Geico Insurance Agency Seaworthy Insurance CompanyBerkshire Hathaway Companies Fraudulent Boat Insurance, Stated 29,000. Boat Value Maximum payout was less than $1500. Alexandria Va, Fredericksburg Va Nationwide

In response to an ad I contacted Geico insurance in reference to boat coverage.  After receiving a quote from Geico for a policy with watercraft value of $50,000. I payed Geico the yearly premium. After canceling my other insurance I received a form from Seaworthy Insurance notifying me that they would only sure about for $30,000.  since I had already canceled my previous policy I decided to accept the $30,000 valuation.

I immediately received a declaration page listing all important facts about the policy, this included a list of reasons why they would not pay the full amount( i.e. storms hurricane theift)  deductibles limits and special deductibles. 

As life would have it my boat engine caught fire shortly after changing insurance companies.  I immediately contacted seaworthy and provided them with appropriate pictures and descriptions of damage etc. I was advised to take the boat to the dealer where their claims adjuster would meet with the service people to determine the damages. After approximately 3 weeks and many phone calls Seaworthy and the dealer agreed upon a repair cost in excesss of $ 7500.00.

Eexpecting to get a check for the $ 7500 less the deductible I waited. Approximately 2 weeks later I received an insurance check in the sum of $425. I immediately contacted the insurance company and they explained to me that even though the disclosure page clearly states a $30,000 valuation on the boat at their discretion they can depreciate anything they want as not to have to pay the value of or the cost to repair damages. 

I was informed by their representative that this is not boat insurance like most insurance companies. This is a limited policy that pays whatever they wanted to. I wish told that in the future I should read every line of the policy. Even though I never received the policy before the fire.

I asked why on the disclosure page, which lists all of the pertinent information and deductibles ,it did not state that, Seaworthy/Geico at their discretion could depreciate the boat and its components to nothing. They laughed and said would buy this insurance if they knew what they were getting. 

All I can say is been very concerned with any Geico Insurance policy, Seaworthy insurance for Berkshire Hathaway Company products.  Obviously they are scam artists with no scruples.