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Do not buy Seaworthy insurance

Old 10-22-2014, 01:57 PM
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Default Do not buy Seaworthy insurance

Thought I would let fellow boaters in on what happens to us.I am going to keep it short and minus all the details.We have owned boats in Florida since 1976.I had our 33ft open fish insured with seaworthy for Hurricane coverage and charter coverage.We had a lightning strike about 200 yards from our home.The boat sits in the water. Well the lightning fried the BCM and both ECM in our 300 Suzuki'sAfter 6 weeks and many diagnostic test and trouble shooting we got it fixed.Seaworthy had a marine surveyor come out.He said happens all the time.When we turned the bill in to them. Minus our 1800.00 deductible. What the did is deprecated our Equipment buy an amazing 45℅ So they would not have to pay out a dime.We were shocked.Even our agent who sold us it was. Let's say you have a boat insured for 100,000.If something happens you loose 10℅ right of the top.Then take their deprecation of 45℅. 10℅ +45℅=55%.That leaves you 45% to replace the boat.You lose in a big ,big wayHow do you depreciate computers..they either work or they don't. I used the boat the day before it was perfect..Check your insurance.Capt.Mike
Old 10-22-2014, 02:26 PM
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Agreed value.
Old 10-22-2014, 02:30 PM
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Originally Posted by Schmaltz~Herring View Post
Agreed value.
This^^^^^^^^^^^^^^^^^^^ sorry about your misfortune
Old 10-22-2014, 02:47 PM
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Agreed value only matters in a total loss. I went thru this back in 2005/6 with another well known insurer. Our boat went down at the slip due to a faulty power pole - tripped out the breakers in the boat and then a Tampa thunderstorm dropped six inches on the boat and took her down. They originally indicated a total loss, then changed it to a partial loss - to which the depreciation tables start to apply. Since the boat was older - and original (and was in great shape prior to the sinking) my depreciation for any "new" items was I believe almost 90 percent. I had the choice of having items rebuilt or purchasing used items. Needless to say - we did rebuild most of the systems, engines and found a used generator with "only" 5 hours on it. But I was still out quite a bit on the rebuild. The ex-wife still has the boat today and 10 years later it works pretty well I hear. Needless to say - I've been saying for years - insurance only REALLY matters when you have a total loss - and agreed value. For your basic parking lot skirmishes - you're better off being self insured these days.
Old 10-22-2014, 02:48 PM
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Yup - really sucks but I think it's been beaten to death here that agreed value is the way to go. I have my rig insured with Sea-Safe this way.

Sorry for your misfortune - it really sucks when you give any of these insurance companies any type of subjective discretion with the value of your boat, motor, electronics, etc.

EDIT: Posted this before I read the above comment. Ignore as the above poster I think is right. If it's not a total loss, agreed upon value doesn't kick in.
Old 10-22-2014, 02:52 PM
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Originally Posted by Schmaltz~Herring View Post
Agreed value.
Just because you have agreed value doe not mean you have full replacement for partial losses.
Old 10-22-2014, 04:08 PM
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Our boat is a 2005 with 2008 motors.45℅ depreciation.. Were getting ripped off.What insurance companies do you guys recommend?I have already cancelled with seaworthy.Funny thing they said my rates would go up with a claim.They did not give me a dime and they are going to raise my rates!! Capt.Mike
Old 10-22-2014, 04:15 PM
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I am sorry for the misfortune but if I read this right the boat is almost 10 years old and the motors are 7 years old - not knocking older boats, mine is older - but 45% depreciation does not seem that out of line. Am I missing something?
Old 10-22-2014, 04:29 PM
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Originally Posted by mymojo View Post
I am sorry for the misfortune but if I read this right the boat is almost 10 years old and the motors are 7 years old - not knocking older boats, mine is older - but 45% depreciation does not seem that out of line. Am I missing something?
Kinda what I was thinking.

What are the comps of your boat selling for?
Old 10-22-2014, 04:43 PM
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Read the policy, read the policy, read the policy.

