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One of the great delights in life is owning a boat. It reminds us of a past when adventure on the high seas was a real experience and man was the complete ruler of his domain as commander of his ship. Today there are few places where the average person can be in complete command of his own fate, however a boat is one of them. But boat ownership comes with its own dangers and costs. Boat insurance becomes necessary for protecting such an expensive asset. The two chief aspects of boat insurance are legal responsibility, or security and insurance; and property loss. In some respects, a boat insurance policy is managed the same way as automobile or home policies. When an individual insures his boat for liability, it protects the individual against damage to another person's assets caused by the boat. It also has provisions for lawful protection, in case one is charged for something that is protected under the boat insurance. However, there are certain delicate differences from an automobile policy when it comes to loss and damage insurance. The characteristic coverage for loss is either "actual cash value" (ACV), or "agreed upon value". Boat insurance, which is “agreed upon” for value, has a dollar amount printed in the policy, which is the compensation for complete loss. Limited damages are replaced at "for new" prices, implying that there is no reduction imposed, apart from high wear matter like sails, and some machinery. This is the extra-costly alternative to cover a boat. An authentic cash value policy indicates that if a boat is a total loss, the insured will receive the existing market price, not including the deductible, and suitable reduction for the age and state of the boat at the time of the loss.
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