Insurance and Survey Recommendations - Page 2 - SailNet Community
Reply
 
LinkBack Thread Tools
post #11 of 21 Old 05-30-2007
Sea Slacker
 
Join Date: Jan 2007
Posts: 1,789
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
 
My experience with BoatUS insurance (which is the only company I ever used, and hope to continue) is that they would require you to tell them how you will take care of certain things. However, the do accept reasonable explanations for things that are not critical and they do accept a reasonable timeline. For most things stating that they will be taken care of in the course of routine maintenance, does the trick. (I do actually take care of things as time goes on).
brak is offline  
Quote Quick Reply Share with Facebook
Sponsored Links
Advertisement
 
post #12 of 21 Old 05-31-2007
Senior Member
 
poopdeckpappy's Avatar
 
Join Date: Jul 2006
Location: San Diego
Posts: 6,193
Thanks: 35
Thanked 42 Times in 36 Posts
Rep Power: 12
     
Call Progressive Insurance, they insure my little boat, No BS, it was done over the phone and increased twice as improvements were made, and this is a 40 yr. old boat

1955 Blanchard 51 Custom ( I got a woody )

1974 Ranger 33


Lord, give me coffee to change the things I can change and Rum to accept the things I can't

Last edited by poopdeckpappy; 05-31-2007 at 01:01 AM.
poopdeckpappy is online now  
Quote Quick Reply Share with Facebook
post #13 of 21 Old 05-31-2007
Sea Slacker
 
Join Date: Jan 2007
Posts: 1,789
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
 
Interestingly, progressive online quote does not allow for comprehensive or collision at all on my boat, and it is not even 20 years old. Do you have full coverage with them or just liability?

I like the navigation area - a lot less restricted than BoatUS.
brak is offline  
Quote Quick Reply Share with Facebook
post #14 of 21 Old 05-31-2007
Junior Member
 
Join Date: Feb 2004
Location: Annapolis, MD
Posts: 12
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
The "essential repairs" noted on my survey didn't give the underwriters any terrible heartaches. I was given 30 days to address them (hose clamps here and there, battery terminal insulators, horn- minor stuff similar to what you have listed). The policy did indicate that any losses due to these items would not be covered during that 30 day period. They were very reasonable about everything. I used Charter Lakes Yacht Insurance, for what that's worth.

Wendy

PSC37 #266
Night Reach
Wendy is offline  
Quote Quick Reply Share with Facebook
post #15 of 21 Old 05-31-2007
Member
 
FritzN's Avatar
 
Join Date: Sep 2006
Posts: 64
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
 
Question About Surveys

Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
FritzN is offline  
Quote Quick Reply Share with Facebook
post #16 of 21 Old 05-31-2007
moderate?
 
camaraderie's Avatar
 
Join Date: May 2002
Location: East Coast
Posts: 13,877
Thanks: 0
Thanked 3 Times in 3 Posts
Rep Power: 16
     
Fritz...everything in a sale is a negotiation. That said, after an offer has been made and accepted, it is my view that only items which the buyer was aware of before the survey are NOT open to further negotiation. Anything that will be costly to repair and is not just normal wear and tear should be negotiated. Many sellers will have a "bottom line" that they will try not to dip below so you may not get everything you ask for and still wish to get the boat..but it never hurts to press and it is perfectly acceptable to do so.
camaraderie is offline  
Quote Quick Reply Share with Facebook
post #17 of 21 Old 05-31-2007
Senior Member
 
Pamlicotraveler's Avatar
 
Join Date: Aug 2006
Location: Creedmoor NC
Posts: 607
Thanks: 5
Thanked 2 Times in 2 Posts
Rep Power: 10
 
Our last survey had "Essential Repairs" and "Recommended Repairs". For instance adding GFCI outlets was an essential repair so we did that right away. The insurance contract referred to having "all recommended repairs" completed and we balked at that. As an example, the surveyor had recommended that we "re-bed deck hardware" which makes sense enough over a period of time, but it is a major job to get done and there was no urgency to it so we worked it out with the insurance company that this would be done later.

I think its just one of the myriad of issues you have to navigate as a boatowner.

