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post #61 of 62 Old 04-29-2009 Thread Starter
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Originally Posted by bubb2 View Post
It really does not matter who's responsible for the sinking at the moment. Either the boat yards insurance or the owners insurance will be paying. No one's money is any greener than the next guys. The boat owners Insurance co. may pay the claim and subjugate against the boat yard. What is important is the owner be fairly compensated to get the repairs done.

In my case, one thing that came up is Finishes! Yes, A insurance guy was explaining to me that because my boat was over 5 years old they were going to depreciate the cost of new fiberglass and gel coat repairs. They only wanted to pay 75% of the estimate. The reasoning was that the new finishes would be better than what was on the boat at the time of accident because they had been weathering for over 5 years. Insurance Co's believe they only have to restore the boat to the condition it was in at the time of loss.

I am very afraid this owner is going to get hit hard with deprecation. The boat is 1998. Let's use a air conditioner unit as a example. The 12 year unit goes under water. The cost of replacement for a new one with labor is $3,500. They last 15 years, so The Insurance guys think they owe you 3/15th's of $3,500. To offer you more is enriching you as Insurance is just there to make you "whole."

Knowing what I know being though this, I feel so sorry for the owner.
Great. Just when I was starting to sleep at night.

I hadn't considered that, though I understand the argument. It would be tough to stomach the fact that I can in anyway be enriched by this event. The fact that I have a boat that sank, even if fully repaired, has resulted in an asset that has declined significantly in value.

I've spoken to a lawyer who advised me to sit tight until I hear something from the yards' insurance company. Not much I can do now but wait. Ugh.
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post #62 of 62 Old 04-29-2009
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Sorry to hear about all of this as I can only imagine how you are feeling. Usually dealing with insurance companies suck but who knows maybe things will work out in your favor. I'll keep my fingers crossed for you.

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