Actual Cash Value – in the event of a total loss, the market value, determined by age and condition of the boat at the time of the loss. Boating
industry reference materials (NADA Book, BUC Used Boat Guide, ABOS Marine Blue Book) are often used to determine market value.
Agreed Value - determined and agreed upon by both owner and insurance underwriter at the time the policy is purchased.
AM Best Rating - rating assigned by the insurance institute, usually a result of factors including the company’s solvency, customer service
and claims handling.
Bind – to start coverage by accepting the quotation offered and meeting the special conditions and agreeing on a date to start coverage.
Binder – immediate, temporary coverage or proof of insurance until a policy can be issued.
Carrier – the insurance company underwriting the policy.
Catastrophe – disaster in a specific geographic area such as hurricane’s, floods,
marina fires, etc.
Catastrophic Loss – when the loss incurred exceeds the insured value of the boat
Claims Adjuster – party responsible for investigating and settling a claim
Co-Owner – a family member or partner whose name appears on the title of the boat.
Corporate Ownership – the boat is titled in the name of a corporation.
Deductible – the portion of a claim to be paid out of pocket. The higher the
deductible the lower your insurance premium will be.
Depreciation – measured decrease in value of the boat, parts and equipment
due to age and condition.
Hull ID – series of letters and numbers uniquely identifying an individual boat.
Hull Damage - Pays for damage to your boats, sails, motors and/or other
related equipment, including damage caused by launching or hauling, fire,
lightning, explosion and striking underwater objects.
Insurance Fraud – willingly falsifying information used in the decision to underwrite an insurance policy or misrepresenting the facts of claim
for the purposes of obtaining a settlement that would not otherwise be made.
Judgment – legal decision determining fault or liability.
Liability - Liability insurance provides coverage for property damage or personal injury.
Lien holder - a person or organization providing the loan for an interest in the boat. A lien holder will also appear on the title to the boat until
it is owned outright.
Loss – physical damage or injury to person or property
Loss Payee – the person and or institution paid in a claim settlement, appearing on the boat’s title.
Medical Payments - Covers incidental medical care for you, your guests and family as needed as a result of incidents that occur while on,
boarding or leaving the boat.
Named Insured – the person or person(s) whose name appears on the insurance policy.
Named Storm – tropical storm or hurricane as designated by the National Oceanic &
Atmospheric Administration.
NOAA – acronym for the National Oceanic & Atmospheric Administration.
P & I (Protection & Indemnity) - coverage for third-party property damage, bodily injury,
or death caused by you or your boat for which you’re found legally liable. Protects your
assets when you or someone who borrows your boat causes damages, injuries or death
while using the boat. It covers fuel spill liability, wreck removal, and claim or lawsuit
defense expenses.
Partial Loss – any claim incurred that has not resulted in the total loss of the boat.
Personal Effects - Pays for damage to personal property that belongs to you or your guests.
Premium – the price to obtain insurance as determined by the underwriter.
Risk – factor(s) that determine the possibility of a loss which assist the underwriter in determining the cost to insure your boat. May include the
operators experience, the type of boat or the location of the boat.
Salvage – successful rescue of insured boat from a perilous or dangerous situation
Surveyor – accredited marine specialist who ascertains the condition or value of the boat, or if
in the event of a loss, damage to the boat.
Total Loss – the boat is completely lost…stolen and not recovered, sunk and not found or
salvaged.
Towing and Assistance - Pays for commercial towing and assistance if your boat becomes
disabled or is inoperable due to a covered loss
Underwriter - person or company assuming risk or responsibility for insuring your boat
industry reference materials (NADA Book, BUC Used Boat Guide, ABOS Marine Blue Book) are often used to determine market value.
Agreed Value - determined and agreed upon by both owner and insurance underwriter at the time the policy is purchased.
AM Best Rating - rating assigned by the insurance institute, usually a result of factors including the company’s solvency, customer service
and claims handling.
Bind – to start coverage by accepting the quotation offered and meeting the special conditions and agreeing on a date to start coverage.
Binder – immediate, temporary coverage or proof of insurance until a policy can be issued.
Carrier – the insurance company underwriting the policy.
Catastrophe – disaster in a specific geographic area such as hurricane’s, floods,
marina fires, etc.
Catastrophic Loss – when the loss incurred exceeds the insured value of the boat
Claims Adjuster – party responsible for investigating and settling a claim
Co-Owner – a family member or partner whose name appears on the title of the boat.
Corporate Ownership – the boat is titled in the name of a corporation.
Deductible – the portion of a claim to be paid out of pocket. The higher the
deductible the lower your insurance premium will be.
Depreciation – measured decrease in value of the boat, parts and equipment
due to age and condition.
Hull ID – series of letters and numbers uniquely identifying an individual boat.
Hull Damage - Pays for damage to your boats, sails, motors and/or other
related equipment, including damage caused by launching or hauling, fire,
lightning, explosion and striking underwater objects.
