Watercraft Non-owned Insurance

Definition

  • A type of insurance that provides coverage for damages to marine vessels operated by, but not owned by the policyholder. For example, if the policyholder borrows a friend's boat, a watercraft nonowned insurance policy will cover any damages that may happen while the boat is in the policyholder's care.

Synonyms
non-owned boat insurance, non-owned watercraft insurance, watercraft liability insurance

Related Terms and Acronyms

  • Unvalued Marine Policy Definition,
    • Insurance that covers a marine asset to an unspecified dollar amount.
  • Valuation Clause Definition,
    • A clause in an insurance contract that states how much an insurer is willing to pay for an asset after an insured event.
  • Valued Marine Policy Definition,
    • Insurance that covers a marine asset up to a specified amount.
  • Voyage Policy Definition,
    • Insurance that covers assets being transported by sea.
  • Yacht Insurance Definition,
    • Insurance that covers yacht and pleasure boat owners for damages and liability.
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