Re: How does insurance work
depends on the insurance company to a large degree....
when I had a claim with progressive due to one of their insured creaming my boat at the dock, they told me up front, they would write one check and one check only, I had to use THEIR people, none of whom was a surveyor. Then I would have to sign a release to get the boat to the yard for repair and take their word for the quality and completeness of the repair.
They reminded me that I got one check, minus the deductible. When I tried to get an appointment, after the first two "adjusters" could not find the yard...one of the largest in annapolis, I was told that a senior adjuster would get to me in the next few days. It came as a phone call from Progressive in NJ (I lived in MD, the boat was in MD) telling me that one of the previous two idiots would free up and get back with me. This line of service totaled just shy of a month, and I was getting weather damage to other areas as a result of their process
I threw in the towel and at that point contacted my insurance, which was boat US..explained to them what had happened, 2 days later I met their adjuster and my surveyor at my boat and was given a check for the estimated repairs, minus my deductible, to be completed at the yard of my choice, their adjuster and my surveyor exchanged info in case there was additional/hidden damage. I signed a form empowering them to collect from the damaging person's various insurances. It must of worked because he called me some weeks later whining about their efforts...
that one was Done..
When another boat I owned sank at the dock, I had BoatUS, within 6 hours, they met me at the boat with their tow service, pumps were placed aboard, boat moved to the yard, temp repair was made. BoatUS and I suggested leaving her in the slings overnite...yard said no...
later that night the boat sank again at the dock, too deep to run her aground this time.
on the next day, I got the call from the BoatUS surveyor who explained that there were some issues brewing with the yard and floating the boat too early, and that there was $35K damage to a maybe $40K boat, and that was going in, since a lot of damage was electrical and to the engine, he suspected that the total would be higher, and I would still have a $40K boat...He would talk with BoatUS about constructive loss and what that would mean, both to me, and to the boat...
I took the total constructive loss, and within three days, had a check for the stated value I had insured her to begin with, minus the deductible. I was given the chance to buy her back at a salvage price, but BoatUS would no longer cover ANY subsequent repair/damage/loss/etc...Else I had 36 hours to remove my personal effects.
I was told that the engine was removed for salvage resell, and the rest of the boat was destroyed...residual value returned through the sale of the engine by BoatUS was $3500, additional cost to BoatUS was about $7K for disposal of fluids and the boat it self.
One really finds out about your insurance coverage with these kind of events....that $50-300 a year you may save with an internet company or someone who really is out of their market with boats...is not a deal. Similar experience with motorcycles