[C38] Lightning/Fire

Wed Aug 31 09:47:18 EDT 2011

My two cents, Hassle was totaled by the insurance company, I bought her back
from them for 1K, used the payout to rebuild her with some funds left over
and many improvements.  You'll need to find a very good and reliable
electrician and mechanic for this project but in the long run you'll have a
boat worth much more than the insured value.  Ours increased, on survey,
about 15K in value from what it was originally insured for.  Of course the
original insurer, Boat US, would not re insure her but we found it at a
little more and Trans Pac coverage too.

Best regards,

Larry Malmberg
Team Hassle
E Mail  Larrypi at roadrunner.com

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From: listserve-bounces at catalina38.org
[mailto:listserve-bounces at catalina38.org] On Behalf Of Chuck Finn
Sent: Wednesday, August 31, 2011 6:43 AM
To: Catalina 38 Listserve
Subject: Re: [C38] Lightning/Fire

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> 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.
>
>
>
>
> _______________________________________________
> Listserve mailing list
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>

-- 
Steve Ribble
207/852-0971

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