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Tripple, Tripple and Tripple L.L.C.
Marine insurance coverage in Washington State.
Insured Value: Agreed Value vs. Actual Cash Value (ACV)With Agreed Value
coverage, the boat owner will be paid the insured value of the boat in
the event of a total loss. The insurance company will not depreciate
the value at the time of the loss.
In the event of a total loss with ACV coverage,the boat owner
will
receive the insured value of the boat or the actual cash value
(depreciated value), whichever is less. For example, if you have your
boat insured for $75,000 and have a total loss, the depreciated value
of your boat may only be $65,000 and the insurance company will pay the
lesser amount.
Global Marine's standard companies are Agreed Value coverage.Replacement
cost coverage on partial losses is included except for sails,canvas,
batteries, outboard engines and machinery.
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
- Negligence for unseaworthy vessel
- Damages in "Rem" (the vessel)
- Defense in Admiralty Jurisdiction
Watercraft Liability coverage offers coverage for:
- Bodily Injury
- Property Damage
Medical Payment 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
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.
Towing 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.
Personal Property Coverage
This includes coverage
for clothing, personal effects, fishing gear and sports equipment owned
by you, your family or guests on board your boat. Money, jewelry,
traveler's checks and other valuable papers or documents are not
included for this coverage.