Q. What type of boat insurance coverage does my policy include?
A. The majority of boat insurance policies sold by Global Marine Insurance agency are Agreed Value policies. The other most common option for insurance for boat is an Actual Cash Value Policy. The policies have significant differences.
Agreed Value Policy
In an agreed value policy, you are paid the agreed value of the vessel in the event of a total covered loss. If you require repairs for a partial loss claim, you are paid on a “new for old” basis.
Actual Cash Value Policy
In an actual cash value policy, all covered property losses are subject to depreciation.
Global Marine highly recommends that owners chose an Agreed Value policy to protect themselves in the event of a loss. However, we do offer some Actual Cash Value policies in certain circumstances.
Most of the policies we provide have various levels of Hull , Liability, Personal Effects, Medical, Environmental, and Towing coverage.
Contact your marine insurance agent for more information and to find the policy that best suits your needs.