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Stolen pursuit boat , Progressive Insurance

Old 07-02-2010, 05:47 PM
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Default Stolen pursuit boat , Progressive Insurance

My 2008 , OS335 pursuit boat was stolen off my lift May 26, 2010, I have total loss replacement Ins. with Prtogressive. They are acknowledging that they have to buy me a new boat but they want to change the brands to a 2010 330 Grady white because they say a OS 335 is no longer made and I say the OS345 pursuit is the replacement model. so does the factory. My policy declarations page states total loss replacement. If you look at the progressive web site they state you have 3 ways to insure your boat Actual cash value, agreed value or total lost replacement cost. I chose the latter this is their exact wording"pays for replacement of your boat with the newest model if your boat declared a total loss within the first five model years. On their second page it also states "Total Loss Replac ement" If a total loss occurs coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make , model and contains comparable equipment. If such a boat is not available, a comparative boat that is model years old or less will be substituted. Do they have the right to replace my pursuit with a grady white? My agent can't possitively tell me this, the claims adjuster is the one stating they have the right to do this.
Old 07-02-2010, 05:58 PM
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sorry to hear. rather than spending a lot of effort on it, why not try getting the cash and buying the pursuit? they have to be close enough in $ that it shouldn't cost you much more to get exactly what you want. if you have to get legal counsel involved, it's going to cost you anyway, even if you do wind up getting get the 345 from progressive (unless you go thru a long court case to also get them to pay your legal bills which will only delay you getting back on the water). jmo, ron
Old 07-02-2010, 06:01 PM
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Just hold your ground.
Old 07-02-2010, 06:25 PM
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Thats what the ins company wants me to do, and i also thought the cost would be close , but they have this company called duncan systems that is supose to buy boats for them and they say they cann buy a brand new 2010, 330 gradywhite for $275,000 that seams way cheap.
Old 07-02-2010, 07:00 PM
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I've never heard of a policy that will replace your 2008 model year boat with a new 2010 model year boat. I would think they need to replace your boat with an equivalent 2008 Pursuit.

Nonetheless, sorry to hear your boat was stolen. I've never heard of a stolen boat here in the Boston area.
Old 07-02-2010, 07:04 PM
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I wouldn't want to be jammed like that with a different manufacturer like that. Even similar boats are way different to "us" in many ways. We buy what we buy for a reason.I am with the others saying they would rather cash out and get exactly what you want. The sooner the better....3 reasons: Avoid a long drawn out fight...To get back out on the water in your own machine and move on... And before the other boat turns up smashed on a jetty and the insurance company gets a "bright idea" and decides they want to fix it for you or something else sounding really bad like that to save them money and have you waiting for a boat for 10 months.
Old 07-02-2010, 07:09 PM
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Contact your state insurance commisioners office, they should be able to assist with a matter like this.

By the way, I find it ironic that both times I've read this thread there is a Progressive ad at the bottom of the page
Old 07-02-2010, 07:22 PM
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It sounds like a great concept, but I would have (and do have) an agreed upon value. This way, they give me the cash (which is what I paid for my boat) and then I go buy what I want, not what they want to give me.

You went for pursuit for a reason - that is what you liked.
Old 07-02-2010, 10:19 PM
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Originally Posted by deuceroadster View Post
By the way, I find it ironic that both times I've read this thread there is a Progressive ad at the bottom of the page
Its not ironic, its software. The ads hit off thread content.
Old 07-02-2010, 11:59 PM
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lol that is a raw deal.. they are trying to get you to down grade to a Grady... I would say HELL NO...

Stand your ground make them do the right thing and make you whole again.. Thats what insurance is for and I would not cross a creek in a Grady..

Grady's are Junk IMO
Old 07-03-2010, 02:26 AM
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Nothing against a Grady, but I sure as hell wouldn't let the insurance company decide what boat I was getting. Like said above we chose the boats we have for a reason, its not like going to a rental car company and saying "give me whatever midsize you have". The art of choosing a boat is no snap decision.

Hold your ground.
Old 07-03-2010, 03:11 AM
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hold your ground and do not cave.....

contact the state insurance commission and ask for a copy of there rules and regs for your state......an insurance company is bound to adhere to them and the last thing they want is an insurance commission issue....

get your self a lawyer ASAP....i dont know if he will handle it but he may be able to help lead you in the right direction.....contact Jimmy Mercante...he is in NYC but IMHO he is the best in the business....

