Boat Insurance Glossary

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

3 | A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | R | S | T | U | V | W | Y |


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.

Carrier

  • The underwriter of the marine insurance policy.

Catastrophe

  • In boat insurance terms a catastrophe is disaster that has happened in a specific geographical location or region. Examples include items such as fire, flood or typhoon.

Catastrophic Loss

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

Center line

  • Center line is the line from bow to stern down the boat.

Charter Party

  • The legal documented agreement between boat owner and boat leasing third party.

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.

Close Hauled

  • Sailing as close to the wind as possible, likely with sails trimmed flat for maximum accuracy.

Co-Insurance

  • A combined boat insurance policy where more than one party is signatory to the policy. This is a bespoke policy type which can only be provided upon request and in specific circumstances, contact us for details.

Collision

  • A collision is the physical contact of two (or more) inland waterway or sea going vessels. Strictly speaking from a boat insurance perspective, the definition of collision is limited to impacts between multiple vessels.

Constructive Total Loss

  • A constructive total loss is the situation where upon when all factors are taken into account, the cost of recovery to repairers and the repair itself combined outweighs the replacement cost of the vessel.

Contents Insurance

  • This additional insurance protects the boat insurance policy holder from the expensive cost of boat contents restoration when the original structure is damaged or destroyed.  Included in the coverage are the items in the vessel.  The coverage includes temporary accommodations for the residents until the structure is restored to a liveable condition.

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.

Corporate Ownership

  • Corporate ownership is when a vessels legal ownership is tied to a business or organisation belongs as opposed to an individual (e.g. Mercia Marine supply boat insurance to individual fleet vessels belonging to hire-boat companies).

Cover Note

  • A cover note is a document which details basic boat insurance coverage and key terms/ conditions.

Cruising Area Extension

  • A boat insurance policy adjustment necessary prior to the event when the boat taken outside the agreed cruising area. An additional fee may apply based on the length/ type of adjustment.

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.

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All boat insurance terms are given provided with good intent only. All are subject to correction or amendment at any time. They are also secondary to any definitions provided in our boat insurance policy documentation.

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