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Ace American
Yachtmans
Policy
Review Policy
A.M. Best Rating
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Northern Insurance
Master Mariner
Policy
Review Policy in effect before 03/01/09
Review Policy in effect after 02/28/09
A.M. Best Rating
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American Modern
First Choice
Policy
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A.M. Best Rating
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Ace American
Departure
Policy
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A.M. Best Rating
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Ace American
Performance
Policy
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A.M. Best Rating
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American
Modern
Performance Policy
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A.M. Best Rating
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Hull Insurance –
Loss definition
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Provides coverage for
accidental, direct physical loss or damage to your insured vessel as well
as salvage charges, except as specifically excluded in the policy.
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Will cover the direct
accidental physical loss and any loss caused by a latent defect except as
otherwise excluded in the policy.
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Pay for loss to the
insured watercraft arising out of an accident except as specifically excluded by the policy. Accident means a direct
and sudden event which results in bodily injury, property damage or loss
which an insured person does not expect.
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Provides coverage for
accidental, direct physical loss or damage to your insured vessel as well
as salvage charges, except as specifically excluded in the policy.
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Provides coverage for
accidental, direct physical loss or damage to your insured vessel as well
as salvage charges, except as specifically excluded in the policy.
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Pay for loss to the
insured watercraft arising out of an accident except as specifically excluded by the policy. Accident means a direct
and sudden event which results in bodily injury, property damage or loss
which an insured person does not expect.
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Loss Settlement
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Agreed Value
Total Loss
More
Information
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Yes
Standard contract is written on Agreed Value.
There are two Ace policies, the Departure Policy and the High Performance
Policy written on Actual Cash Value.
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Yes
Contract is written on Agreed Value
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Yes
Standard contract provides
Agreed Value to 10 years of age; endorsement extends coverage beyond 10
years of age.
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No
Policy is on Actual Cash Value.
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No
Policy is on Actual Cash Value.
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Yes
Standard contract provides Agreed Value
to 10 years of age; endorsement extends coverage beyond 10 years of age.
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Actual Cash Value
Total Loss
More
Information
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Standard policy is Agreed Value but Actual
Cash Value
is available for discounted premium.
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No
Standard policy is Agreed Value.
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Standard policy is Agreed Value but Actual
Cash Value
is available for discounted premium.
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Yes
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Yes
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Standard policy is Agreed Value but Actual
Cash Value
is available for discounted premium.
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Replacement Cost Value
Total Loss
More
Information
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No
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No
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Yes
Coverage is available for an additional
premium.
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No
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No
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Yes
Coverage is available for an additional
premium.
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Replace Cost for partial Losses
(Property Subject to Depreciation)
More
Information
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Yes
Per policy terms and conditions
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Yes
Per policy terms and conditions
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Yes
Per policy terms and conditions
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No
Policy form is on Actual Cash Value and
partial loss is on depreciated value
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No
Policy form is on Actual Cash Value and
partial loss is on depreciated value
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Yes
Per policy terms and conditions
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How is my Machinery Covered
More
Information
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Actual Cash Value on outboard and stern
drives without endorsement.
New for old on outboard and stern drives
with endorsement. New for old on inboards. Subject to depreciation
on aged units.
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New for old subject to depreciation on aged
units.
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New for old to 10 years of age.
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Actual Cash Value.
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Actual Cash Value.
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New for old to 10 years of age.
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Machinery Damage Exclusion
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No
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Yes for new policies written after 02/28/2009 or renewal policies written after 03/31/2009.
Prior to 03/01/2009 there was No machinery damage exclusion
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Yes
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Yes
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Yes
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Yes
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Policy Form
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Everything is covered except what is specifically
excluded.
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Everything is covered except what is specifically
excluded.
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Everything is covered except what is specifically
excluded.
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Everything is covered except what is specifically
excluded.
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Everything is covered except what is specifically
excluded.
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Everything is covered except what is specifically
excluded.
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Exclusions
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Review Policy
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Tender
More
Information
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Is automatically covered. You can
schedule the Tender to get a lower deductible for an additional premium.
PWCs are excluded as Tenders.
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Is automatically covered subject to specific
terms and conditions and subject to a $250 deductible.
Subject to the tender length not greater
than 16’ and engine hp not greater than 50hp.
PWCs are excluded as Tenders.
See More Info for additional conditions.
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Is NOT automatically covered. Can
be added for additional premium.
Subject to the tender length not greater
than 13’ and engine hp not greater than 15hp. PWCs are excluded as Tenders.
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Is automatically covered. You can
schedule the Tender to get a lower deductible for an additional premium.
PWCs are excluded as Tenders.
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Coverage for a Tender is not available on
the performance policy.
