Waiver of Depreciation - GOTTA GET YOU SOME!!!

[brianD]

Well, boating on the mighty Mississippi, it was bound to happen. The Corps put wingdams up all over the place and are not required to mark them. I was just about mile 277, and passing through two islands, at about 28 MPH and W H A M. this dike jumped up and hit me... HARD. My wife was standing next to me at the helm and ended up face down with her fingertips at the front gate. After checking for broken bones, and realizing the only thing actually injured in us was my pride I checked for damage. Ripped the skeg off and bent the prop shaft. Luckily we were able to limp home to the marina and get it on the trailer.

I called my insurance company Boat US. and gave them all the particulars, and took it to the shop for repairs.

I received an email explaining the process, and the fact that according to paragraph 27, sub paragraph 4 subsection 91 of my policy, (or whatever) that I may be responsible for depreciation in parts necessary for the repairs.

I looked for my copy of the policy, but for whatever reason, couldn't find it - Likely because i did it online, and it was in a folder somewhere in my house.... they sent me one.

Anyways...

After getting estimates that included a lower unit, motor pod, and the port pontoon, the bill came to $13,000 and change. I was suddenly excreting masonry from my bowels calculating how much my "depreciation" was going to cost.

Shortly after that, I was informed by Boat US that I had actually paid the additional $50 a YEAR for a "Waiver of Depreciation" which meant that I was NOT responsible for ANY depreciation at all in this claim and my only out of pocket was my deductible $128.

Check with your insurance company to see if you are subject to any 'depreciation' or if you can pay an additional fee to have it waived. I'm REALLY glad I did. Having it saved me literally Thousands of $$.

Boat US did right by me.

[lakerunner]

Thats great, I have what is called full replacement in my policy. Cost a bit more but worth it

[OK Toon]

Brian - sorry for your loss but glad insurance is going to take care of it. Thanks for posting this information though. I asked my wife about our coverage and she wasn't sure so she will have to dig into the policy. As low as our lake is right now, it would be really easy to run over something that would not have been there a few months ago.

[curtiscapk]

Bummer man! Glad it is going to work out for you, but maybe you should change your SIG!

Location: Live in STL, Boat wherever there's enough water to not mess up a prop.

[robster]

Thanks Brian- calling Boat U.S. now to make sure we have coverage of depreciation.

Cheers,
Robert

[babock]

I have BoatUS and don't see that anywhere on my policy page. Where would it be located to see if I have it?

[brianD]

Lloyd,
I also have full replacement but it only kicks in if it's a total loss. At one point I was hoping they would total it so I would get the full agreed hull value. But glad they didn't. I love my beast...

[brianD]

Hey Craig,
funny thing is that the prop wasn't that bad, but I guess you're right. I will change it to "boat where ever my insurance will cover my lack of vision"

[badmoonrising]

Yep, when my Party Cruiser was nearly totaled in that storm Boat US paid out just under $26,000.00 for repairs, didn't increase my rates either.

[Bryden24shp]

Wow, that's great! Good news is seldom heard sometimes, but you did A-OK!!!
Hope the repairs turn out as good! Damn wingdams... I've been bitten by one or two in the past, as well!
One bad thing about the Mississippi! The second.... Asian carp have arrived in pool 14.

[RcgTexas]

You are very lucky! that went from catastrophe to just a bummer grounding! Good luck with the repairs. I recently bought a motor with a bent prop shaft(another story) but my machinist Son in law and a mechanic friend straightened it to better than new specs. You may can get that shaft fixed if you can locate a good machine shop. Save some cash.

[brianD]

Those Asian Carp are a PITA!!! I"ve had no less than 5 of those "maternal copulators" (keeping it family friendly here) jump OVER my rail and into the boat this year alone. Slimy, stinky, scaley, bloody messes all over my white interior and grey carpet (side note - Awesome cleaner from the dollar store cleans grey carpet really well)! I want to mount a minigun on a turret and shoot those bass turds every chance I get, or maybe stand two people at the stern with shotguns and yell 'PULL" for some live skeet shooting.

Ironically, that's why my wife was standing next to the help, they had started jumping and she didn't want to get hit again (but that's another story).

I've been told that there's something in the resonance of aluminum that drives them to jump. I have friends with 'glass boats that never seem to have the issue.

I wonder if SharkHide will scare them...

[Bryden24shp]

Ha, I have 3 coats on the Premier and it hasn't yet! I've been lucky, none have gotten over the railings and in the boat, yet. But we are just starting to see them here, north of the Quad cities. They are going to getting really bad, soon. I like your shotguns on the bow idea. That would be a pure riot!!! Probably have to use steel shot, or the DNR might get pissed!

[landlockedsailor]

Thanks Brian- calling Boat U.S. now to make sure we have coverage of depreciation

Me too, thanks for the heads up.

[robster]

I got mine today, cost was $49 more to get the waiver of depreciation, I was paying $185 for 12 months now I'm paying $234 for a $36K boat. They canceled our old policy and wrote up a new "Yacht" policy, for our pontoon "yacht".