Watercraft Physical Damage (Hull) is optional. Physical Damage Only policies are not permitted.
Watercraft Physical Damage (Hull) is optional. Physical Damage Only policies are not permitted.
Standard Total Loss coverage included is Agreed Value for boats up to 10 years old and Market Value (ACV) for boats 11 years and older.
Optional Total Loss Settlement Endorsements:
Extended Agreed Value Endorsement, available for boats 11 or more years old.
Market Value Endorsement, available for boats new to 10 years old. When the unit reaches 11 model years old at renewal, the endorsement will be removed.
Replacement Cost Endorsement, available for boats new to three years old. When the unit reaches four model years old at renewal, the endorsement will be removed
Standard Partial Loss coverage is replacement cost for partial losses on parts new to two years old, regardless of boat age. Replacement coverage can be extended to 10 year old parts by including Extended Parts Replacement Coverage.
Deductibles:
1% included with hull coverage on most boats.
Options of 2%, 3%, 4%, 5% are available.
Minimum deductible requirements:
5% for values $5,000 and under.
4% for values between $5,001 and $6,000.
3% for values between $6,001 and $8,000.
2% for values between $8,001 and $12,500.
2% for Mid or High Performance boats exceeding 70 MPH or Airboats of any speed. Application of higher deductibles on any boat exceeding 70 MPH is at the sole discretion of a company underwriter.
3% for any Sport-Fishing unit with three or four main engines.
2% for any customer with a reported physical damage claim.
The Diminishing Deductible Endorsement is available for any boat. If purchased, the chosen deductible will be reduced by 25% at each loss free renewal until it reaches 0%. Named Storm losses are always subject to the Named Storm Deductible (if applicable) and will not be diminished.
If Named Storm Coverage is not rejected, a Named Storm Deductible will apply. This deductible will be two times the deductible shown on the declarations page.
Coverage is Market Value (ACV) for all units.
Deductible options are $250 (standard) and $500.