Folks like to pay for hamburger but expect rib eye to be served.
Old 10-22-2014, 04:47 PM
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I have agreed value with progressive. Stolen lower unit on 2006 engine this summer. They paid full cost to replace, no depreciation at all.
Old 10-22-2014, 05:55 PM
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Sounds like them depreciating your losses all the way down to you deductible is a little fishy. Or should I dare say coincidentally? Threatening to raise your rates while never actually paying anything out off there pocket is ridiculous. Had a similar situation with auto insurance policy.
Old 10-22-2014, 06:03 PM
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Originally Posted by manitunc View Post
I have agreed value with progressive. Stolen lower unit on 2006 engine this summer. They paid full cost to replace, no depreciation at all.


This, one should read the contract to determine if there is any objectionable issue to the carriers fine print", and if so, shop around. In a nutshell: My Charter Lakes policy provides for depreciation on plastic or canvas at a rate of 10% per year from manufacture date;

Outboard motors, Beginning from the 6th year of manufacture a 10% depreciation will apply and every year thereafter an additional 10% depreciation.

Caveat: If you agree to accept used or rebuilt parts no depreciation shall apply.

Last edited by Schmaltz~Herring; 10-22-2014 at 06:13 PM.
Old 10-22-2014, 07:20 PM
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Sorry about the damage to your boat, but your rant about the insurance policy is misguided.

The Seaworthy / Boat/U.S. policy has always included depreciation on certain item groups for a partial loss. This would include engines, canvas, gelcoat, and several other items which deteriorate over a definable lifespan. The depreciation clause is clearly stated in your policy, and a detailed depreciation scale card is included with every new policy.

While I appreciate that this may have come as a surprise to you, but that is only because you have neglected to read and understand the policy you purchased. That is not the fault of the insurance company. Similar depreciation clauses are common throughout the marine insurance world.

Covered loss - applicable depreciation - deductible = Loss payment (if any)
Old 10-22-2014, 07:31 PM
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sounds like the lesson is to not insure older boats.
Old 10-22-2014, 07:49 PM
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Originally Posted by Design59 View Post
Sorry about the damage to your boat, but your rant about the insurance policy is misguided.

The Seaworthy / Boat/U.S. policy has always included depreciation on certain item groups for a partial loss. This would include engines, canvas, gelcoat, and several other items which deteriorate over a definable lifespan. The depreciation clause is clearly stated in your policy, and a detailed depreciation scale card is included with every new policy.

While I appreciate that this may have come as a surprise to you, but that is only because you have neglected to read and understand the policy you purchased. That is not the fault of the insurance company. Similar depreciation clauses are common throughout the marine insurance world.

Covered loss - applicable depreciation - deductible = Loss payment (if any)
They should stop calling it insurance and start calling it maybe we help or maybe we don't...

I understand you should read what you agree to with any biz deal...but what may I ask is the point of paying for insurance if between your deductible and depreciation you really have no insurance? Don't you think that's a lil fishy? Agreed value is the way I went in case of a total loss and I have insurance for environmental (which is a huge cost if you get caught with your pants down), I simply don't carry big numbers on my boat because it's just not worth it , but in this guys case he paid for insurance that didn't help him at all. If no insurance money was rendered, what did he pay for?;?
Old 10-22-2014, 07:57 PM
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No its read you policy
Old 10-22-2014, 08:01 PM
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I have liability / spill coverage only. Chose to self-insure.

-Jay
Old 10-23-2014, 04:03 AM
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Originally Posted by Mark O. View Post
sounds like the lesson is to not insure older boats.
Most marinas require your boat to be insured, mainly incase your boat damages another.
Old 10-23-2014, 04:10 AM
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Originally Posted by Schmaltz~Herring View Post
This, one should read the contract to determine if there is any objectionable issue to the carriers fine print", and if so, shop around. In a nutshell: My Charter Lakes policy provides for depreciation on plastic or canvas at a rate of 10% per year from manufacture date;

Outboard motors, Beginning from the 6th year of manufacture a 10% depreciation will apply and every year thereafter an additional 10% depreciation.

Caveat: If you agree to accept used or rebuilt parts no depreciation shall apply.
On the outboards....does that mean years 1-5 have no depreciation?

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