by Hydraulicjump on Mon Dec 03, 2018 3:39 pm
The disaster on the Cutwater made us all go out and check our insurance, I hope. Hard to imagine, given the relatively low cost of insurance, that one would ever choose to self insure.
We use Global Marine Insurance Agency in Seattle and they have written a Geico policy for us. Here is the critical language in the Hull Physical Damage Exclusions:
"Any losses caused directly or indirectly from wear and tear, gradual deterioration,
mechanical or electrical breakdown, overheating, electrolysis, galvanic action, rot, mold or
mildew, corrosion, weathering, marring, scratching, denting, vermin, animals or marine life;
however, we will cover immediate consequential property, damage resulting from any fire,
explosion, sinking, demisting, collision or stranding."
I called and they patiently explained that yes, if our boat sinks in the dock and it is caused by, say, a corroded seacock, they will not cover the seacock replacement but they will cover the damage caused by sinking. For example, I had a trim tab corrode and fall off. They won't cover that and that's on me. But if it somehow caused major damage to the boat, they cover that. However, they said that in cases of extreme neglect of the boat (meaning letting it rot at the dock), they may dispute coverage.
So yes, good to check and make sure that you have consequential property coverage. And by the way, the folks at Global Marine were very patient with me, which I appreciate. The folks at Ranger Tugs directed me toward them and I appreciate it.
Although I am still a bit mystified why "demisting" would lead to damage on a boat....
Jeff