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For those of you whom own an older hull.....I'd like to hear feedback on the carrier your boat is insured with and how you customized an "agreed upon value".
As an insurance claims adjuster myself, the value of a vehicle, vessel, motorcycle, etc. when totaled/theft is determined by comparables within a radius of a given zip code. Problem with determining the value of a classic vessel is there are so few market comparables. So then you and the carrier must comes to terms with a agreed upon value at policy inception. But even then the carrier must substantiate this value with comparables.
I'm having trouble finding a carrier that's willing to underwrite a policy for my 1976 Aquasport 170 for >$8k...and that's the minimum I'd consider. What's everyone else doing that not only covers their loss, but also covers the loss for a rare and highly sought after hull?
As an insurance claims adjuster myself, the value of a vehicle, vessel, motorcycle, etc. when totaled/theft is determined by comparables within a radius of a given zip code. Problem with determining the value of a classic vessel is there are so few market comparables. So then you and the carrier must comes to terms with a agreed upon value at policy inception. But even then the carrier must substantiate this value with comparables.
I'm having trouble finding a carrier that's willing to underwrite a policy for my 1976 Aquasport 170 for >$8k...and that's the minimum I'd consider. What's everyone else doing that not only covers their loss, but also covers the loss for a rare and highly sought after hull?
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