Frequently Asked Questions & Answers On Policy

Total Dollar of Florida can handle most any of your personal or commercial insurance needs.

ASK YOURSELF THIS: are you getting buried in exclusions or getting the marine coverage protection you need?

NOT ALL MARINE INSURANCE POLICIES ARE CREATED EQUAL:
Did you know that there are an alarming number of caveats (exclusions) buried in today's marine insurance policies?
Below are some answers to your concerns:

  • ACTUAL CASH VALUE
    Actual Cash Value is available for all boats and PWCs qualifying for full coverage. In the event of a tota; loss, this coverage pays the lesser of the actual cash value at the time of loss or the rating base. Actual Cash Value is determined by the market value, age and condition of the watercraft at the time of the loss.
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  • AGREED VALUE
    Is available on all boats qualifying for full coverage. In the event of a total loss, this coverage pays the rating base regardless of the actual cash value. Disappearing Deductibles are included with Agreed Value.
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  • TOTAL LOSS REPLACEMENT/PURCHASE PRICE
    Total Loss Replacement/Purchase Price is avasilable on newly purchased watercraft up to one (1) model year old. In the event of a total loss, the coverage replaces the insured boat with a new boat that is to the extent possible, the same make and model, and which contains comparable equipment. For watercraft over five model years old, we will pay the purchase price. Disappearing Deductibles are included with Total Loss Replacement/Purchase Price.
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  • DISAPEARING DEDUCTIBLES
    Disappearing Deductibles provides a reduction of twenty five percent (25%) in Comprehensive or Collision deductibles for each claim-free renewal period. When the fourth consecutive claim-free renewal period is reached, there will be no deductible. Deductibles return to the original amounts upon the next renewal after a Comprehensive or Collision clain has been paid.
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  • WHAT DOES UNDERWATER MACHINERY DAMAGE COVERAGEINCLUDE?
    This is another very important part of your coverage. This means your policy will cover collision damage to your props, drives, shafts, struts, etc. NOT ALL policies will cover machinery damage. Some companies out there will even apply a DOUBLE DEDUCTIBLE, or more, to your outdrive/outboard collision damage, and apply machinery depreciation to the tune of ten percent per year for the age of the equipment. This means you really do not have any machinery coverage if you look at you policy's deductible, then apply it twice and then subtract ten percent per year of depreciation.
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  • WHAT IS A CATASTROPHIC DEDUCTIBLE
    If you have this special wording buried in your policy, and a catastrophic event (such as a named windstorm, an earthquake, hurricane, etc.) occurs in your geographic region of the country, you get a big deductible. This is typically ten percent of the boat's insured value attached to any claim your boat suffers, and it could be added to the depreciation scheduled into your policy which again could be as much as ten percent per year of equipment age.
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  • WHO SHOULD BE THE NAMED OPERATOR?
    Most high-performance policies today require that you name any and all operators who would drive your boat when you are not onboard. Be sure you have everyone who may take your boat out listed on the policy. This should include your mechanic, even when he is testing your boat after working on it.
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  • DO I NEED A BOATING COURSE CERTIFICATE?
    Getting a Boating Course Certificate is a very valuable and money saving item. Typically, we see marine insurance companies reduce the cost of your high performance insurance coverage by five to ten percent per year if you have a recent certificate.
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  • WHAT ABOUT DISCOUNTS FOR ONBOARD EQUIPMENT AND ANTI-THEFT DEVICES?
    Several companies give discounts for GPS satellite based tracking systems, automatic fire systems (Fireboy, Halon, CO2) and for additional items which allow you to operate your boat safer, reduce theft exposure and keep it intact. Items such as anti-theft locking devices, locking nuts on the drives and props and hitch or axle lock on the trailer can save you enough money to pay for the locking devices the first year.
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  • WHAT ABOUT MY NAVIGATIONAL AREA?
    Do not always ask for everything when it comes to your boating area or range of navigation. You can always add it on later if you really need it just before a trip.
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  • WHAT TYPE OF DEDUCTIBLE SHOULD I HAVE?
    The higher the deductible you choose to carry on your boat, the lower your premium will be. Deductibles for boats can run from the standard one percent of the vessel's value up to ten. You want to keep your claim history as clean as possible so the insurance company does not surcharge you for the next several years for a prior small claim that you could have covered yourself. Carry a high deductible. Save the insurance for a major event you cannot afford yourself.
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  • WHAT ABOUT THEFT COVERAGE?
    Watch for policies, which do not cover PARTIAL theft losses. Some companies do not cover theft losses while the boat is on a trailer unless it is stored in a fenced area, inside a building, in a marina or a recognized commercial storage yard. The policy may show theft coverage ONLY if there is FORCIBLE ENTRY to a locked, fenced area or locked building.
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Please give us a call If you still have any questions and need answers regarding any of your other insurance needs.