Insured Value: Agreed Value vs. Actual Cash Value (ACV)

With Agreed Value coverage, the boat owner will be paid the insured value of the boat in the event of a total loss. The insurance company will not depreciate the value at the time of the loss.Pontoon Boat

In the event of a total loss with ACV coverage,the boat owner will receive the insured value of the boat or the actual cash value (depreciated value), whichever is less. For example, if you have your boat insured for $75,000 and have a total loss, the depreciated value of your boat may only be $65,000 and the insurance company will pay the lesser amount.

Global Marine's standard companies are Agreed Value coverage.Replacement cost coverage on partial losses is included except for sails,canvas, batteries, outboard engines and machinery.

Protection & Indemnity (P&I) Liability vs. Watercraft Liability

Protection & Indemnity Liability coverage is the broadest form of liability coverage available. It automatically offers:
  1. Bodily Injury
  2. Property Damage
  3. Jones Act
  4. Death on the High Seas Act
  5. Wreck Removal (sinking)
  6. U.S. Longshoreman's & Harborworkers
  7. Maintenance & Cure
  8. Negligence for unseaworthy vessel
  9. Damages in "Rem" (the vessel)
  10. Defense in Admiralty Jurisdiction
Watercraft Liability coverage offers coverage for:
  1. Bodily Injury
  2. Property Damage
Global Marine's standard companies automatically include P&I Liabilitycoverage.

Medical Payment Coverage

Medical Payment coverage is payment for the insured and guests who are injured while on board the boat, boarding, or departing from the boat.

Uninsured Boater Coverage

Uninsured Boater coverage is a secondary medical payment coverage for the insured only. If you are injured by an uninsured boater or a hit and run vessel, Uninsured Boater Coverage will pay the insured for any medical expenses above and beyond the Medical Payment Coverage limit. Many watercraft liability policies do not include Uninsured Boater coverage.

Towing Coverage

This coverage applies to any service charge the insured may incur by receiving marine assistance. This may include coverage for a service charge for towing due to engine failure, mechanical breakdown, grounding and delivery of fuel.

Personal Property Coverage

This includes coverage for clothing, personal effects, fishing gear and sports equipment owned by you, your family or guests on board your boat. Money, jewelry, traveler's checks and other valuable papers or documents are not included for this coverage.

More Information:
Marine Insurance Providers

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