Twenty years from now you will be more disappointed by the things y%^&*.....oh never mind. 90% of the people on sailing forums already use that as their signature! I'm not a conformist.
Pamlicotraveler is offline  
Quote Quick Reply Share with Facebook
post #18 of 21 Old 05-31-2007
Seņor Member
 
TrueBlue's Avatar
 
Join Date: Oct 2004
Location: Narragansett Bay
Posts: 4,853
Thanks: 0
Thanked 1 Time in 1 Post
Rep Power: 13
     
Quote:
Originally Posted by FritzN
Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
It is my understanding that if post survey results identified significant deficiencies, overlooked during the inititial pre-survey inspections, it is common practice to renegotiate whatever offer was accepted by the seller.

Our surveyor, under my contract, discovered several "deficient" conditions requiring corrections. Most could be easily remedied by me, but two or three I had hired out to professionals after purchase.

I obtained written quotes for everything before final settlement - including work I would be doing, and presented them to the seller's broker. The sellers agreed to 100% of these itemizations - accepting my adjusted offer. I think the professionalism of the written surveyor's report, backed up by certified quotes, convinced the sellers . . . coupled with the fact that they were relocating out of State and were motivated.

Regarding obtaining the insurance binder required by the lender, Boat US had strict conditions requiring that a few of the issues identified by my surveyor, be repaired. They essentially were minor points, such as a cracked bobstay fitting, crazed gelcoat around one chainplate, securing a bolt in the waterlift muffler and updating fire extinguishers.

I eventually repaired these items, but in the interim, the insurer issued a binder with coastal limitations - acceptable with my lender. Some time after purchase, I sent them a signed statement of compliance and they issued full offshore coverage.

True Blue . . .
sold the Nauticat

Last edited by TrueBlue; 05-31-2007 at 08:14 AM.
TrueBlue is offline  
Quote Quick Reply Share with Facebook
post #19 of 21 Old 05-31-2007
Junior Member
 
Join Date: Feb 2004
Location: Annapolis, MD
Posts: 12
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 0
 
Quote:
Originally Posted by FritzN
Several of you have mentioned required repairs, installations and purchases. Who pays for these? Is it an accepted practice that the seller reduces the price to compensate you for these deficiencies? If yes, how minor can these be? If no, what is typical?

I'm in the process of buying a used boat, and have never been on the buyer's side of a survey.
As Cam mentioned, everything is negotiable. That said, in my case I agreed to deal with all of the odds and ends at my expense. They weren't material in the big scheme of things- had they been major I would have either walked away or negotiated a price reduction. At some point soon after the survey, the broker will give you an "Acceptance of Yacht" form to sign if everything is to your satisfaction.

Wendy

PSC37 #266
Night Reach
Wendy is offline  
Quote Quick Reply Share with Facebook
post #20 of 21 Old 05-31-2007
Member
 
FritzN's Avatar
 
Join Date: Sep 2006
Posts: 64
Thanks: 0
Thanked 0 Times in 0 Posts
Rep Power: 9
 
Thanks

You've given me a good idea of how things work.

Fritz
FritzN is offline  
Quote Quick Reply Share with Facebook
Reply

Quick Reply
Message:
Options

By choosing to post the reply above you agree to the rules you agreed to when joining Sailnet.
Click Here to view those rules.

Register Now



In order to be able to post messages on the SailNet Community forums, you must first register.
Please enter your desired user name, your email address and other required details in the form below.
Please note: After entering 3 characters a list of Usernames already in use will appear and the list will disappear once a valid Username is entered.


User Name:
Password
Please enter a password for your user account. Note that passwords are case-sensitive.

Password:


Confirm Password:
Email Address
Please enter a valid email address for yourself.

Email Address:
OR

Log-in









Human Verification

In order to verify that you are a human and not a spam bot, please enter the answer into the following box below based on the instructions contained in the graphic.




Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools
Show Printable Version Show Printable Version
Email this Page Email this Page



Similar Threads
Thread Thread Starter Forum Replies Last Post
Boat Insurance DonQuijotedelMar General Discussion (sailing related) 1 11-20-2010 01:37 PM
Pleasure boat insurance in Spain DonQuijotedelMar General Discussion (sailing related) 0 07-07-2006 03:56 PM
The Importance of a Pre-Purchase Survey Sue & Larry Buying a Boat Articles 0 10-06-2002 08:00 PM
The Right Insurer and the Best Policy Michael J Smith Buying a Boat Articles 0 06-03-1999 08:00 PM
The Right Insurer and the Best Policy Michael J Smith Cruising Articles 0 06-03-1999 08:00 PM

Posting Rules  
You may post new threads
You may post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is On
Trackbacks are On
Pingbacks are On
Refbacks are On

 
For the best viewing experience please update your browser to Google Chrome