DEFINITIONS
This is a Deductible
What is the amount You are responsible to pay before the policy will indemnify You for a covered loss. Please refer to the Deductible sections of this policy for the applicable amounts.
This is the Racing Warranty and what it does not apply to
What is the Insured Property shall not be used in any race or speed test. This warranty does not apply to sailboats participating in organized sailing races.
When will a client's personal effects lost overboard be covered?
When is never.
This is Zebra Mussel Damage Extension coverage
Extension of Coverage - Zebra Mussel Damage Extension We will cover machinery damage as a result of overheating caused directly by an internal blockage of zebra mussels.
This is for how long GRC is provided on a new boat.
3 years.
This is the definition of Insured Vessel
What is the yacht, powerboat, or sailboat, listed on the on the Declarations Page(s), and attached equipment usual to the operation of the Insured Vessel. Downriggers are included
This is the Safe Operator Warranty
What is that all operators of the Insured Property shall be in compliance with all government regulations and licensing requirements.
Any loss or damage to electrical apparatus, including wiring, caused by electricity other than lightning is excluded except in what case?
What is - ensuing fire property damage.
This is Emergency Search & Rescue coverage
Extension of Coverage – Emergency Search and Rescue Unless stated otherwise on the Declarations Page(s), We will reimburse You up to $2,500 for the reasonable expenses incurred by You for search and rescue operations in the event You are lost at sea or any person has been lost overboard. The Deductible will not apply to this coverage extension.
At what age are auxiliary outboard motors settled on an ACV basis?
older than 5 years
What is the Insured Property is completely lost or destroyed or the expense of recovering and/or repairing said property will exceed the present fair market value of the Insured Property.
This is the Land Transportation Warranty
What is the Insured Property shall only be trailered within a radius of 2,500 kilometres from the location the Insured Vessel is usually moored or stored, whichever is greater.
Any use or operation of the Insured Vessel or Tender remains subject to the Navigation Warranty, and Navigation Limits listed on the Declarations Page(s) and attached to this policy.
What two things does an Insured have to do in order to have coverage for loss or damage caused by or resulting from freezing?
1. Contracted with a professional marine repairer to winterize the Insured Vessel in accordance with marine industry standards, and
2. Document this by way of a completed work order or repair invoice;
This is Emergency Towing coverage
Extension of Coverage – Emergency Towing If the Insured Vessel or Tender becomes unusable, We will reimburse You for the costs of emergency fuel delivery or towing to the nearest point where the necessary repairs can be made. Unless stated otherwise on the Declarations Page(s), the most We will pay is $2,500. The Deductible will not apply to this coverage extension.
This is when obsolescence costs would be covered.
Never.
This is an Occurrence
What is any one accident or series of accidents arising out of the same event, which takes place during the policy period.
This is the Lay-Up Warranty
DOUBLE JEOPARDY
What is the Insured warranting that the Insured Vessel(s) and Tender shall be laid-up ashore and out of commission from December 1st to March 31st, unless otherwise stated on the Declarations Pages(s).
These are all of the classic perils of the sea considered in the consequential damage coverage.
What is
FIRE
SINKING
SUBMERSION
DE-MASTING
COLLISION
STRANDING
This is Rental Reimbursement coverage
Extension of Coverage – Rental Reimbursement Unless stated otherwise on the Declarations Page(s), We will reimburse You up to $1,500, for the reasonable costs to rent a replacement vessel if the Insured Vessel is damaged by an insured peril under this policy and is out of commission during repair. We will only reimburse You if You have incurred the expense and provided a valid receipt from a rental agency, marina, or boat vendor. The Deductible will not apply to this coverage extension.
This is how Sails older than three years of age are settled
All claims will be settled on an Actual Cash Value basis, with full deduction for depreciation, for the following items: - Sails which are older than three years of Age;
These are the things covered in the definition of Insured Property
What is the vessel(s), including the machinery, attached equipment and accessories usual to the operation of the Insured Vessel, the Tender, Trailer, and boat lift, all only as described on the Declarations Page(s).
This is the Navigation Warranty
What is the Insured Vessel shall only be operated or moored in the waters listed on the Declarations Page(s) and described in the attached Navigation Limits.
We will not pay for any loss or damage that might occur in waters outside of such Navigation Limits.
However, should You exceed the Navigation Limits for any reason beyond Your control, then Your policy will remain in force, provided You have notified Us as soon as You are capable.
When could there be coverage for loss or damage caused by any latent defect or the installation or use of improper or defective materials.
What is if a reasonably thorough inspection by a qualified marine surveyor could not have discovered such a defect or condition, and such defect or condition causes or results in a loss not otherwise excluded, We will pay for the resulting property damage.
Under no circumstances will We pay the cost to repair or replace the part or parts possessing the defect or condition, or any part with a latent defect or the betterment or alteration in design, including any part of the Insured Vessel condemned solely in consequence of electrolysis;
This is Reward coverage
Extension of Coverage – Rewards We will pay up to a maximum Limit of $1,500 to any individual or organization, other than those insured by this Policy, for information leading to the conviction of any person(s) for theft, burglary, robbery, or arson causing loss or damage to the Insured Vessel. The Deductible will not apply to this coverage extension
These are the requirements that must be met for GRC coverage to apply.
DOUBLE JEOPARDY
You must have purchased the Insured Vessel when new,
had it delivered to You in the same year as the model year or in the year before;
and the Insured Vessel is not older than three years of Age at the time of loss.