Date: 9/20/2007
Name: Steve Bourquein
email: s.bourquein@pendletonconsulting.net
subject:Insurance
The insurance policies on my boats include a replacement clause. That is, if the motor fell off, the insurance company will replace it, less the deductible. I had an earlier experience with my San Juan that made me look closer at my policies. While stepping the mast, the forestay parted. The mast came down and bounced off the transom. The mast had a slight kink. The insurance company covered it, but only after depreciating the "value" of the mast for the boat's age. I ended up paying 90% of the cost. If that happened today, I would get a new mast, all at the expense of the insurance company less deductible. Now, about the motor falling off. It did happen. My uber reliable 15 year old, 8 hp, 2 cycle, Suzuki, broke its mount and fell to the bottom of the lake. My insurance company said "get a quote to fix everything". I got the quote from a local marina, including a new 4 cycle, Honda, new transom mount and labor to install the new mount. The insurance company wrote the check, less my deductible. My insurance premium for this boat, with an agreed value of $19,100 (for boat and equipment), and $3,500 (trailer) is $121.00 per year. My deductible is $250. This is strictly for property damage. Liability and medical are covered by my homeowners insurance. If I charter a boat, I get another umbrella liability policy
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