This is the amount it would cost to replace your watercraft with a similar one in the same condition. In the event of a total loss, the amount you receive will be equal to watercraft’s market value on the day of the loss for a jet ski that’s more than 10 years old, and for a boat that’s more than 10 or 20 years old, depending on your policy.
Most of our all-risk policies increase the watercraft’s actual cash value by 10% in the event of a total loss. This means you will be paid the market value of your boat on the day of the loss + 10% of this amount.
In the event of a partial loss for a jet ski that’s more than 10 years old or a boat that’s more than 10 or 20 years old, depending on your policy, the watercraft’s actual cash value will be depreciated based on its age and condition.