How To Read The Fine Print

How To Read The Fine Print
How To Read The Fine Print

Video: How To Read The Fine Print

Video: How To Read The Fine Print
Video: THE FINE PRINT | The Outer Worlds Song 2023, March

New for old deduction If a ship is repaired at the insurer's expense, new parts are often inevitably installed. These should be paid in full by the insurer, even if the customer may be better off afterwards thanks to new parts than before the damaging event.

Outsourcing The usual household insurance does not cover maritime equipment. If, for example, navigation devices or the outboard are taken home for storage or maintenance, they should also be covered by the boat insurance there.

Recovery / wreck removal costs Immense demands are made on owners whose ships are stranded or sinking and have to be rescued at the instigation of authorities or third parties. The policy should therefore include all salvage costs, better still the wreck removal costs. In particular, these should not only include the scrapping of the yacht, but also, if necessary, the removal of environmental damage.

Shipping area / exceeding the shipping area Defines the area in which insurance cover exists. Short-term exceedances - important for example for regatta sailors or for a vacation trip - should be covered.

Fixed rate please refer Sum insured

Consequential damage Damage that only occurs as a result of the actual damaging event. You should always be fully covered by the insurance.

Bad debt If a third party who caused the damage cannot be found or if he has neither liability nor private assets, you remain seated on your damage. Then it is good to have agreed bad debt cover in your own liability insurance. She then steps in instead of the damage opponent. However, only the current value is insured in this way.

Risk / fault liability Your own boat liability does not have to pay for every damage. If, despite properly moored, one's own ship tears itself away from its stalls during a storm that is untypically severe for the region and causes damage to neighboring boats, there is no personal fault. The injured other owners go away empty-handed - if they are not insured with comprehensive insurance. In this context, lawyers speak of fault liability. In contrast, there is strict liability, with which one has to deal, for example, as a car owner. If damage is caused by their own car, the owner is automatically always liable, even if, as in the case of an engine fire, he is not responsible for the cause of the damage.

Opposing liability Anyone who suffers damage as a result of negligent or willful behavior by a third party, and only then, receives their money from the person who caused the accident or from their liability insurance, if they have one. However, it only reimburses the current value. The difference to the fixed tax can then be repeated via your own boat insurance. See also bad debt.

Obligations The obligations that the policyholder has to fulfill, i.e. the punctual payment of the insurance premium or the immediate information of the insurance company about damage.

Personal effects Valuables that do not belong directly to the yacht, but are still on board and should therefore be included in the insurance. For example the computer that is used for navigation. Or the high-quality sailing clothing.

Discounts / discount savers Discounts when taking out a policy. Some insurers offer new customers discounts of 10 or 20 percent. If, on the other hand, damage does not result in a premium increase for the customer immediately, one speaks of the discount saver.

Deductible / deductible Boat policies are almost only available with a deductible from about 250 euros upwards. In the best case, the agreed deductible only applies to self-inflicted damage to the vehicle. You would then not have to pay for the consequences of a burglary.

Total loss It occurs when a ship is irretrievably lost or the repair of the damage would exceed the sum insured (economic total loss).

Transports The boat transport by land should be covered by the policy, whether with the road trailer from home to the port or with the bearing block from the jetty to winter storage.

Sum insured The value at which a boat is insured. Most insurers now offer contracts with a so-called fixed rate. The concrete value is then agreed in the contract, which will be paid out in the event of a total loss of the ship. If the prices for a new boat of the same value increase in the meantime, the insured person has to pay the difference out of pocket. But be careful, some insurers only feel bound to the fixed rate for the first few years, after which the fixed rate must either be readjusted, or only the current value of the yacht is insured afterwards.

Current value insurance please refer Sum insured

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