The different reimbursement schemes in the event of an accident

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When it comes to reimbursement of pleasure boats, the “cost value”, the “agreed value” and “market value” come into play. Three rather mysterious designations for a simple purpose: determine, for the length of time intended and written in your contract (mostly between 3 and 5 years), the price at which your boat will be reimbursed.

  • Cost value

  • Agreed value

  • Market value

Cost value

Cost value is determined by a purchase receipt or a catalogue. For example, if you bought your boat for 100,000€, its cost value (that is the price you will be reimbursed during the time determined by your contract) is 100,000€. There is a distinction between the cost value and the replacement value, which, if it applies to you, will not take into account the loss in value due to dilapidation of your boat. For example, if you bought your boat 100,000€ 3 years ago, and if buying the same boat today would cost 120,000€, you will be reimbursed on the basis of 120,000€ (as long as you prove the purchase of this new boat).

Agreed value

The agreed value is subject to contract. That is to say that it is (in most cases) estimated by a surveyor and accepted by the insurer. For example, if you buy a boat for 100,000€ but wish to insure it at a higher price than that of purchase (because you have done many adjustment works for example) you can have it assessed by an expert in order to get its agreed value, which will serve as a reimbursement basis during the time determined by your contract.

Market value

The market value is the value of your boat the day of the accident. In other words, the insurer reserves the right to reconsider (generally calling upon a surveyor) the actual worth of your boat on the day of the accident. In fact, market value takes into account the value of the boat upon subscription to the contract (used as an upper limit) from which a dilapidation rate is subtracted. In other words, it equals to the purchase price minus dilapidation of the boat.

This dilapidation may nonetheless (although it is a rare guarantee in insurance contracts) be bought off by your insurer who then offers: on the one hand compensation on market value, and on the other hand additional compensation as reimbursement dilapidation.

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