Insurance Claim - Yacht Valuation Problems

[TradewindSailor]

Yes, I'd like to know the answer to this too /forums/images/graemlins/ooo.gif Gypsy Moth was bought for £1 ...... and had around £250,000 spent on it. I guess a 1960's wooden boat wouldn't be worth much eh? {using jj's logic as 'party pooper'}. /forums/images/graemlins/smile.gif

 

[TradewindSailor]

Insurance : there's two basic types Comprehensive or Thirdparty. Third Party is not a problem but it would not help me in this case. It's the Comprehensive cover that I have found impossible to get.

I have spoken to several people over here in the Caribbean that haven't had satisfaction out of their insurers. The loss adjusters seem to be as active working to reduce the owner's insurers losses .... as the boatyard's insurer's loss adjusters are in my case. I'd rather put money into a legal fighting fund than into an insurer's pockets personally.

 

[duncan]

generally it's worth either what the market will pay for it (hence the trerm fair market value) or what it is insured for (where someone agrees in advance a value that differs from the FMV).

In your case the FMV should include such things as vat paid status because you enjoyed that prior to the claim.

As others have said you have a pretty clear route through the appointment of legal representation. If you can't find one prepared to take the case (and don't forget his cost's will form an additional part of the settlement not come out of yours if successfull) then it suggests that they don't think it's a winable case............

from the presentation of your arguments throughout this post it is claer you know exactly what you are doing and have thought through the issues - I am not sure what exactly you are looking for here......sympathy?

 

[TradewindSailor]

SBC wrote "........ Taking into consideration "lack" of Commercially available Insurance on the Boat, probably lack of signed agreement listing responsibilities of each party, A UK boat damaged in a US yard ... they've made offer already ... Looks decidely "dickey" to me ... I hope you get satisfaction ... I really do.
But you are fighting a fight in the Land of Lawyers and Ambulance Chasers ... "

There's no problem with the contract I signed with the yard. They're negligent ..... they failed to support the boat properly that was immediately to the right of my boat .... they're not arguing this. They are arguing the valuation of my boat.

We're getting a little off the track again. My problem is how to convince the boatyard's insurer's of the surveyor's Replacement Value.

What would be interesting is to hear from any other owners that have had problems convincing insurer's of their boat's value.

My boat may be nearly 40 years old ..... but it was rebuilt and modified to last another 40 odd years, barring crushing by forces beyond the design loads /forums/images/graemlins/ooo.gif

 

[TradewindSailor]

Sympathy is always welcome ..... especially when you seem to be banging your head up against a brick wall, and paying through your bleeding nose at the same time! /forums/images/graemlins/confused.gif

No .... I'm looking for advice /forums/images/graemlins/smile.gif

 

[Lizzie_B]

have you tried asking this question on the Boat US forums. They even have a consumer advice board. As I say, it would seem you are dealing with a US based insurer, and they seem to have very different rules to UK insurers.
I would go and register and post on the www.boatUS.com message boards. After all, it's free!!

 

[Guest]

[ QUOTE ]
Insurance : there's two basic types Comprehensive or Thirdparty. Third Party is not a problem but it would not help me in this case. It's the Comprehensive cover that I have found impossible to get.

I have spoken to several people over here in the Caribbean that haven't had satisfaction out of their insurers. The loss adjusters seem to be as active working to reduce the owner's insurers losses .... as the boatyard's insurer's loss adjusters are in my case. I'd rather put money into a legal fighting fund than into an insurer's pockets personally.

[/ QUOTE ]

What you have described is the Loss Adjusters job ... That is exactly his function - to use everything possible to reduce financial burden on his client. Your surveyor who did valuation for you effectively acted as Loss Assessor - asuming he did survey after damage ? If he did it before damage - then depending on when and ease of verification of its findings may have little weight in a Court.

So in reality - you are subject to Uninsured Loss and relieing on Yard Ins. to pay-up.

I really wish you the very best ............ I think you are going to have a fight.

 

[TradewindSailor]

Of course it's the Loss Adjuster's job. He's not impartial and he's going to do everything he can to reduce the payout from the insurer's .... his principals.

The problem comes when the Loss Adjuster has no PRINCIPLES ....... i.e. he'll try and argue that black is white ...... and that a 40 year old boat is a 40 year old boat and worth nothing. This is where the expensive legal fight comes in!

My point is that if you claim off your own insurer's you are paying for their loss adjuster to fight against your interests.