You might know what words like 'port' and 'starboard' mean but you need to speak insurance too, so here are some terms that are important for our watercraft cover:
- By 'watercraft' we mean any South African-registered boat used on water (duh) for social, domestic or pleasure purposes, and for the purpose that it's designed for, such as a motor, ski or rowing boat, yacht, or jet ski, including its hull, engines and machinery.
- The 'regular skipper' (pilot or rider) is the person who skippers the watercraft most often and who's noted as such on your policy schedule. You need to let us know immediately if the regular skipper changes.
- The 'agreed value' is the amount that your watercraft is covered for. This agreed value must be, well, agreed on by you and us, and must include the non-standard fitted extras and accessories. It's calculated on the cost of replacing the watercraft with the same make and model, in the same condition, with similar mileage, plus the value of any specified accessories. This agreed value won't depreciate, and so your watercraft premium won't decrease monthly. (Sorry.)