Originally Posted by BandB
As to insured value. Think of it as a "not more than" value.... They're far more liberal in insuring for purchase price or even a higher declared value. Why? Because if you over value for insurance purposes that just means you pay more butyou won't get more in the event of a claim. The claim will be based on market value at the time of the claim.
I don't think that is the case w/ BoatUS Insurance. Their policy states...
"Total or Constructive Total Loss
We will pay you the agreed hull value as defined by the policy if the boat is lost absolutely, or if the reasonable cost of repair exceeds the agreed value. We reserve the right to declare the boat a constructive total loss and pay you the agreed value if in our judgment costs of salvage and/or repair exceed such value"
I agree in the case of partial loss they take into account depreciation of equipment, etc but not in the case of total loss... at least that's how I interpret the policy wording. Fortunately I have never had to file even a partial claim...
Am I missing something?