Our policies are always AGREED VALUE policies.
Agreed Value policies pay the full insured value shown on the policy declarations page in the event of a total loss. Agreed Value policies do not depreciate hull value.
ACV (Actual Cash Value) policies DO depreciate hull value and the policy holder is NEVER quite sure what amount will be paid in the event of a total loss. One thing is certain: the value of the insured boat will not go up.
Liability coverage pays what you become legally liable to pay as a result of your ownership and operation of the insured vessel.
Protection & Indemnity Liability coverage is the broadest form of liability coverage available. It automatically offers:
• Bodily Injury
• Property Damage
• Jones Act
• Death on the High Seas Act
• Wreck Removal (sinking)
• U.S. Longshoreman's & Harborworkers
• Maintenance & Cure
• Defense in Admiralty Jurisdiction
Watercraft Liability coverage is limited to only:
• Bodily Injury
• Property Damage
American Marine's standard companies automatically include P&I Liability coverage.
Medical Payment coverage is payment for the insured and guests who are injured while on board the boat, boarding, or departing from the boat.
Uninsured Boater coverage is a secondary medical payment coverage for the insured only. If you are injured by an uninsured boater or a hit and run vessel, Uninsured Boater Coverage will pay the insured for any medical expenses above and beyond the Medical Payment Coverage limit. Many watercraft liability policies do not include Uninsured Boater coverage.
This coverage applies to any service charge the insured may incur by receiving marine assistance. This may include coverage for a service charge for towing due to engine failure, mechanical breakdown, grounding and delivery of fuel.
