[C38] Lightning/Fire

[Chuck Finn]

David,
I am so sorry to hear this may have been far worse than it originally 
looked!  As Steve remarked however, insurance companies are more likely 
to declare loss on older boats as re-sale values go down and repair 
costs up....  I was vice-president of the Minnesota Fair Plan for 
several years, which is the property insurer of last resort in MN.  The 
"back room" calculations regarding loss calculation were quite revealing 
in that as a rule of thumb, we estimated the transaction costs of a 
claim being between $5 - $10K.  While this varied, it usually meant we 
would often move to quickly settle to the benefit of the insured rather 
than incur drawn out costs of remediation or litigation.  Simply said, 
if an insurance company had a $30K boat with $15K in damage and $5K in 
original transaction costs... they might well total the boat.
We lost three boats in our club due to Irene's high winds and waves.  
One of them certainly is a total loss as the laterals of the wing keel 
were actually hammered up from pounding on rock!  Another was rescued, 
pumped out and back in service.  And the third probably will be totaled, 
but the owner plans to buy it as salvage and repair.
It is also helpful to know that shipyards get very touchy when insurance 
companies declare total losses!  Because the title goes to the insurance 
company, shipyards often find it extremely difficult to recoup their 
costs as insurance companies are much harder to hold accountable....  
And all to often the shipyards are left with a very expensive disposal 
problem on top of being shorted on hauling, storage, etc!    If you are 
contemplating abandonment,  it might be a good idea to get all your 
personal effects off the boat.

Just my 2 cents,
Chuck Finn
Mighty Quinn  #114
Great Lakes

On 8/31/2011 7:53 AM, Steven Ribble wrote:
> Very sorry to hear that David, I'm sure the other losses the company 
> is experiencing from Irene doesn't help your claim.  One thing you 
> might try is to have the adjuster give you the salvage value for the 
> boat on top of their payout, that way you might have a chance to get 
> things going again
>
> On Wednesday, August 31, 2011, <david at dlrfilms.com 
> <mailto:david at dlrfilms.com>> wrote:
> > Sad news.
> >
> > On the basis of the photos I sent him and against the insured value 
> of the
> > boat, the surveyor/adjuster is pretty sure INTEMPERANCE is a total loss.
> > This won't be confirmed till he can inspect the boat in person, but he's
> > already discussed it with the home office, and that's what we're getting
> > ready for.
> >
> >
> >
> >
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>
> -- 
> Steve Ribble
> 207/852-0971
>
>
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