MARINE SURVEYORS of Marina Del Rey

Marine Insurance

Owners find it in their best interest to increase their insurance coverage after a lengthyrestoration, an extensive repair, an overhauling of machinery, or the addition of costly add-onssuch as stabilizers, a flying bridge, or cockpit extensions.  It is best in your interest to try to reach an “Agreed Value” rather than Actual Cash Value (ACV) coverage with your insurance company.

The reasons for this are obvious.  For example yacht retrofitting, repair, and the replacement ofhardware, machinery, and electronics can cost sometimes ten times the BUC Used Price Guide value of a boat or yacht.  Insurance Companies use BUC Used Price Guide extensively for production boats for evaluations. For a vintage or classic yacht, Insurance Companies rely on the surveyor or appraiser’s expertise.

 Insurance companies will assign the boat or yacht Actual Cash Value, unless the owner can show certified evidence of extensive retrofitting and repair costs.  A detailed ongoing certified appraisal bof all repair costs, comparison to similar boats on the existing market place, and the pricing of sister yachts will assist an owner in securing an adequate valuation.

 Helpful Hint:  If the boat or yacht is of Historical Significance and it has a placard indicating that it is, this will be taken into consideration by the insurance company when they issue a policy with an Agreed Value.  Chose a certified appraiser with an extensive background in classic boats and yachts. In most cases of replacement pricing for stolen or damaged marine equipment, an Agreed Value policy is at full replacement value.  This is not the case of an Actual Cash Value policy, which is on a depreciated basis.

MEMBER:

Classic Yacht Association

C-Port

Boats US Referral

California EPA

Department Health Services

Occupational Safety Health Administration

American Society of Non-Destructive Testing

American Arbitration Association

Office of California Real Estate Appraisers