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Definitions (43)
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insurance terms
Actual Cash Value
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agreed value
Determined and agreed upon by both owner and insurance underwriter at the time the policy is purchased. The BoatUS Yacht and Bass Boat policies are Agreed Value policies.
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am best rating
Rating assigned by the insurance institute, usually a result of factors including the company’s solvency, customer service and claims handling. BoatUS policies are underwritten by CNA with a Best Rating of A.
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bind
To start coverage by accepting the quotation offered and meeting the special conditions and agreeing on a date to start coverage.
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binder
Immediate, temporary coverage or proof of insurance until a policy can be issued. Usually good for a 30 day term.
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carrier
The insurance company underwriting the policy.
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catastrophe
Disaster in a specific geographic area such as hurricane’s, floods, marina fires, etc.
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catastrophe team
BoatUS team of claims adjusters, underwriters, surveyors, salvors, truckers, repairers and other specialists sent to a specific geographic area to provide on-site assistance. Dispatched in situations where a large number of policyholders have incurred losses.
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catastrophic loss
When the loss incurred exceeds the insured value of the boat.
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claims adjustor
Party responsible for investigating and settling a claim.
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