Phil Barnes
New member
I just posted a long note about our experience with a Honda 90 Engine Failure. I won't repeat that here but will talk about the insurance part of that event.
I have used Boat U.S. Insurance for the last couple of years. They work with Geico Marine Insurance. We have an agreed value policy and when one selects coverage you have the option of "Yacht Insurance" or "Boat Insurance". I chose the Yacht option for our C-Dory 22 Yacht as it provided better coverage for what I thought was a reasonable increment in cost. I didn't look it up but I recall that we pay about $375 per year for an agreed value of $35K
I was skeptical that our engine failure would be covered but I was encouraged to make a claim, which I did. Turns out that mechanical breakdown is not covered, but consequential damages are.
In our case, a $35 thermostat cover (cast) cracked allowing the engine to flood which trashed the electronics and put sea water in the oil. The engine was not reasonably repairable. And it was cheaper to buy a new engine than repair the damaged one. The replacement of the thermostat cover was not covered under insurance.
The consequential damage to the engine due to the thermostat cover failure was covered! It would not have been covered with the "Boat Policy".
Seems insurance often looks for an "event" and the cause of the "event" in order to then assess coverage. The event in this case was the crack in the thermostat cover. The damage that resulted from that event was the loss of the powerhead and all components as they had been soaked with sea water.
The insurance paid for the new motor and installation, minus about a $250 deductible.
Will I stay with Boat U.S./Geico Marine Insurance....yes, I think so. Will every situation turn out this well in the future? Doubtful... but I feel confident that I will be treated fairly if this process is any indication.
They did send a marine surveyor to look at the engine. He looked at the boat to see the shape it was in (very good condition) and also wanted to understand service history. He asked that the engine be partially tore down so he could see the thermostats, housing and covers. His report no doubt went a long way toward having the claim paid.
Thought I would share this claim experience. It is only one example but a good one for us.
I have used Boat U.S. Insurance for the last couple of years. They work with Geico Marine Insurance. We have an agreed value policy and when one selects coverage you have the option of "Yacht Insurance" or "Boat Insurance". I chose the Yacht option for our C-Dory 22 Yacht as it provided better coverage for what I thought was a reasonable increment in cost. I didn't look it up but I recall that we pay about $375 per year for an agreed value of $35K
I was skeptical that our engine failure would be covered but I was encouraged to make a claim, which I did. Turns out that mechanical breakdown is not covered, but consequential damages are.
In our case, a $35 thermostat cover (cast) cracked allowing the engine to flood which trashed the electronics and put sea water in the oil. The engine was not reasonably repairable. And it was cheaper to buy a new engine than repair the damaged one. The replacement of the thermostat cover was not covered under insurance.
The consequential damage to the engine due to the thermostat cover failure was covered! It would not have been covered with the "Boat Policy".
Seems insurance often looks for an "event" and the cause of the "event" in order to then assess coverage. The event in this case was the crack in the thermostat cover. The damage that resulted from that event was the loss of the powerhead and all components as they had been soaked with sea water.
The insurance paid for the new motor and installation, minus about a $250 deductible.
Will I stay with Boat U.S./Geico Marine Insurance....yes, I think so. Will every situation turn out this well in the future? Doubtful... but I feel confident that I will be treated fairly if this process is any indication.
They did send a marine surveyor to look at the engine. He looked at the boat to see the shape it was in (very good condition) and also wanted to understand service history. He asked that the engine be partially tore down so he could see the thermostats, housing and covers. His report no doubt went a long way toward having the claim paid.
Thought I would share this claim experience. It is only one example but a good one for us.