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Is NOT automatically covered. Can
be added for additional premium.
Subject to the tender length not greater
than 13’ and engine hp not greater than 15hp. PWCs are excluded as
Tenders.
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Trailers
More
Information
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Provides accidental, direct physical loss
or damage to any trailer listed on the policy declarations page if used
exclusively for transporting the vessel.
Settlement is on Actual Cash Value.
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Provides direct physical loss or damage
to any trailer listed on the policy declarations page if the trailer is
designed and used exclusively for highway transportation of the vessel.
Settlement is on Actual Cash Value.
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Provides direct physical loss or damage
to a trailer that you own and used exclusively to transport the insured
watercraft over land. Settlement is same as boat. See Loss Settlement
above.
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Provides accidental, direct physical loss
or damage to any trailer listed on the policy declarations page if used
exclusively for transporting the vessel.
Settlement is on Actual Cash Value.
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Provides accidental, direct physical loss
or damage to any trailer listed on the policy declarations page if used
exclusively for transporting the vessel.
Settlement is on Actual Cash Value.
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Provides direct physical loss or damage
to a trailer that you own and used exclusively to transport the insured
watercraft over land. Settlement is same as boat. See Loss Settlement
above.
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Personal Watercraft
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Coverage is not available on the standard
boat contract. PWC coverage is available.
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Deductibles:
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Hull Deductibles
More
Information
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Minimum 1% subject to $250. Aged vessels
have higher minimum deductible
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Minimum 1% subject to $250. Aged vessels
have higher minimum deductible
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Minimum 1%. Aged vessels have higher
minimum deductible
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Minimum 1% subject to $250.
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Minimum 3% subject to $1000.
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Minimum 1%. Aged vessels have higher
minimum deductible
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Electronics Deductible
More
Information
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Available by endorsement
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$500 electronics deductible applies
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Not Available
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Not Available
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Not Available
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Not Available
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Named Storm Deductible (Hurricane, Tropical
Storm, Tropical Depression)
More
Information
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Vessels in storm area subject to 5%
or 10% of the hull value
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Vessels in storm area subject to 5%
or 10% of the hull value
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Named Storm Deductible is 2 times hull deductible.
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Named Storm Deductible is 3 times hull deductible or $2500 which ever is greater.
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Named Storm Deductible is 3 times hull deductible or $2500 which ever is greater.
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Named Storm Deductible is 2 times hull deductible.
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Other Boat (hull) Coverages:
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Hurricane (storm) Haul Out Coverage
More
Information
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Available by endorsement
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Included in standard Contract
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Not Available
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Available by endorsement
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Available by endorsement
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Not Available
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Overland Transit
More
Information
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Full coverage without limitation if using
your own trailer. Coverage is limited to 250 mile radius of your home
port if transportation is by other than a trailer you own.
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Full coverage without limitation if using
your own trailer. Coverage is limited to 300 mile radius of your home
port if transportation is by other than a trailer you own.
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Full coverage without limitation. Policy does have exclusions for weight capacity of trailer, tow weight capacity of tow vehicle, beam exceeding state requirements without permits, and lack of maintenance on the trialer.
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Subject to a 250 mile radius of your home
port.
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Subject to a 250 mile radius of your home
port.
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Full coverage without limitation. Policy does have exclusions for weight capacity of trailer, tow weight capacity of tow vehicle, beam exceeding state requirements without permits, and lack of maintenance on the trialer.
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Equipment on Shore
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Subject to 50% of hull value
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Not addressed by policy terms and conditions
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Not addressed by policy terms and conditions
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Subject to 50% of hull value
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Subject to 50% of hull value
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Not addressed by policy terms and conditions
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Salvage Charges
wreck removal (grounded/stalled)
More
Information
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is the boat
and equipment limit shown on the policy
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is the boat
and equipment limit shown on the policy
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is 50% of the boat
and equipment limit shown on the policy
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is
25% of the hull.
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is the boat
and equipment limit shown on the policy.
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Pay for salvage charges you incur arising
from a covered loss. Payments are in addition to any other payments
for loss; however, the most they will pay for salvage charges is 50% of the boat
and equipment limit shown on the policy.
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Commercial Towing Coverage
More
Information
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Included at $500 or $1500 based on vessel
value
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Included at $500, $1500 or $10,000
based on vessel value
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Not included in base coverage. Available
by endorsement at $350 or $1500
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Included at $500
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Included at $500
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Not included in base coverage. Available
by endorsement at $350 or $1500
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Lay-Up periods
More
Information
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Vessels <27’ no lay up. Rate based on moorage
(garage) state.
Vessel >26’ lay-up available for discount
to annual premium.
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Vessel >26’ lay-up available for discount
to annual premium.
