Marine Insurance - Personal Hull Coverage
Sovereign Hong Kong marine policies are always AGREED VALUE policies.
Agreed Value policies pay the full insured value shown on the policy declarations page in the event of a total loss. Agreed Value policies do not depreciate hull value.
ACV (Actual Cash Value) policies DO depreciate hull value and the policy holder is NEVER quite sure what amount will be paid in the event of a total loss. One thing is certain: the value of the insured boat will not go up.
Protection & Indemnity (P&I) Liability vs. Watercraft Liability
Liability coverage pays what you become legally liable to pay as a result of your ownership and operation of the insured vessel.
Protection & Indemnity Liability coverage is the broadest form of liability coverage available.
