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 - 'C'

Cancellation

• The end a boat insurance policy prior to the originally scheduled date of completion. Normally requested by the customer (e.g. in the instance of a sale of boat) but also at the discretion of the marine insurance company should there be seen to be a breach of contract.

Catastrophic Loss

• When the claim cost incurred exceeds the insured value of the insured boat

Claim

• A payment made to a client due to an incident that occurred which fell under the terms of the boat insurance / contents insurance policy.

Claimant

• A boat insurance claimant is the policy holding individual (or entity) who makes a formal claim from the boat insurer.

Claims Adjustor

• The claims adjustor is the person or persons responsible for investigating the circumstances of and subsequently settling a boat insurance claim.

Co-Owner

• A secondary person whose name appears on the title of the vessel. Boat insurers need to be made aware of these persons upon taking out comprehensive insurance policies.

Cruising Range

• This is the geographic area or waterways for which you are insured to use your boat. To take the boat outside this cruising area, a policy endorsement/extension is required. Failure to do so will likely result in you being uninsured.