Boat Insurance Glossary

Welcome to our Boat Insurance glossary, select a letter to navigate to our list of available definitions;

A | B | C | D | E | F | H | L | M | N | P | R | S | T | U | V |

Boat Insurance Definitions beginning with - 'A'

Ab initio

• Latin for from the beginning

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.

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)