Join Date: Feb 2010
Location: Narragansett Bay
Thanked 588 Times in 564 Posts
Rep Power: 12
Re: We should all help these poor ladies 🙄
Fair enough. Not all States require inspections. However, if I were you, I would be pretty suspicious of an insurance company that does little to determine what they are insuring, at least the first time. Why would they not care? Perhaps they are among the carriers that make their bottom line by aggressively disputing claims. Perhaps the language in the contract has strict clauses the lay person doesn't notice or understand that severely limit their need to pay out. Perhaps the policy lists a hull value you think is fair, but the details say it's only in effect on Tuesdays, when there is a full moon (sarcasm). More realistically, they have cleverly written exclusions that void all coverage for loss due to incomplete maintenance or non-ABYC installations. These exclusions themselves are rarely explicit, but allow the carrier room to interpret for themselves. My hurricane haulout coverage says 50% on the declaration page. If you read the paragraph in the document, it's ridiculously vague. Many years ago, my carrier wanted me to sign a release, acknowledging they were not required to pay for a haulout, per the policy language, but would anyway, if I signed. I told them to pound salt and they ultimately paid out anyway. Be careful.
A good agent, that offers coverage through many different carriers, will review claims experience along side premiums. The best policy is almost never the cheapest. Another hundred bucks may buy fewer technical exclusions and a company that isn't known to hassle their claims. A lousy agent, will only sell the lowest premium amount or the carrier that pays them the most commission.
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In the harsh marine environment, something is always in need of repair. Margaritas fix everything.