| You might not have thought about it, but boat | | | | Almost all boat insurance policies will cover |
| insurance is probably the oldest kind of | | | | the cost of replacing the vessel, engine and |
| insurance there is. The Marine Insurance Act | | | | the boat trailer but Actual Cash Value boat |
| ensures all marine craft like boats are | | | | insurance plans only pay for replacement less |
| legally obliged to have insurance cover. As | | | | any vessel depreciation from the point of |
| with car insurance, policies come with an | | | | loss. When the craft is a complete insurance |
| excess to discourage small claims and for | | | | right-off then the second hand value of the |
| boat insurance, this is usually quite a large | | | | boat is used to estimate its market value. |
| sum of money, as the intention of the | | | | Optional insurance usually includes coverage |
| insurance is to cover you against substantial | | | | for reasonable repairs, emergency services to |
| losses instead of just scratches and dents. | | | | your boat, motor, or boat trailer, and wreck |
| There is little difference between the two | | | | removal. Where there has only been limited |
| types of policy except the amount of cover | | | | damage to the vessel, partial damage repairs |
| provided with boat insurance is considerably | | | | include the restoration less any items that |
| larger. | | | | can be deducted. |
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| Almost all states make the standard boat | | | | Agreed amount value boat insurance policies |
| insurance a requirement so it is important to | | | | mean that the owner of the boat and the |
| abide by the law and obtain boat insurance as | | | | insurance company have decided on the cost of |
| soon as you become a boat owner. Strangely, | | | | the boat, and in the aftermath of a total |
| in the eyes of the Marine Industry, a | | | | loss the owner will be compensated with that |
| houseboat is in the same category as pleasure | | | | amount. Agreed amount value policies also |
| boats like sailboats, jet boats and cabin | | | | replace old objects with new ones, exclusive |
| cruises for instance. A speedboat for | | | | of any assumption for depreciation. The |
| instance, is capable of high speeds requires | | | | majority of agreed amount value boat |
| a much different type of insurance than a | | | | insurance policies necessitate actual cash |
| small fishing vessel would because of the | | | | value on specific destroyed assets like |
| potential liability for the insurance company | | | | sails, protective covers, batteries, |
| that comes with a speedboat compared to a | | | | dinghies, trailers and aged outboard motors, |
| fishing boat. | | | | lower drive units etc. |
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