Watercraft Policy
Includes copyrighted material of Insurance Services Office, Inc., with its permission.
August 27, 2018
ISO Policy
The Insurance Services Office (ISO) offers a Watercraft Policy, WT 00 01 01 10. The policy provides a comprehensive property and liability program for personal lines watercrafts.
The form provides bodily injury and property damage liability, medical payments, and physical damage coverage.
Topics covered:
The policy is designated for watercraft, outboard motors, and watercraft trailers that are owned by individuals or married spouses who both reside in the same household. Both may be listed as named insureds on the policy. The property must be written on a specified basis.
The policy may also be used for watercraft, outboard motors, and watercraft trailers that are owned jointly by two or more individuals—other than married spouses—who reside in the same household, provided the policy is only for jointly owned property and the Watercraft Joint Ownership Coverage endorsement, WT 03 01 01 10, is attached.
The insurance is excess with respects to watercraft, motors, or trailers not owned by the insured and watercraft, motors, or trailers being transported by land motor vehicles.
Definitions
A. Throughout this policy:
1. "You" and "your" refer to:
a. The "named insured" shown in the Declarations; and
b. The spouse, if a resident of the same household.
2. If the spouse ceases to be a resident of the same household during the policy period or prior to the inception of this policy, the spouse will be considered "you" and "your" under this policy but only until the earlier of:
a. The end of 90 days following the spouse's change of residency;
b. The effective date of another policy listing the spouse as a named insured; or
c. The end of the policy period.
B. "We", "us" and "our" refer to the Company providing this insurance.
C. In addition, certain words and phrases that appear in quotation marks are defined throughout the policy as follows:
1. "Bodily injury" means bodily harm, sickness or disease, including death that results.
2. "Business" includes trade, profession or occupation.
3. "Family member" means a person related to you by blood, marriage or adoption who is a resident of your household. This includes a ward or foster child.
4. "Newly acquired property":
a. "Newly acquired property" means any of the following types of property you become the owner of during the policy period:
(1) A watercraft, other than a "personal watercraft";
(2) An "outboard motor"; or
(3) A "watercraft trailer".
b. Coverage for "newly acquired property" is provided as described below:
(1) "Newly acquired property" will have the broadest coverage we now provide for any property of the same type shown in the Declarations. Coverage begins on the date you become the owner. However, for this coverage to apply, you must ask us to insure it within 14 days after you become the owner.
(2) If you ask us to insure "newly acquired property" after 14 days, any coverage we provide for "newly acquired property" will begin at the time you request the coverage.
5. "Non-owned watercraft" means any watercraft, including its motor and "watercraft trailer", which is not owned by or furnished or available for the regular use of you or any "family member" while in the custody of or being operated by you or any "family member".
6. "Occupying" means:
a. In;
b. Upon; or
c. Getting in, on, out or off.
7. "Outboard motor" means any motor designed to be attached to a watercraft, including:
a. Fuel tanks and other pressure control tanks; and
b. Electric starting equipment or controls necessary for the operation of the motor.
9. "Property damage" means physical injury to, destruction of or loss of use of tangible property.
10. "Watercraft trailer" means a vehicle that is designed to:
a. Be pulled by a private passenger auto, pickup or van; and
b. Transport a watercraft on land.
a. Any watercraft shown in the Declarations, including its dinghies and tenders.
b. Any "outboard motor" shown in the Declarations.
c. Any "watercraft trailer" shown in the Declarations.
d. "Newly acquired property".
D. For purposes of this policy, a watercraft, "outboard motor" or "watercraft trailer" shall be deemed to be owned by a person if leased:
1. Under a written agreement to that person; and
2. For a continuous period of at least six months.
Analysis
The definitions are standard for many insurance policies, such as the references to "you," "your," "we," and "our," and the definitions of "bodily injury," "property damage," "family member," "occupying," and "newly acquired property." Note that the spouse is an insured as long as the spouse is a resident of the household. If the spouse moves out, he is covered until the earliest of the end of 90 days of the residency change, the effective date of a policy in the spouse's name, or the end of the policy period.
The following are watercraft-specific definitions that should be noted:
Non-owned watercraft. A watercraft—including its trailer and motor—not owned or furnished for regular use by the named insured or any family member while being operated or in the custody of the named insured or family member. This could be a watercraft an insured rents or borrows while on vacation.
Outboard motor. Any motor designed to be attached to a watercraft. Fuel tanks, other pressure control tanks, and electric starting equipment or controls needed to operate the motor are also included.
Personal watercraft. A recreational watercraft powered by an inboard motor, capable of carrying one or more persons.
Watercraft trailer. A vehicle designed to be pulled by a private passenger vehicle and to transport a watercraft on land. The insured may keep the watercraft at his home, and transport it on weekends to a local lake.
Your covered watercraft. Watercraft—including dinghies and tenders—outboard motors, watercraft trailers, or newly acquired property shown in the declarations.
Leased trailers or motors—if leased continuously for at least six months—are considered owned by a person for purposes of the policy.
The Watercraft Policy Program Manual rules state that a watercraft "is not a hovercraft, flarecraft or submarine; or an air-propelled, experimental or modified watercraft." It is also "not used for the collection, delivery or transportation of goods or materials; is not used as a public or livery conveyance for passengers; is not rented to others; and does not employ a captain or crew."
Liability Coverage
A. Insuring Agreement
1. We will pay damages for "bodily injury" or "property damage" for which any "insured" becomes legally responsible because of a watercraft accident. Damages include prejudgment interest awarded against the "insured". We will settle or defend, as we consider appropriate, any claim or suit asking for these damages. In addition to our limit of liability, we will pay all defense costs we incur. Our duty to settle or defend ends when our limit of liability for this coverage has been exhausted by payment of judgments or settlements. We have no duty to defend any suit or settle any claim for "bodily injury" or "property damage" not covered under this policy.
2. "Insured" as used in this Part means:
a. You or any "family member" for the:
(1) Ownership, maintenance or use of "your covered watercraft"; or
(2) Maintenance or use of a "non-owned watercraft".
b. Any person using "your covered watercraft".
c. For "your covered watercraft", any person or organization but only with respect to legal responsibility for acts or omissions of a person for whom coverage is afforded under this Part.
d. For a "non-owned watercraft", any other person or organization but only with respect to legal responsibility for acts or omissions of you or any "family member" for whom coverage is afforded under this Part. This Definition 2.d. applies only if the person or organization does not own or hire the watercraft.
Analysis
The insuring agreement promises to pay for property damage or bodily injury resulting from a watercraft accident and for which any insured becomes legally responsible. