Insurance Claim - Rib Damaged in towing accident

[Sailingsid]

Hi All

Can anyone assist, I recently had an accident where my RIB (Ribcraft 4.8m with Suzuki DF 60hp) rolled off the trailer whilst towing, Nightmare!!. I've had two quote and the insurance compay have surveyed. I've had the answer back today, and I'm in two minds of what to do!!

The Rib is worth approx 7K and the repair costs are 3.5K. I really want my RIB back, but not sure what my best option is!!

The message recieved today from from the insurance Company;

"We are now in receipt of the surveyors report following his inspection.

Having considered the claim based upon the information provided, we are pleased to advise that the loss is recoverable under the terms of your policy.

As the vessel and trailer cannot be repaired within the insured values, they are therefore a CTL (constructive total loss).

We propose to deal with this matter on a cash settlement basis. Could you please advise if you would wish to retain the vessel and trailer? If so, all rights and liabilities in the vessel would remain with yourself.

If you elect not to retain the vessel all rights and liabilities in the vessel would remain with Underwriters who will then aim to sell the items on best possible terms and retain the proceeds of the sale.

As the outboard motor can be repaired within its insured value, the repair cost would be included in the settlement and you will remain the owner. The £125.00 policy excess is applicable to to this part of the claim.

In both options, the policy will be cancelled"

Thanks in advance for your comments

Regards
Shaun

[xs 400]

They appear to be proposing to write off the trailer and boat and repair the outboard ?
what have they offered?

[SW Boat Transport]

Have they given you figures for both options?

[HUMBER P4VWL]

Few q's

Initially they are paying out on the claim. Have they offered enough to replace the rig?

Secondly, find out what they want you to pay to buy it all off them, then make a decision if you think it's worth it and if you can be arsed with the hassle.

[Sailingsid]

Originally Posted by xs 400

They appear to be proposing to write off the trailer and boat and repair the outboard ?
what have they offered?

Hi

No offer as yet however I have the hull insured for 2.5K and trailer £500 but worth a lot more in my opinion.

I'll phone them first thing to see what they're offering.

Thanks
Shaun

[Pikey Dave]

First thing you need to establish is are you covered for "Market value" or an "Agreed Sum"? I changed from the former to the latter after I found out that Bishop Skinner were charging a premium based on my valuation but would only pay market value in the event of a total loss, shysters! My boat is now insured for an agreed value, which is what I would receive in the event of a total loss.

[xs 400]

if you have insured the hull for £2.5k and the trailer for £500 i think that is what they will offer.

[Ribshop]

You have got your quotes from the wrong people! We have never had a problem with dealing with insurance companies with claims like this.

[nigel52]

Originally Posted by Ribshop

You have got your quotes from the wrong people! We have never had a problem with dealing with insurance companies with claims like this.

Who would you recommend as good insurerer then.

[Searider]

Originally Posted by Sailingsid

Hi

No offer as yet however I have the hull insured for 2.5K and trailer £500 but worth a lot more in my opinion.

I'll phone them first thing to see what they're offering.

Thanks
Shaun

If you have stated the value of the items to be less than their current market value then there may be a clause in the policy that allows insurers to pay only a proportion of the repair costs.

ie, item stated value of £3000, actual current market value say, £4500, means you have only insured two thirds of your property. They may be within the rights of the policy to only offer two thirds of the repair costs (assuming that they are covered at all).

What have the offered you?

I guess it's the £2500 + £500 minus the salvage value of the hull and trailer?

[Ian_st]

I had an issue when a lady drove into the back of my dory on its trailer when I pulled into a lay by... Looking in her handbag she followed me in at 30mph.

Insurance co advised engine and trailer were write off and the hull was repairable. After a lot of discussions their offer was to provide a new trailer, which once I had transferred the boat to, I could use to take the hull to be repaired and then source an engine to get fitted ( yam 2s 40hp). ALL done by me in my time

When I argued with them they conceded that it was unreasonable to expect me to swap the boat over and tat they should coordinate it. The end result was a very good valuation from an independent engineer, which they paid out in full finally accepting it was a complete package.

Icing on the cake was buying the "scrap" for £400 which with a little work resulted in the trailer being repaired for £100 of new brackets as it was 99% adjustment and a new drawbar and fits my rib great. The dory is now back on the previous trailer and is about to go on eBay as a project and I have a full 40hp power head which is ready to go on eBay for some fuel money.

The lesson I learnt was to plan what I wanted and hold to my guns..... Their whole initial offer was based on me doing the whole work.

I