Quote:
Originally Posted by Descant
I'm a little surprised that the insurer reduced coverage without notice.
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Correct, if an insurer wants to change the Agreed upon value, I would expect that they would send me something in writing detailing why, and how the new value was determined. If an insurer did it without reason and with out explanation that is different.....
As someone that tends to own things for the complete life cycle of the item, had I bought my boats new 20 years ago, at this point I would be tired of paying the insurance to keep the Agreed value at the purchase price of the vessels....I would likely at about 10 years, had them surveyed and reset that agreed upon value....As it is I was thinking about doing that on one of them, but as the used boat market has changed, I now don't see a reason to do so....