I must be out of my Pungo!

Cow Man · 05-13-2007, 05:00 PM

I lost my orange Wilderness Systems Pungo 120 Kayak around the hole in the wall sometime before February, when I skied out to Cow Island and discovered it missing. I figured I would wait until the snow melted to declare it officially lost.
Presumably, it blew away in a storm and is now in OZ being enjoyed by some munchkin.
Before putting in an insurance claim, in the off chance anyone found it, I would appreciate hearing from them. Reward.

Gavia immer · 05-13-2007, 06:59 PM

Two concerns:

You could end up paying for that kayak over and over again in future premiums if you file an insurance claim on something "so insignificant". You may be surprised how little a "used kayak" is worth.

A "Reward" works best if accompanied by a specific amount, say $500 in your case.

(I LOVE spending other people's money

)

Cow Man · 05-17-2007, 07:52 AM

It is a common misconception that making an insurance claim will result in higher premiums; this is generally only true in cases where the policyholder is “at fault” as with auto insurance. You can also have a problem getting insurance if you have a history of filing numerous claims. Fortunately, I have neither of these problems. Unfortunately, the kayak is one of several items that were lost or damaged.

It should also be noted that policies such as the one I purchased cover property on a “replacement cost” basis meaning that they do not depreciate the cost of the kayak.
However, I don’t want to make a claim for the kayak if there is a possibility of recovering it. As far as a reward is concerned, I was thinking along the lines of fifty bucks, perhaps a beer and comfort in the knowledge that it’s the right thing to do.

Just Sold · 05-17-2007, 08:20 PM

Insurance companies use a central reporting system to track all claims and can very well increase or even deny insurance on a property if they deem it a risk. They had it for years but rarely used it until after Katrina then things changed.
I have seen it happen to a buyer on a property because the owner had a faucet fail causing about $2,500 in damage 5 years before the home was put on the market The buyers insurance agency said the "home" was a high claim risk and would not issue a policy. The buyer had to go to another company to get insurance.
So an insurance company could hike a policy if you have a claim they deem to be high a risk for them or falls into their established claim risk category.

SIKSUKR · 05-18-2007, 07:08 AM

Happens every day.Has very little to do with "fault".A lot of times they don't even bother to increase the premiums,they just plain drop you after one claim.Been there.

pirkaus · 05-18-2007, 05:25 PM

After the deductable is it worth the claim?

Cow Man · 06-01-2007, 07:42 AM

I understand that there are some strong feelings out there about insurance company practices and I do not doubt that the situations related happened.
However, in most cases affecting the average individual consumer, insurance rates, forms and guidelines must be filed with the state’s insurance department and followed by the insurance carriers that file them. There is nothing which would legally allow a carrier to be arbitrary in settling claims or raising rates. If someone feels they have been treated unfairly, they should file a complaint with the insurance department.
What goes into the rate development would be a topic for another, albeit boring, thread. Suffice it to say that in my case, I filed the claim, got paid in a week (less the deductible) and don’t anticipate any adverse repercussions from it. Considering as how this claim netted me less than the annual premium I pay and was the first claim presented to this carrier in 10 years, I would hope they are happy to have me as a customer. If someone some day finds my kayak and returns it, I will return the money to the carrier.
I do want to stress that I am in no way advocating filing a claim every week, but the insurance policy is a contract between you and the carrier. You live up to your end by paying premiums when due and they live up to theirs by paying covered losses when due.
I do want to say that American Modern Home insures my cabin and boats and couldn’t have been more professional or timely in settling my claim fairly. If you have had problems with another carrier, check them out by visiting your local agent.

05-13-2007, 05:00 PM	#1
Cow Man Member Join Date: Feb 2006 Location: Cow Island / Holderness, NH Posts: 46 Thanks: 4 Thanked 19 Times in 8 Posts	I must be out of my Pungo! I lost my orange Wilderness Systems Pungo 120 Kayak around the hole in the wall sometime before February, when I skied out to Cow Island and discovered it missing. I figured I would wait until the snow melted to declare it officially lost. Presumably, it blew away in a storm and is now in OZ being enjoyed by some munchkin. Before putting in an insurance claim, in the off chance anyone found it, I would appreciate hearing from them. Reward.

