What Boat is This?

Discussion in 'All Things Boats & Boating' started by RWJData, Jun 2, 2014.

  1. PAR
    Joined: Nov 2003
    Posts: 19,126
    Likes: 498, Points: 93, Legacy Rep: 3967
    Location: Eustis, FL

    PAR Yacht Designer/Builder

    You're entitled to repairs and compensation (storage, towing, etc.) and your insurance company has a fiduciary responsibility to you as the victim. All insurance companies train their staffs to find a way to discount or deny the claim, so get on them, as they eventually have to come to some sort of agreement with you. They'll try all sorts of stuff, but the damage has been done and costs have been accrued, so you're still in "standing", which should be easy enough to prove. Keep all receipts and note all names and titles of those you speak with. They can't beat a solid paper trail and will likely initially offer a "quick settlement", which often is about half to 1/3rd what they think they'll have to pay if it gets to a court. Don't take the initial offering, but suggest you will pursue this in court (which they surely don't want to do) and they'll get around to multiple better offers.
     
  2. RWJData
    Joined: Jun 2014
    Posts: 6
    Likes: 0, Points: 0, Legacy Rep: 10
    Location: Sydney

    RWJData Junior Member

    Hi Par and Mr Efficiency

    As expected, my boat has been examined by a fibreglass boat repairer, and he has deemed that the costs of repairs are in excess of the boat and trailer's value!

    The Insurer needs to have a second opinion from another Boat repairer here in Sydney. I ask if you have or can recommend a repairer who can assess it and give his Advice?

    I have incurred over $1,000 in costs for a tow operator to move the vessel and trailer to and fro......It now is coming back to my house. So I am need of someone who can look at it in Chifley, in Sydney.

    Please advise if you know someone who can assist. My Retirement "dream" appears to be dissolving into a paper nightmare and legal battle!

    Kind Regards
    RWJData
     
  3. Mr Efficiency
    Joined: Oct 2010
    Posts: 10,386
    Likes: 1,042, Points: 113, Legacy Rep: 702
    Location: Australia

    Mr Efficiency Senior Member

    I have no suggestion about repairers. Even if another repairer deems the boat is beyond economic repair, you should still get a payout, which can be applied to getting it repaired, if you have that inclination. It gets down to what the policy says, and what amount they offer.
     

  4. PAR
    Joined: Nov 2003
    Posts: 19,126
    Likes: 498, Points: 93, Legacy Rep: 3967
    Location: Eustis, FL

    PAR Yacht Designer/Builder

    Insurance companies, claim agents and even repairers are trained to say no. Usually the first question out of the mouth of a repair technician is "will this be an insurance job?".

    The bottom line is your boat isn't worth much, even if it was in pristine condition, it's just not significant enough to warrant a big pay day. All this said, you can change this with a court fight, though legal fees will quickly outpace the boat's value, you are still entitled to appropriate compensation, which is subject to interpretation and this is where you can win in court.

    The down and dirty of it all is, the insurance company will offer a "quick payout" or settlement. This is standard fare and you don't have to take it. You can insist on a battle, which they'd like to avoid, but you will need an attorney. The quick settlement is what the insurance company "thinks" you'll take, to make you go away.

    In the end, the boat and trailer are really worthless and only containers for the equipment and propulsion systems installed. If you have a valuable engine, controls, steering, electronics, etc., then you have something worth fighting for. If on the other hand, you have a 1/2 a century old 'glass shell, that needed considerable work before the accident, then you still have a 1/2 a century old hull shell, that now needs even more work. This is the barrel the insurance company will dangle you over, so your job is to convince them it's more valuable than they think it is. Show up at their office with all receipts for the work you and anyone else has done, including towing, storage, etc., which increases its perceived value. Also present repair estimates where the technician didn't know it was an insurance job. This will be the fair price and likely quite a bit different than the one the insurance company recognizes. As I previously mentioned, your insurance company has a legally binding fiduciary responsibility to you as the victim, so play the victim. Wining and crying works and the more you do, the better the payout will be, if only to shut you up and make you go away.
     
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