SkySmith

Marine Insurance

Basic Marine Insurance Terms.

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.

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.

Watercraft Liability coverage offers coverage for

Bodily Injury and Property Damage that you (the insured) are found liable for.

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 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.

Looking for a few tips to help reduce losses? Go here for more information.

SkySmith has access to marine insurance markets providing coverage nationwide for all sizes of boats and watercraft. Call and quote with SkySmith for personal service and quality products.

Go to our online marine application to get a quote. To fax or mail an application, you can and print instead of sending by e-mail.

Need to finance your next boat purchase? Go to F.U.N. (Financial Underwriters Network) and apply for a loan.

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