Optional Boat Insurance coverage 

Three years total loss new model replacement

Coverage for the Insured Vessel is extended to provide Total Loss guaranteed replacement cost, irrespective of the Amount of Insurance shown for Hull & Machinery on the Declaration Page(s), subject to the following conditions: 

  • This extension was added effective the original Policy inception and remains continuous from that date
  • The Insured Vessel has been declared a Total Loss
  • The Insured Vessel is no more than 3 years of age from original date of purchase.
  • At our option. We will replace the Insured Vessel with:
  • A new vessel of the same model, manufacturer & original equipment
  • A new vessel and equipment of like kind and quality, as determined by Us.

First claim forgiveness - No claims surcharge

In the event of a payable loss under this Policy that is considered to be the first claim from original Policy inception, you will not be surcharged for this first claim on subsequent renewals.

This only applies:

  • When this extension is added prior to first claim date of loss and remains continuous from that date
  • For claims payable under SECTION A - PHYSICAL DAMAGE of this policy.

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