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WakeWorld Discussion Board » >> Boats, Accessories & Tow Vehicles Archive » Archive through November 17, 2003 » Insurance Claim on Custom Equipment « Previous Next »
By Luke (lukeduke95) on Friday, September 05, 2003 - 4:18 pm:    Edit Post Delete Post
I was wondering if anyone knew how insurance claims on custom equipment worked?

I had some speakers and 1 boardrack stolen off off my boat. The speakers and boardrack were custome made by my brothers shop. I got em for free and was wondering how does insurance estimate a value for them.

Just wondering about the can and boardrack as the speakers I have receipts for but what to do about custom equipment???

He even custom machined a tweeter mount that aims it down into the boat so you can hear the music clearly.

By Salmon Tacos (salmon_tacos) on Friday, September 05, 2003 - 4:34 pm:    Edit Post Delete Post
You could have your brother write up a back-dated receipt for what he would have charged someone else. I know there's a bit of dishonesty there but even though you didn't pay MONEY for them, it doesn't mean they weren't worth anything. Back-dating the receipt would just prevent your insurance company from screwing you.

I know that with really custom stuff on cars, you usually have to go by an agreed value. So, they agree your car is worth more than Blue Book and you agree to pay higher premiums. Maybe it's the same for boats?

By Rick H (blastmaster) on Friday, September 05, 2003 - 4:49 pm:    Edit Post Delete Post
Attached equipment is covered if you added the value to the policy when you got the boat or added the equipment. If you did not advise of additional equipment and pay additional premium there may or may not be coverage.

You have a few problems:
1) you probably did not advise or pay additional premium when you added them or insured the boat orignally.
2) You do not have receipts to establish value=ie replacement cost.
3) What you claim to be replacement cost cannot be verified as if they were name brand after market equipment available through any dealer for a MSRP.
4) What is your deductable in releation to the value of the gear and what your brother is really going to charge you to replace it is going to be the adjusters position you will have to convince?
5) Did you file a police report and does the equipment have serial #"s?

I personally would not reccomend even calling your carrier and asking if its covered because it will be listed as a claim even if nothing is paid to you. I would not be surprised if they rejected your claim. Further it will raise questions as to how and where your boat and if its is deemed secured adequetly. If they do accept your claim and pay you (less the deductable of Course). I am fairly sue you will be cancelled upon renewal. You then will pay significantly more if you can find replacement coverage.

Here is additional information if you did not see the artice I wrote last year.

I wish you best of luck and am sorry to hear of your loss> Please consider your options carefully and ask other for advise.


By Rick H (blastmaster) on Friday, September 05, 2003 - 5:06 pm:    Edit Post Delete Post
For god sakes dont listen to Salmon Tacos advice. It is called INSURANCE FRAUD. You and your brother can both go to jail and be fined heavily. A damm set of tower speakers is not that expensive.

We alll pay higher rates with fraud because the ins companies invesitgate heavily whenever there is any question. The added expense is called
"Loss Adjustment" and is added directly to the suspected claim and can cost thousands more if there is the slightest bit of question by the adjuster and insureds dont even know about it.

Insurance claims are tracked by a service called: "CLUE"= Certified Loss Underwriters Experience.

This is an independant tracking service funded by the insurance companies. They track ALL losses by social security # and property address. Every time an insured is paid it is tracked. Whenever you apply for new coverage most carriers do a request to clue for prior loss information. Most carriers programs for prefered rates are based on clean 3 year loss history. That is why people are cancelled and declined for new coverage.

Just my .02 worth of experience for what it is worth. Sorry to rant, rave or lecture but I get calls all day long from people in bad situations sometime due to lack of acess to pertinant information and other times just to stupidity.


By Luke (lukeduke95) on Friday, September 05, 2003 - 5:41 pm:    Edit Post Delete Post
Thanks for the responses.

1- I did notify my agent thats why I increased the value of the boat by $3000(to cover stereo and tower)they never asked for any info from me about what was in the boat just what I wanted to cover.

2- I am also not trying to commit insurance fraud just want money that will replace my stuff. I do have reciepts for some stuff but not for the cans or the boardrack.

3- The equipment does not have serial numbers and don't know if my brothers boss will let him do it again. I took a long time to do all four and his boss became a real ass about it.

4- The dedut is 500. But the gear is worth way more than that. Im not worried about it.

5- We did file a police report but it just has bare bones info.

Just wondering what might happen with my can value?

By Mark B (markb) on Friday, September 05, 2003 - 5:55 pm:    Edit Post Delete Post
How is it insurance fraud??? Backdating a reciept is cosidered fraud? I had a similar situation, but with my car. I didnt' have reciepts for some custom work and state farm told me to go to 3 stereo shops to get an estimate of the value of the equipment and they paid the lowest. Remember, he pays for insurance for a reason! Take Rick's advice and pay, pay, pay and never report a claim so guys like him can make more money.
By Mark B (markb) on Friday, September 05, 2003 - 6:01 pm:    Edit Post Delete Post
I guess it also depends on who your have your insurance with and how many claims you've had in the past. If it's State Farm, tell them straight up what happened and I bet they take care of you.
By Geforce (grantmi1) on Friday, September 05, 2003 - 10:34 pm:    Edit Post Delete Post
Are you serious, if you contact your insurance and don't even make a claim they consider it a claim? Holly cow, with my trailer accident I called State Farm but ended up not having to claim.
By Ryan M. (h20jnky) on Friday, September 05, 2003 - 10:53 pm:    Edit Post Delete Post
the only insurance fraud ever committed is by the agent who sells it to you! like a good neighbor my arse........
i love how they suck you dry for premiums each month and then the low lifes that make money off of their "little" residuals, renewals and overrides can't seem to believe a word you say about an honest claim. they act as if they don't owe you a thing and then finally when they get spanked with the facts (after there so called investigation) they cry and eventually pay the lowest bid and then cancel you next time around! what a great industry to be associated with? everyone just keep throwing money into the pot and we'll go ahead and keep it for you.......for good. at least they got the acronym right; get a "CLUE"

unchecked and corrupt.......

By Luke (lukeduke95) on Friday, September 12, 2003 - 12:49 pm:    Edit Post Delete Post
I really didn't like state farm before but we had a bunch of custom stuff on our boat and the guy at State farm said find something that looks like it. Sure enough ours looked like the boss accessories equipment and they paid it right out to us no questions asked. Just faxed in some pics of our equipment some pics and prices from websites and all was good.

Like a good neighbor state farm is there.

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