appraisals and insurance
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- Posts: 45
- Joined: Tue Jul 20, 2004 1:13 pm
- Location: Caledonia ON
appraisals and insurance
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?
Insurance
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...
Ed Alger
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- Posts: 45
- Joined: Tue Jul 20, 2004 1:13 pm
- Location: Caledonia ON
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.
- Jeff in Farmington, MI
- Posts: 118
- Joined: Wed Jul 07, 2004 3:19 pm
- Location: Farmington, Michigan, USA
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
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
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- Posts: 45
- Joined: Tue Jul 20, 2004 1:13 pm
- Location: Caledonia ON