Quote:
Originally Posted by Capt. Frank
Insurance companies also have escape(make no payment) clauses.
We salvaged a boat that sunk in its slip in the Highlands when it got stuck under a fixed dock in a rising tide. We crank and pump and refloat while the insurance examiner watched on. Insurance guys shoots pictures.
Insurance guy is staring at the stern of it and the 90hp O/B motor like he's going to rape the boat. He steps on board and is shooting more pictures, cabin, helm, transom and several of the side of the O/B smiling.
He asks owner if that truly is a 90hp on the transom or just some decal change on the cowl.
Owner confirms that it is a two year old 90hp. Insurance examiner makes note of that, asked the price, where he bought it from. Gets that info. Has owner sign off on the description given.
Then he tells owner the max Hp for the boat on the Capacity Plate is only 75hp. He tells the owner, the overpowering voids ALL his coverage since he did not get a Rider for non-standard and over powered vessel. And that his loss and the recover costs are not covered, because of the oversized O/B is not the boat they were told of and insured.
He can appeal it but his is unlikely to get a dime for the sinking.
A REAL WAKE UP CALL FOR EVERYONE.
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That's not encouraging. I was looking for insurance for my little 14 ft boat with a 9.9 motor. All was going fine, the price was right, but when I told them the boat was built in 1984 I was told they do not insure boats over 25 years old.
I thought about going to a marine specific insurer, but the wood transom had been replaced and there is no longer a capacity/HP sticker on it. Now I'm wondering if I insured the boat whether there would be some fine print clause about the boat being "modified" and ineligible for any claim.