Rubin Fiorella and Friedman LLC
292 Madison Avenue 11th Floor
New York, New York 10017
212-953-2381 -O, 212-953-2462 -Fax
jmercante@rubinfiorella.com

please keep us all posted....i have had progressive for the past 5 years and always wondered what a claim would be like.....i have been shopping around and its issues like this that make people wanna change...
Old 07-03-2010, 06:46 AM
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You might want to proceed cautiously. If they are offering you a 2010 GW and you refuse it, they might then find a new or used 2008 Pursuit OS335 and use that to fulfill their contractual obligation.

Would you be happier with a new 2010 GW, or a used 2008 Pursuit that is the equivalent of what you had stolen?
Old 07-03-2010, 07:45 AM
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Legally they can, assuming they can get a surveyor (Baitkiller might be for sale for the right premium) to say the OS335 is no longer made, and the Grady is comparble in size, performance and quality. Just because it sves them $50,000 over buying the OS345, and you don't want it is too bad.
Imo, replacement insurance only sounds good in principle - talk to the guy who has it on his 2009 Mustang, who garage kept it like it was a child, with not a scratch and only 2,000 miles on it and had it replaced by Progressive with the same model & year with 8,000 miles and a slew of dings & dents (not me, but someone I know) that looks like an 18 year old kid had it.
On a boat, agreed value insurance is the only way to go.
Old 07-03-2010, 08:56 AM
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Brand new Grady of the same size sounds okay to me,I have spent time on that hull and was very impressed.They could give you a poorly maintained nightmare 2008 Pursuit.
Old 07-03-2010, 09:01 AM
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33 Grady with what power? F350s? Don't know how it compares in price to what you had but it is a damn nice rig. One option is to take it then sell or trade it.


http://www.gradywhite.com/330/
Old 07-03-2010, 12:58 PM
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It's a common tactic for them to try to save money. Keep talking with them and give them good reasons why you want what you want. Don't say the lawyer word, If you do then they will lawyer up. They can afford a better one than most of us.
Old 07-03-2010, 07:26 PM
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Your quote from the total replacement cost description is missing a critical word:

...this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.

So it appears to me that because the Pursuit 335 model is no longer available, they could offer you a used 2006 or later model Pursuit 335 and fully meet their commitment. Would you prefer that or the new Grady White 330 they are offering? With used Pursuit 335's in that age range listed for ~160k - 200k, it seems to me that Progrsssive is being quite fair in making that offer.
Old 07-03-2010, 08:18 PM
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If I was in this situation I would be contacting brokers and searching really hard for a comparable same model Pursuit 5 yrs old or less that i could be happy with. Presumably if you find one a year or2 older with more or better equipment that would even out the value sufficiently.

Unless Progressive is counting on keeping your business for all the rest of your extensive high premium personal & business insurance, I'd guess your chances of getting a newer AND bigger Pursuit are about nil unless you kick in the difference.
Old 07-04-2010, 04:17 AM
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Originally Posted by Doublehook View Post
My 2008 , OS335 pursuit boat was stolen off my lift May 26, 2010, I have total loss replacement Ins. with Prtogressive. They are acknowledging that they have to buy me a new boat but they want to change the brands to a 2010 330 Grady white because they say a OS 335 is no longer made and I say the OS345 pursuit is the replacement model. so does the factory. My policy declarations page states total loss replacement. If you look at the progressive web site they state you have 3 ways to insure your boat Actual cash value, agreed value or total lost replacement cost. I chose the latter this is their exact wording"pays for replacement of your boat with the newest model if your boat declared a total loss within the first five model years. On their second page it also states "Total Loss Replac ement" If a total loss occurs coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make , model and contains comparable equipment. If such a boat is not available, a comparative boat that is model years old or less will be substituted. Do they have the right to replace my pursuit with a grady white? My agent can't possitively tell me this, the claims adjuster is the one stating they have the right to do this.
First check your policy language to see what exactly is provided for by the insurance. You may have a provision that allows you to take a dispute over the amount they want to pay or what they want to do to a theoretically impartial panel. Also, depending on which state you are in, many states have laws that if you had to sue your insurer and you won, then your insurer pays your attorney fees. Now in fairness, this is just a general observation, the laws of your state control, and you should consult with an attorney where you live.

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