Re: The grey area when your boat gets stolen !!!
One way insurance companies control costs is to do a limited amount of underwriting and investigation at the point of application. That gets new policyholders and premium on the books quickly. If, over time, there are no claims on the vast majority of policies that is money and time wll saved. The problem that is created is called "post claim underwriting". The job that could have been done at the time of application is done after a claim is submitted. This takes time-your time! Depending on the size and nature of the claim the insurance company will determine how far they will go. First they will want to verify all statements and representations made by the applicant(s). In your case they are going to be interested in two separate applicants. If they choose they look at anything that might make you look like a moral hazard. Past history of all kinds-criminal, civil, etc., etc. How is your relationship with your marina(s)? and repair yards? By now Progressive knows more about that then you do. As to state insurance commissioners; in many states they are political pawns beholding to business interests like insurance companies and brokers.
I think you could be in for a long ride. In my experience (I am a retired commercial insurance broker)once you engaged an attorney the authority moved away from the claim adjuster and toward the legal department. These guys are in no hurry. . They can afford to settle your little claim on the court house steps-FOUR YEARS LATER. There is a huge advantage to Progressive moving slooooowly. They can set up a reserve of say $130,000 to cover the ultimate claim dollars AND expenses to handle the claim. The earnings on those reserves until the claim is settled are tax sheltered. So from their viewpoint-what's the hurry? Of course the sales departments need to have an acceptable reputation in the market place. It is an exquisite balance between product, price and service. This is not directed at you--buy cheap, get cheap.
Good luck, I hope it works out fairly and quickly.
One way insurance companies control costs is to do a limited amount of underwriting and investigation at the point of application. That gets new policyholders and premium on the books quickly. If, over time, there are no claims on the vast majority of policies that is money and time wll saved. The problem that is created is called "post claim underwriting". The job that could have been done at the time of application is done after a claim is submitted. This takes time-your time! Depending on the size and nature of the claim the insurance company will determine how far they will go. First they will want to verify all statements and representations made by the applicant(s). In your case they are going to be interested in two separate applicants. If they choose they look at anything that might make you look like a moral hazard. Past history of all kinds-criminal, civil, etc., etc. How is your relationship with your marina(s)? and repair yards? By now Progressive knows more about that then you do. As to state insurance commissioners; in many states they are political pawns beholding to business interests like insurance companies and brokers.
I think you could be in for a long ride. In my experience (I am a retired commercial insurance broker)once you engaged an attorney the authority moved away from the claim adjuster and toward the legal department. These guys are in no hurry. . They can afford to settle your little claim on the court house steps-FOUR YEARS LATER. There is a huge advantage to Progressive moving slooooowly. They can set up a reserve of say $130,000 to cover the ultimate claim dollars AND expenses to handle the claim. The earnings on those reserves until the claim is settled are tax sheltered. So from their viewpoint-what's the hurry? Of course the sales departments need to have an acceptable reputation in the market place. It is an exquisite balance between product, price and service. This is not directed at you--buy cheap, get cheap.
Good luck, I hope it works out fairly and quickly.