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MarshLtk

We act on behalf of a client who has a few out-board vessels that are used for tourist transfers. An incident happened and the claim is being held up due to the fact no one in Fiji is able to establish the correct value of the engine before it got damage due to a total loss. The issue is that the insurer has based the claim on the 1/3 new for old deduction which seems not fair as it should be upon their discretion with the compiled detailed of hours done.

 

Appreciate if you could assist in advising whether there is a formula for valuation of out-board engine. Does the engine brand make a difference. Well the details of the subject claim is as follows:-

 

It's a Yamaha 225 hp engine which was purchased on 20th November 2006. It had only done 455 hours when the loss happened in Sep 2007.

 

Appreciate if you could assist.

 
CYee

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outboardwizard

Hello value varies depending on warranty or if commercial use. commercial use around 6000.00 non commercial with warranty around 9000.00

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MarshLtk

Many thanks for your response in assisting with the query I had raised. With all due respect, since we are the intense state of the claim where things are in the technical stage, I kindly request your assistance on facts / actuals so that we could have a proper analysis of the case.

Thanks again.

CYee

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