05-17-2007, 07:52 AM	#3
Cow Man Member Join Date: Feb 2006 Location: Cow Island / Holderness, NH Posts: 46 Thanks: 4 Thanked 19 Times in 8 Posts	Insurance It is a common misconception that making an insurance claim will result in higher premiums; this is generally only true in cases where the policyholder is “at fault” as with auto insurance. You can also have a problem getting insurance if you have a history of filing numerous claims. Fortunately, I have neither of these problems. Unfortunately, the kayak is one of several items that were lost or damaged. It should also be noted that policies such as the one I purchased cover property on a “replacement cost” basis meaning that they do not depreciate the cost of the kayak. However, I don’t want to make a claim for the kayak if there is a possibility of recovering it. As far as a reward is concerned, I was thinking along the lines of fifty bucks, perhaps a beer and comfort in the knowledge that it’s the right thing to do.

05-17-2007, 08:20 PM	#4
Just Sold Senior Member Join Date: Apr 2004 Location: Suncook, NH, but at The Lake at Heart Posts: 2,612 Thanks: 1,082 Thanked 433 Times in 209 Posts	Insurance Companies - Risks and Claims Insurance companies use a central reporting system to track all claims and can very well increase or even deny insurance on a property if they deem it a risk. They had it for years but rarely used it until after Katrina then things changed. I have seen it happen to a buyer on a property because the owner had a faucet fail causing about $2,500 in damage 5 years before the home was put on the market The buyers insurance agency said the "home" was a high claim risk and would not issue a policy. The buyer had to go to another company to get insurance. So an insurance company could hike a policy if you have a claim they deem to be high a risk for them or falls into their established claim risk category. __________________ Just Sold At the lake the stress of daily life just melts away. Pro Re Nata

05-18-2007, 07:08 AM	#5
SIKSUKR Senior Member Join Date: Apr 2004 Posts: 5,075 Thanks: 215 Thanked 903 Times in 509 Posts	Happens every day.Has very little to do with "fault".A lot of times they don't even bother to increase the premiums,they just plain drop you after one claim.Been there. __________________ SIKSUKR

06-01-2007, 07:42 AM	#7
Cow Man Member Join Date: Feb 2006 Location: Cow Island / Holderness, NH Posts: 46 Thanks: 4 Thanked 19 Times in 8 Posts	Claim settled! I understand that there are some strong feelings out there about insurance company practices and I do not doubt that the situations related happened. However, in most cases affecting the average individual consumer, insurance rates, forms and guidelines must be filed with the state’s insurance department and followed by the insurance carriers that file them. There is nothing which would legally allow a carrier to be arbitrary in settling claims or raising rates. If someone feels they have been treated unfairly, they should file a complaint with the insurance department. What goes into the rate development would be a topic for another, albeit boring, thread. Suffice it to say that in my case, I filed the claim, got paid in a week (less the deductible) and don’t anticipate any adverse repercussions from it. Considering as how this claim netted me less than the annual premium I pay and was the first claim presented to this carrier in 10 years, I would hope they are happy to have me as a customer. If someone some day finds my kayak and returns it, I will return the money to the carrier. I do want to stress that I am in no way advocating filing a claim every week, but the insurance policy is a contract between you and the carrier. You live up to your end by paying premiums when due and they live up to theirs by paying covered losses when due. I do want to say that American Modern Home insures my cabin and boats and couldn’t have been more professional or timely in settling my claim fairly. If you have had problems with another carrier, check them out by visiting your local agent.

05-13-2007, 06:59 PM	#2
Gavia immer Senior Member Join Date: Feb 2006 Posts: 193 Thanks: 21 Thanked 19 Times in 11 Posts	Two concerns: You could end up paying for that kayak over and over again in future premiums if you file an insurance claim on something "so insignificant". You may be surprised how little a "used kayak" is worth. A "Reward" works best if accompanied by a specific amount, say $500 in your case. (I LOVE spending other people's money )

05-18-2007, 05:25 PM	#6
pirkaus Junior Member Join Date: May 2007 Posts: 16 Thanks: 0 Thanked 0 Times in 0 Posts	After the deductable is it worth the claim?