The question is actually far more detailed than “does your policy provide cover for competing in yacht races?”
Are you insured correctly?
Greetings fellow boaties – I just love Manly in the morning… a lot of boats, a lot of marine infrastructure – it’s a magnificent sight.
But I can guarantee that some of the people who own those very boats and who think they are fully covered by insurance are not. At least not to the level that they expect, should things go pear-shaped.
Yes, they pay their premiums on time.. yes, they are with a known insurer. And yes, they think they know the value of their boat. So what could be the problem?
It’s a fair question, but there are at least four very common traps in marine insurance…
In this article, we’ll discuss…
Agreed Value vs Market Value
The biggest bone of contention about marine insurance arises from people not really understanding how items are valued in the event of loss or damage. Something goes wrong – you’re expecting a new boat but you feel like you’ve been cast adrift in a sea of loss and legal argument. So let’s zero in on Agreed Value and Market Value.