![]() It’s typical, for example, to cover the immediate consequential damage resulting from any fire, explosion, sinking, demasting, collision or stranding.Ģ. One caveat: This consequential damage coverage often applies only to major or total losses. In this case, the failed bellows may not be covered – but the rest of the repairs or total loss (sunk boat) will be. Who pays for that? Check your policy now for “consequential damage” coverage that pays for these losses that often start with a failed part that may be excluded under the policy. But here’s the rub: As a consequence of the failed bellows, your boat has now sunk and a total loss. However, these parts that include such things as an rubber outdrive bellows, for example, most often fail due to “wear, tear, and corrosion” or a lack of maintenance, so the policy won’t pay for a new bellows. The consequential damage fine print: Half of all sinkings occur at the dock when some small part below the waterline fails. What do you need to know? Boat Owners Association of The United States (BoatUS) takes a look at the fine print on seven of the most important coverages.ġ. ALEXANDRIA, VA – While it’s a subject not often discussed, knowing what’s in your boat’s insurance policy could mean the difference between having to pay significant costs out of pocket for a claim or coming away from the claims experience in good shape.
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