insurance

[finx]

Im a quarter way through my boat restoration and it's cost me a bit more than I thought. A lot more actually.

I've been keeping receipts but I wanted to know if anybody keeps a documented log on the time they spent restoring the boat. The insurance company im going to select is going to be on agreed price and I was curious if an hour log is important to any claims if something happened in a total loss. I'm installing auto bilge, auto fire extinguishers and gas fume sensors among other precautions just in case. I want to make this as safe as possible for my son and family but I also want to protect my investment if something was to happen.

basically: does an hour log and receipts matter on insurance claims?

 

[roscoe]

Re: insurance

not with agreed value policy.


Collected on mine for my camper when it was destroyed in a storm, check was for amount of insurance purchased.
We had done a lot of fixing, upgrading, and replacing, basically rebuilt it. Wanted enough ins to cover my cash expenditures.
Insurance company didn't care if I had stuck $30 into it, or $5000, didn't care if I worked on it for 20 minutes, or 200 hours.

 

[H20Rat]

Re: insurance

Just keep in mind that you have to be reasonable on the agreed value. If you count your hours as $$$, and put the boat so far out of the market of where it should be, the insurance company will have issues when it comes time to pay out. (and if you read the legal fine print, agreed value doesn't always mean agreed value, if you try to defraud the company by setting the value far above market, they can pretty much tell you to go pound sand if you file a claim)