When a marine business owner does not insure the value of a property or marine asset, then the insurance carrier may calculate a penalty based on the percentage as stipulated in the policy and the amount under insured. In the event of a loss, the insured will receive only a portion of the marine business insurance payout as determined by the percentages stated in the co-insurance policy.

To insure to value mes to carry enough insurance to cover the cost of total replacement rather than an insufficient amount.

Actual Cash Value or ACV is what the value is now, factoring in depreciation, or the wear and tear that will negatively affected the value.

Replacement Cost Value is,  what it would cost you now to replace the damaged insured item.

Co-insurance determines an insurance limit you need to purchase, perhaps 80% of either replacement cost or actual cash value. Some marine business owners are tempted to reduce annual premiums by opting for less than the total replacement cost because they are willing to gamble that they will never exceed a certain dollar amount. However, there is a penalty for not being insured to value and you will receive only a portion of your entitled insurance coverage. This means you might have to pay a significant amount of the repairs or reconstruction out of pocket.

Co-Insurance: Co-insurance is a kind of coverage that requires the insured pay a portion of the payment made against a claim. Such as, if piers and docks are damaged, then the insured will pay a specified amount toward the cost of replacement or repair as outlined under the terms of the policy. The amount is variable, but if the insurance coverage is much less than the insure to value, then there is a penalty.

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The last place the British sailor Alex Thomson expected to be last week was lying on the ceiling of his new racing yacht in the North Atlantic.

The Transat race may prove that the new yacht technology has been pushed too soon into the ocean racing world. Five of the new VPLP-Verdier designs started the 20-boat race, but only one finished, an attrition rate that has shocked even the most cynical of observers. That boat, Armel Le Cléac’h’s Banque Populaire VIII, was unable to pass a previous-generation VPLP-Verdier model, PRB, which won the Imoca 60 class Wednesday. Banque Populaire finished second, more than eight hours later.

Wishing everyone a safe and happy holidays. =D

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America’s Cup racing will visit the Middle East for the first time when the America’s Cup World Series is sailed in Muscat, Oman, on Feb. 27 and 28.

Teams from the United States, France and England are part of the America’s Cup World Series circuit, a series of regattas leading up to the 2017 America’s Cup in Bermuda. Muscat is across the Gulf of Oman from Iran.

Watercraft Insurance: Insurance policies that provide coverage for boats and personal watercraft. Watercraft insurance, also known as boat and personal watercraft insurance, often include towing and wreckage removal, as well as fuel spill indemnification. This type of insurance may be purchased for sailboats, house boats, and pontoon boats, as well as other watercraft up to a certain size and value.

The next America’s Cup, in 2017, will be contested in the unlikely and isolated location of Bermuda, even though Oracle Team USA holds the trophy.   But at least the prologue to the Cup, sailing’s most prestigious event, will have a strong American flavor next year, with a Louis Vuitton America’s Cup World Series regatta in New York City on May 7 and 8.

ROME — An overcrowded fishing boat carrying migrants to Europe capsized on Wednesday, apparently after being approached by a rescue vessel a few miles off the coast of Libya. Rescuers saved 400 people, though 25 died when the boat overturned, and another hundred were feared to have drowned, Italian officials said.