Insurance Fraud – willingly falsifying information used in the decision to underwrite an insurance policy or misrepresenting the facts of claim
for the purposes of obtaining a settlement that would not otherwise be made.
Judgment – legal decision determining fault or liability.
Liability - Liability insurance provides coverage for property damage or personal injury.
Lien holder - a person or organization providing the loan for an interest in the boat. A lien holder will also appear on the title to the boat until
it is owned outright.
Loss – physical damage or injury to person or property
Loss Payee – the person and or institution paid in a claim settlement, appearing on the boat’s title.
Medical Payments - Covers incidental medical care for you, your guests and family as needed as a result of incidents that occur while on,
boarding or leaving the boat.
Named Insured – the person or person(s) whose name appears on the insurance policy.
Named Storm – tropical storm or hurricane as designated by the National Oceanic &
Atmospheric Administration.
NOAA – acronym for the National Oceanic & Atmospheric Administration.
P & I (Protection & Indemnity) - coverage for third-party property damage, bodily injury,
or death caused by you or your boat for which you’re found legally liable. Protects your
assets when you or someone who borrows your boat causes damages, injuries or death
while using the boat. It covers fuel spill liability, wreck removal, and claim or lawsuit
defense expenses.
Partial Loss – any claim incurred that has not resulted in the total loss of the boat.
Personal Effects - Pays for damage to personal property that belongs to you or your guests.
Premium – the price to obtain insurance as determined by the underwriter.
Risk – factor(s) that determine the possibility of a loss which assist the underwriter in determining the cost to insure your boat. May include the
operators experience, the type of boat or the location of the boat.
Salvage – successful rescue of insured boat from a perilous or dangerous situation
Surveyor – accredited marine specialist who ascertains the condition or value of the boat, or if
in the event of a loss, damage to the boat.
Total Loss – the boat is completely lost…stolen and not recovered, sunk and not found or
salvaged.
Towing and Assistance - Pays for commercial towing and assistance if your boat becomes
disabled or is inoperable due to a covered loss
Underwriter - person or company assuming risk or responsibility for insuring your boat
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
 |
LANGER INSURANCE
BOAT INSURANCE&
PERSONAL WATER CRAFT
PERSONAL WATER CRAFT
No matter how you tackle the water, we've got you covered. From yachts to bass
boats, jets skis to sail boats, we can provide the coverage necessary to protect your
investment.
Being out on the water, whether cruising, sailing or just relaxing... the last thing you
want to worry about when you're on your boat is whether you have the right insurance
policy. As active members of the boating community, we have years of boating and
insurance experience to help you find the coverages you need to protect your boat
from stem to stern, and give you "peace of mind" when you're out enjoying the
freedom of the open water.
boats, jets skis to sail boats, we can provide the coverage necessary to protect your
investment.
Being out on the water, whether cruising, sailing or just relaxing... the last thing you
want to worry about when you're on your boat is whether you have the right insurance
policy. As active members of the boating community, we have years of boating and
insurance experience to help you find the coverages you need to protect your boat
from stem to stern, and give you "peace of mind" when you're out enjoying the
freedom of the open water.
Boat Insurance Terms Guide
We promote SAFE boating!
- You should always know, BEFORE you go. Many on the water accidents can
be avoided by researching weather conditions before you launch. A good rule of
thumb is to start checking weather patterns days before you hit the water. If you
decide to make that last minute launch, it's good to inform a friend or family
member of your whereabouts, and your plans for your day on the water.
- Take a basic boating safety class. Do yourself, your family, your passengers,
and other boaters a favor. There are great classes offered by the U.S. Coast
Guard, and many local organizations in your community. Knowing the rules on
the water can save a life.
- Have your boat or personal watercraft regularly maintained by a certified
mechanic.
- Take alcohol out of the equation.
- You should always know, BEFORE you go. Many on the water accidents can
be avoided by researching weather conditions before you launch. A good rule of
thumb is to start checking weather patterns days before you hit the water. If you
decide to make that last minute launch, it's good to inform a friend or family
member of your whereabouts, and your plans for your day on the water.
- Take a basic boating safety class. Do yourself, your family, your passengers,
and other boaters a favor. There are great classes offered by the U.S. Coast
Guard, and many local organizations in your community. Knowing the rules on
the water can save a life.
- Have your boat or personal watercraft regularly maintained by a certified
mechanic.
- Take alcohol out of the equation.
We are a Proud member of:
We are a Proud Member & Sponsor of the Castaic Trail:
"Peace of Mind for All
of Your Insurance Needs"
of Your Insurance Needs"
Toll Free: (866) 728-6425 Fax: (661) 999-6666
-Some useful Resources:
- U.S. Coast Guard
- National Oceanic and Atmospheric Administration (NOAA)
- U.S. Coast Guard
- National Oceanic and Atmospheric Administration (NOAA)
LANGER INSURANCE