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Insurance and Survey Recommendations

4K views 20 replies 14 participants last post by  poopdeckpappy 
#1 · (Edited)
deleteed
 
#2 ·
You really need a different insurance company. None of the issues that you've mentioned is really a danger to the well-being of safety of the boat.

The Fire Extinguishers and Flares are basically normal maintenance items IMHO. The placards are needed for USCG compliance.

The hour meter and tachometer aren't going to affect how the engine works or how safe it is to any significant degree. It might affect your ability to keep a proper maintenance schedule and make it a bit more difficult to judge how hard you're pushing the engine, but that's about it.

The slight wetness in the deck needs to be addressed and repaired properly, but isn't an immediate threat to the boat or its well-being IMHO. Same with the gelcoat and the holding tank.

Contact Christine Hartge over at Hartge Insurance.

Hartge Insurance Associates
P.O. Box 250
Galesville, MD 20765
Phone: 1 (800) 999-5251/410 867-6666
Fax: 410 867-6664
 
#3 ·
I recently had the same situation with the insurers of our new boat. In the end I just gave in and signed off that all recomendations regardless of how insignificant had been completed. They did not request reciepts. So now the pressure is on to get after those little problems quickly and hope that there are no related claims in my future. I've never had a claim, but I'm sure that they'll be keeping my survey and sign off in hopes of not paying if I ever do have a problem.
Chris
 
#5 ·
chrisn586 said:
I recently had the same situation with the insurers of our new boat. In the end I just gave in and signed off that all recomendations regardless of how insignificant had been completed. They did not request reciepts. So now the pressure is on to get after those little problems quickly and hope that there are no related claims in my future. I've never had a claim, but I'm sure that they'll be keeping my survey and sign off in hopes of not paying if I ever do have a problem.
Chris
I would recommend not doing this, as you're basically lying to the insurance company. If you're ever caught doing so, you're gonna get screwed royally for it.
 
#6 ·
Tell those insurance companies to take a hike. There are thousands of insurance companies that will welcome your business. A tach has nothing to do with the safety of your vessel. Can you imagine if you ever had to make a claim with either of those companies? I have great service from a company called Lloyds of London here in Canada. Not sure where you are, but make some calls. Good luck.
 
#8 ·
You have a problem, I had a few things like that, and just said when my time line to fix the problems were. IE the fire extinguisher, flares etc were done soon after buying, new bottom paint, again when it was pulled, I had new paint after survey was done.

THere were a few otherthings, as in the headliner was falling down, ok, so it took 18 months or so to finish....they sent me notes every 3-4 months or so, I then said what was done etc. The only thing left, is teh cutlass bearing was slighty loose, and even the surveyer said he had to list it, but if it was his boat, he would worry about it the next haul out, being as the motor is only goin 2000-2500 rpms or so. If it would have been a 10K rpm deep vee ocean racer, another story.

SOmething is not right here, they are being a bit to strict!

marty
 
#9 ·
We had a similar situation on the last purchase we made - the insurer (whom we'd used for the previous decade or more) insisted on all recommendations being completed within 30 days - ordinarily not bad but this was in November and some of the jobs (resealing windows, for instance) I considered warm weather chores.

They did not budge and in the end we went to another carrier, but ended up at a higher rate.
 
#10 ·
When I faced the same sort of situation on a large motor yacht which had employed me as engineer I opened a dialogue directly with the insurer and kept them decided with them which items were critical and dealt with those immediately. The balance of the recommendations wer dealt with over the following several months as we cruised the Bahamas. As long as I was upfront with them and kept them informed they seemed to feel sure that their concerns were being taken seriously and they were only too happy to take the money!
 
#11 ·
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).
 
#13 ·
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.
 
#14 ·
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
 
#15 ·
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.
 
#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.
 
#17 ·
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.
 
#18 · (Edited)
FritzN said:
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.
 
#19 ·
FritzN said:
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
 
#21 ·
brak said:
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 have full coverage, plus marina as additionally insured
 
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