appraisals and insurance

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tom in caledonia
Posts: 45
Joined: Tue Jul 20, 2004 1:13 pm
Location: Caledonia ON

appraisals and insurance

Post by tom in caledonia » Wed Oct 04, 2006 11:52 am

Ever since I heard about that fellows kayak being stolen (and having completed my first canoe) I've wondered about getting some extra insurance (I hate the thought). Along with that is the need to get an appraisal done. I don't know if anyone else has gone to the trouble and expense and I'm not sure if it's worth it but was curious about even who would be capable of doing an appraisal on something like a homebuilt canoe (which will eventually get all scratched up). Someone buying a Woodsong canoe would likely have this all figured out but what about a lesser but still really nice canoe? Any thoughts? In the remote chance of a theft it would burn me up to be recompensed by the insurance company for just the cost of wood, glass and epoxy. Does anyone do this?

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ealger
Posts: 387
Joined: Sat Aug 14, 2004 5:14 pm

Insurance

Post by ealger » Wed Oct 04, 2006 1:53 pm

Tom, every strip canoe is "home" built. It's the love of the art that puts the value on a strip canoe, kayak, or boat. Our insurance company only wanted pictures of our finished canoe and some pictures and postings of similar craft. The cost of the 'extra' insurance is minimal.
Ed...
Ed Alger

tom in caledonia
Posts: 45
Joined: Tue Jul 20, 2004 1:13 pm
Location: Caledonia ON

Post by tom in caledonia » Wed Oct 04, 2006 1:59 pm

My insurance company requires an appraisal. Maybe I should change companies. I realize the cost of insurance is minimal, I'm just having trouble finding someone to do the appraisal in my part of Ontario and I'm not sure of the cost of doing that. I think that I'll look at different insurance companies.

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Jeff in Farmington, MI
Posts: 117
Joined: Wed Jul 07, 2004 3:19 pm
Location: Farmington, Michigan, USA

Post by Jeff in Farmington, MI » Wed Oct 04, 2006 2:59 pm

Hello Tom,
I had the same thoughts as I was nearing completion of my first (and hopefully not last) canoe. While no insurance settlement could compensate for your time and efforts, it would be better than nothing, I think.

My insurance agent said that they could put a "rider" on my homeowner's policy to cover against theft or damage to the canoe. An appraisal was not required, but the cost of the rider (premium) is based on the set value of the canoe. That is, if you say the canoe is worth a certain amount, then you would be compensated for that amount if it were stolen or destroyed in a house fire.

I calculated the "value" of my canoe based on what professionals builders charge for the same or similar model. Add or subtract a reasonable amount for various features that you may or may have not included in the construction of your canoe (scuppered inwales, hand-woven seats, carved yoke, accent strips, etc).

Jeff

tom in caledonia
Posts: 45
Joined: Tue Jul 20, 2004 1:13 pm
Location: Caledonia ON

Post by tom in caledonia » Wed Oct 04, 2006 8:38 pm

Thanks Jeff. I think that I need to talk to my broker again to see why they need an appraisal. Maybe the person that I talked to didn't really understand what I wanted. Basically, a rider was all that I wanted.

Thanks again,
Tom

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