Actual Cash Value

Determined and agreed upon by both owner and insurance underwriter at the time the policy is purchased. The BoatUS Yacht and Bass Boat policies are Agreed Value policies.

Rating assigned by the insurance institute, usually a result of factors including the company’s solvency, customer service and claims handling. BoatUS policies are underwritten by CNA with a Best Rating of A.

To start coverage by accepting the quotation offered and meeting the special conditions and agreeing on a date to start coverage.

Immediate, temporary coverage or proof of insurance until a policy can be issued. Usually good for a 30 day term.

The insurance company underwriting the policy.

Disaster in a specific geographic area such as hurricane’s, floods, marina fires, etc.

BoatUS team of claims adjusters, underwriters, surveyors, salvors, truckers, repairers and other specialists sent to a specific geographic area to provide on-site assistance. Dispatched in situations where a large number of policyholders have incurred losses.

When the loss incurred exceeds the insured value of the boat.

Party responsible for investigating and settling a claim.