needs to return to the manufacturer. So there are transport costs involved as well. Then if the boat is no longer made, the manufacturer needs to custom make parts he no longer has around. Then I am told insurances companies don't like the nickel and dime affect that happens when the boater get's their boat back. Everything that breaks over the course of time will be blamed on the event.

I think every boat is a unique situation that has to be analyzed.
I have looked at mine and I don't want the boat back, but if the insurance company decides to repair it, I will make sure it is fixed right and I will scrutinize every wire, tube, and fitting on the boat.
I will hire the best surveyor to make sure the boat i get back was the boat I left on 10/29.
 
I'd be surprised if they wanted to fix the boat. My guess is that they will pay you for it, and then wholesale it at auction. Someone will buy it and refurbish it. It's even possible that there will be people out there looking to buy boats like that cheap at auction and turn a profit fixing and selling them.
The thing to take away from this is that if you decide to buy a used boat over the next several years you better make sure to get anything you are
serious about surveyed by someone reputable.
I'm not sure if they issue salvage titles for boats lime some states do for cars but in light of what has happened maybe they should start.
 
According to a friend in rhe insurance business, they will total the boat once the repair is more than 50% of the policy value. With cars they go as high as 80 to 90%, because the cost to rebuild a car is much more staightforward than a boat. There are many gothchas with boats, like stringers, and water intrusion that can get missed by a surveyor...
 
I make 50% easily. 2 engines, trannys, genny, 2 glendinnings, 2 a/c units.
I actually called Regal today to get their view and see if this is something they would tackle.
They would do the work but said just mechanicals alone will approach $100k installed
Then there is th furniture inside the boat and cabinetry which is about $30k.
Add on the damage to the hull, maybe $20k.
Then there is all the wiring which he said is the hard part as th flybridge would need to be removed which is not easily done.
This he said is where th intensive labor comes in.
He said you will be over $200k easily.
 
So sorry to see that. It looks pretty much the same as my boat. Breaks my heart :(
 
I just spoke to another insurance guy and he said that some do 50% but some do go to 80%. But from what I have heard, once a boat is under water, it gets totaled. I'd be very surprised if this was not the case.
 
Dave you are and always have been a class act. We all feel for you and are sad for your loss. You have helped so many on this forum. Hopefully we can repay you in some way by helping you deal with your loss and giving you the opportunity to share how you are dealing with it, when you need help and what we can do to be there for you as you have been for so many, including me. Best wishes for whatever direction you choose to pursue in boating.
 
Dave, sorry for your loss..."when one door closes another door opens".
Good luck, Jerry
 
Good price, don't want an express boat though.
Issue with Cranchi's are all the electric is european and requires crazy adapters.
 
I am still waiting for an adjuster to see my boat. Almost wish I had a check in hand I might be able to get this by the boss. Great price.
Al
 
Hey Dave, saw your pics on FB.. (IT blocks photobucket) I can better understand your feelings, and I'm sure it's way worse than the pics can show... You did the right thing by taking the insurance check and walking from her.. (as much as I know it hurts) But you'll find another.. come to the midwest and get a freshwater boat & maybe have some $$ to spare.. I saw midwest cause of the freshwater.. but also, & hopeful - not one that has been through a storm like Sandy... As others have mentioned.. I'll bet there are many that were damaged that will creep back into the used boat market..

Chin up.. & there will always be another.. (as hard as it is to accept - it IS true!!)
 
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