Welcome to our Boat Insurance glossary, select a letter to navigate to our list of available definitions;
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Boat Insurance Definitions beginning with - 'A'
Abandonment
- Abandonment is when under certain circumstances the insurance claimant abandoned either damaged or misplaced property but is still entitled full settlement of a claim.
Accident
- From a boat insurance perspective, an accident is an event that is unintentionally caused by the policy holding party.
Act of God
- An extreme unforeseen occurrence of nature such as a freak storm or large tidal wave that, by no fault of any human, results in a boat insurance claim.
Actual Cash Value
- Actual Cash Value is used in the event of a total loss, the market value, which is determined by age and condition of the boat at the time of the loss. Boat insurance companies often use industry or key internet reference materials to determine market value.
Actual Total Loss
- The insured vessel/ property is completely destroyed, posted "missing" at Lloyd's or the insured is irretrievably deprived of the insured property (e.g. a sinking at sea)
All Risks Policy
- A boat insurance policy which also covers incidental damage or loss.
Aloft
- Anything that is overhead or above deck
Amidships
- Boating term for the middle of the vessel.
Anchor
- A piece of material (usually metal) designed to prevent drift when a boat is at rest through connecting the boat to a river or ocean bed.
Anchors are highly functional but are also considered an essential safety device (sometimes mandated by boat insurance companies for certain vessel types) as besides docking they can used in emergency situations, i.e. where control is lost and the boat would otherwise drift on free flowing waters.
Application
- An application is a legally binding submission (either written or electronic) of boat insurance requirements so that an underwriting company can subsequently determine a boat insurance quote.
Assignment
- Assignment is where the rights of one individual or organisation are transferred to another.
Average Adjuster
- The average adjuster is the person who applies professional boat insurance industry standards and correct principles in the adjustment of marine claims.
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