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No lay-up used. 12 months navigation
allowing credit based on the moorage (garage) state.
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Lay-up available for discount to annual
premium.
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Lay-up available for discount to annual
premium.
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No lay-up used. 12 months navigation
allowing credit based on the moorage (garage) state
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Personal Effects:
More Information
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For vessel <27 $2500
is included in base policy. For vessel >26 $10,000 is included.
Additional limits available.
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For vessel with values <250,000 base policy
includes $2500. For values >250,000 and less then 500,000 includes
$25,000. For values >500,000 $50,000 limit is included.
Effective 03/01/2009 for new policies and
04/01/2009 for renewal policies, no personal effects coverage while the vessel is in lay-up.
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Base policy contract does not include personal
effects. $1000 is available or $5000 is available at an additional
premium.
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$2500 is included in
base policy. Additional limits available.
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$2500 is included in
base policy. Additional limits available.
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Base policy contract does not include personal
effects. $1000 is available or $5000 is available at an additional
premium.
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Liability Coverage
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Pay sums that you or a covered person become
legally obligated to pay as a result of the ownership, operation or maintenance
of your insured vessel. Per policy terms and conditions
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Pay sums that you or a covered person become
legally obligated to pay as a result of the ownership, operation or maintenance
of your insured vessel. Per policy terms and conditions
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Pay sums which an insured person is legally
liable. Must be caused by an accident during the policy period. Liability
must arise from the ownership, maintenance or use of the insured watercraft.
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Pay sums that you or a covered person become
legally obligated to pay as a result of the ownership, operation or maintenance
of your insured vessel. Per policy terms and conditions
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Pay sums which an insured person is legally
liable. Must be caused by an accident during the policy period. Liability
must arise from the ownership, maintenance or use of the insured watercraft.
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Pay sums that you or a covered person become
legally obligated to pay as a result of the ownership, operation or maintenance
of your insured vessel. Per policy terms and conditions
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Fuel Spill
Pollution
More
Information
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Included in the liability coverage.
Provides coverage up to $800,000 or the liability limit shown on the declarations
page, whichever is higher.
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Separate coverage limit of $800,000.
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Included in the liability coverage.
The pollution or contamination must be caused by a covered loss.
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Included in the liability coverage.
Provides coverage up to $800,000 or the liability limit shown on the declarations
page, whichever is higher.
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Included in the liability coverage.
Provides coverage up to $800,000 or the liability limit shown on the declarations
page, whichever is higher.
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Included in the liability coverage.
The pollution or contamination must be caused by a covered loss.
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Charter
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Excluded by this policy. Full
charter policy available.
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Excluded by this policy. Coverage
is not available.
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Excluded by this policy. Coverage
is not available.
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Excluded by this policy. Full
charter policy available.
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Excluded by this policy. Coverage
is not available.
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Excluded by this policy. Coverage
is not available.
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Vessel Use
Private Pleasure
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Base contract is for Private Use only.
Will allow Occasional Charter for an additional premium. Has separate
policy for full charter. Does not provide coverage for any other commercial
use.
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Base contract is for Private Use only.
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Base contract is for Private Use only.
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Base contract is for Private Use only.
Will allow Occasional Charter for an additional premium. Has separate
policy for full charter. Does not provide coverage for any other commercial
use.
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Base contract is for Private Use only.
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Base contract is for Private Use only.
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Medical Payments
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For boats <27’, $5000 limit included.
For boats >26’ $25,000 limit automatically included. Additional limits
available.
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For boat <$250,000, $10,000 limit
is included. For values >$250,000 and <$500,000, $25,000 limit is included.
For $500,000 and greater the limit is $50,000. Additional limits available.
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$1000 limit is included. Additional
limits are available up to $25,000.
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$5000 limit included.
Additional limits available.
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$5000 limit included. Additional limits
available.
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$1000 limit is included. Additional
limits are available up to $25,000.
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Uninsured Boater Coverage
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Limit is included at the same as the liability
up to $2,000,000.
Provides coverage for Uninsured, or hit
and run.
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Limit is included at the same as the liability
limit.
Provides coverage for Uninsured, underinsured
and hit and run
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No limit is included. Limits are available,
half the liability limit or same as the liability limit for additional premium.
Provides coverage for Uninsured, Underinsured and hit and run.
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Limit is included at the same as the liability
up to $2,000,000.
Provides coverage for Uninsured, or hit
and run.
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Limit is included at the same as the liability
up to $2,000,000.
Provides coverage for Uninsured, or hit
and run.
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No limit is included. Limits are available,
half the liability limit or same as the liability limit for additional premium.
Provides coverage for Uninsured, Underinsured and hit and run.
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