Loss and Depreciation Policies

The BoatUS Marine Insurance is offered in all 50 states. All coverage is subject to the terms, conditions, limits and exclusions of the policy and the policy language will supercede anything to the contrary.


Yacht, ANGLER's Best and ANGLER Bass Boat (Agreed Hull Value) Policies

The following paragraphs explain payment information in the event of a loss as explained in the policy:

  • Total or Constructive Total Loss

    We will pay you the agreed hull value as defined by the policy if the boat is lost absolutely, or if the reasonable cost of repair exceeds the agreed value. We reserve the right to declare the boat a constructive total loss and pay you the agreed value if in our judgment costs of salvage and/or repair exceed such value. We are not obligated to accept or pay for the boat or any boating equipment which you abandon. If we pay you the insured value, we have the right to the insured property. If we exercise our right to acquire the insured property, you must provide all documents needed to transfer title to us. You agree to allow us to withhold an amount not to exceed 10% of the insured value until we have received these documents.

  • Repairs for Partial Losses

    We will pay the reasonable cost of repairs with depreciation applied to the repair or replacement of the following items: inflatable dinghies, paint and finishes, protective covers, fabric or sails. Depreciation also applies to outdrive units, outboard motors, and gel coat beginning with the sixth year from the year of manufacture, and to internal machinery beginning with the eleventh year from the year of manufacture. In the event of damage to plywood, plastic, fiberglass, metal, cement, or other molded material, we are obligated to pay only the reasonable cost of repairing the damaged area, in accordance with quality marine repair practice. We have the option to make or reimburse you for repairs or replacements, or to pay you directly based on an agreed estimate of loss. Repairs and replacements will be made with like kind and quality.

Boat Saver and PWC (Actual Cash Value) Policies

The following paragraphs explain payment information in the event of a loss as explained in the policy:

  • Total Loss

    We will reimburse you for the actual cash value (the boat's current market value, not the replacement value) at the time
    of the loss.

  • Repairs for Partial Losses

    We will pay the reasonable cost of repairs or replacements, in accordance with quality marine practice, less depreciation. All partial losses are depreciated. Depreciation shall be calculated at ten percent (10%) for each year beginning with the year of manufacture. In all cases, a 10% residual value shall remain regardless of the boats age.