{"id":4909,"date":"2015-11-05T09:23:08","date_gmt":"2015-11-05T09:23:08","guid":{"rendered":"https:\/\/469899a3-97a5-4c9b-8d86-b9629724411a.cc10.conves.io\/?p=4909"},"modified":"2015-11-05T09:23:08","modified_gmt":"2015-11-05T09:23:08","slug":"yacht-boat-insurance-and-the-total-loss","status":"publish","type":"post","link":"https:\/\/swflinsurance.com\/yacht-boat-insurance-and-the-total-loss\/","title":{"rendered":"Yacht, Boat Insurance and the Total Loss"},"content":{"rendered":"<p>In the event of a total loss, your boat insurance policy may pay you based on the Agreed Value, Actual Cash Value or the Replacement Cost Value. In explaining how these three policy forms are different, I will use a three-year-old boat, insured for $40,000 which was destroyed by fire.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Agreed_Value\"><\/span>Agreed Value<span class=\"ez-toc-section-end\"><\/span><\/h5><div id=\"ez-toc-container\" class=\"ez-toc-v2_0_77 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/swflinsurance.com\/yacht-boat-insurance-and-the-total-loss\/#Agreed_Value\" >Agreed Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/swflinsurance.com\/yacht-boat-insurance-and-the-total-loss\/#Actual_Cash_Value\" >Actual Cash Value<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-5'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/swflinsurance.com\/yacht-boat-insurance-and-the-total-loss\/#Replacement_Cost\" >Replacement Cost<\/a><\/li><\/ul><\/nav><\/div>\n\n<p>Agreed Value is easy. You and the insurance company agree on the value of the boat before the loss. Using our example, you would be paid $40,000. If the current value of the boat at the time of the loss is $20,000 or $55,000, you would be paid $40,000, the Agreed Value of the boat.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Actual_Cash_Value\"><\/span>Actual Cash Value<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>Actual Cash Value is the value of the boat at the time of the loss. A boat insurance company will pay the insured value or the Actual Cash Value of the boat at the time of the loss, whichever is lower. In our example, if the Actual Cash Value of the boat is $25,000, this is the most you will be paid. If the Actual Cash Value is $55,000, then you would be paid the insured value of $40,000. The Actual Cash Value is determined by the insurance company from sources such as a used boat price guide and other boats listed for sale.<\/p>\n<h5><span class=\"ez-toc-section\" id=\"Replacement_Cost\"><\/span>Replacement Cost<span class=\"ez-toc-section-end\"><\/span><\/h5>\n<p>The newest option is Replacement Cost. A Replacement Cost policy agrees to replace your boat with a new boat. You are required to purchase this coverage when the vessel is new and the coverage is only available until the vessel is two or three years old. Our $40,000 three year old boat has a Replacement Cost new today of $45,000. The Replacement Cost policy would pay $45,000 for a new boat. Some policies may specifically state they will pay a percentage over the amount the vessel is insured for, 20% for example. Once the boat reaches the age where replacement cost is no longer available, the policy form will be changed to Agreed Value or Actual Cash Value.<\/p>\n<p>We know boats..let us find the best policy for you..We will shop and compare coverage<\/p>\n<p><strong>Call <a href=\"tel:2392659577\">239-265-9577<\/a> or Email <a href=\"mailto:Info@SWFLAgency.com\">Info@SWFLAgency.com<\/a><br \/>\n<a href=\"http:\/\/www.swflagency.com\/\">www.SWFLAgency.com<\/a><\/strong>  <\/p>\n","protected":false},"excerpt":{"rendered":"<p>In the event of a total loss, your boat insurance policy may pay you based on the Agreed Value, Actual Cash Value or the Replacement Cost Value. In explaining how these three policy forms are different, I will use a three-year-old boat, insured for $40,000 which was destroyed by fire. Agreed Value Agreed Value is easy. You and the insurance company agree on the value of the boat before the loss. Using our example, you would be paid $40,000. If the current value of the boat at the time of the loss is $20,000 or $55,000, you would be paid $40,000, the Agreed Value of the boat. Actual Cash Value Actual Cash Value is the value of the boat at the time of the loss. A boat insurance company will pay the insured value or the Actual Cash Value of the boat at the time of the loss, whichever is lower. In our example, if the Actual Cash Value of the boat is $25,000, this is the most you will be paid. If the Actual Cash Value is $55,000, then you would be paid the insured value of $40,000. The Actual Cash Value is determined by the insurance company from sources such as a used boat price guide and other boats listed for sale. Replacement Cost The newest option is Replacement Cost. A Replacement Cost policy agrees to replace your boat with a new boat. You are required to purchase this coverage when the vessel is new and the coverage is only available until the vessel is two or three years old. Our $40,000 three year old boat has a Replacement Cost new today of $45,000. The Replacement Cost policy would pay $45,000 for a new boat. Some policies may specifically state they will pay a percentage over the amount the vessel is insured for, 20% for example. Once the boat reaches the age where replacement cost is no longer available, the policy form will be changed to Agreed Value or Actual Cash Value. We know boats..let us find the best policy for you..We will shop and compare coverage Call 239-265-9577 or Email Info@SWFLAgency.com www.SWFLAgency.com<\/p>\n","protected":false},"author":2,"featured_media":4914,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_yoast_wpseo_title":"","_yoast_wpseo_metadesc":"In the event of a total loss, your boat insurance policy may pay you based on the Agreed Value, Actual Cash Value or the Replacement Cost Value.","site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"var(--ast-global-color-4)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_metasync_otto_title":"","_metasync_otto_description":"","rank_math_title":"","rank_math_description":"","footnotes":""},"categories":[4],"tags":[],"class_list":["post-4909","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-swfl-insurance"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - 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