Comprehensive and Collision
Comprehensive and Collision coverages pay for the cost to repair or replace your boat if it is stolen or damaged in a covered loss, regardless of who is at fault. You share in this cost by paying a deductible.
With Collision coverage, your insurance company pays for damage to your boat when you collide with another boat or object. If you hit a boat, a pole or another nonliving object, Collision coverage will apply.
With Comprehensive coverage, your insurance company pays for damage to your boat caused by an event other than a collision, such as fire, theft or vandalism. If you hit an animal, or if your boat is flooded or stolen, Comprehensive coverage will apply.
You have three options to insure your boat against a total loss:
- Actual Cash Value — A base policy that pays the market value of your boat at the time of loss.
- Agreed Value — Pays the value of your boat that you select at the start of your policy, regardless of the current market value.
- Total Loss Replacement Cost — Pays for replacement of your boat with the newest model if your boat is declared a total loss within its first five model years.
Actual Cash Value
Actual cash value (ACV) is the most economical choice to insure your boat or PWC. ACV is determined by the market value, age and condition of your boat/PWC at the time of the loss. If your boat/PWC is declared a total loss, this coverage pays either the lower of the ACV at the time of loss or the Rating Base.
Agreed Value
Agreed Value coverage pays the Rating Base if your boat is declared a total loss, regardless of the actual cash value (ACV) at the time of the loss. For partial losses, there is no depreciation, except on the following: batteries, sails, canvas/plastic coverings and outdrive units or outboard motors older than five years.
For boats two years old or newer, the sales receipt can serve as the Rating Base. If a sales receipt is unavailable, the Rating Base may be determined by referring to an ABOS, BUC or N.A.D.A. appraisal guide or an accredited marine survey.
Agreed Value coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.
Back to Top
Total Loss Replacement
Total Loss Replacement coverage is available for new boats up to one model year old. If a total loss occurs, this coverage replaces the current boat with a new boat that is, to the greatest extent possible, the same make and model and that contains comparable equipment. If such a boat is not available, a comparative boat that is five model years old or less will be substituted.
For boats more than five model years old, the Rating Base is paid, which must be increased if additional equipment that increases the boat's value is attached by the policyholder.
This coverage requires a sales receipt to determine the Rating Base.
Total Loss Replacement coverage is not available for personal watercraft.
Disappearing Deductibles coverage is included.
Back to Top
Rating Base
The Rating Base is the current market value of a boat/PWC, including motors and permanently attached and portable boating equipment. The value of the trailer also should be included in the Rating Base if coverage for the trailer is requested.
Disappearing Deductibles
Disappearing Deductibles coverage is included at no extra charge with Agreed Value and Total Loss Replacement coverages. For each claim-free renewal period, Comprehensive and Collision deductibles are reduced 25 percent. After the fourth consecutive claim-free renewal period, your deductible is $0.
If a Comprehensive or Collision claim is paid, deductibles return to their original amounts upon the next renewal. Non-physical damage-related claims (e.g., Liability, Roadside Assistance, etc.) do not affect the disappearing deductible level.
Disappearing Deductibles coverage is not available for personal watercraft.
