SailingDog
Well-known member
Does anyone have experience of Insure4boats, I have had an marketing shot from them.
There is no such thing. It works like this:-How does that work with an "Agreed Value"?
I concur.I would disagree , an agreed value insurance is an agreed value. insurance
Market value is market value.
Sounds as if your Insurer sits on the fence and pays out dependent on which side you might fall!
I would not consider a market value policy as weazel words and all that.
Also for what its worth avoid any insurance that use wordings such as "at our discretion we will deduct ........."
That is not so with all insurers, and as I said earlier "market value" clauses are a recent thing, that is explicitly stated. Earlier wordings were not specific so one assumed agreed value. However some policies (like Y Yacht insurance and Pantanius among others) are explicitly agreed value and often more expensive. One or the reasons that Y became so popular among folks here was this feature at competitive premiums.There is no such thing. It works like this:-
You declare a value for your boat.
The insurer quotes based on that value.
If you have a total loss, the insurer will pay you either a) the market value, or b) your insured value, whichever is less.
If you look at your policy, you will find a clause which basically says that you must not over-value the boat, and that you can only claim for what is the reasonable market value.
So in summary, "agreed value" is just a way of them getting you to pay a higher premium for no extra cover.
So in summary, "agreed value" is just a way of them getting you to pay a higher premium for no extra cover.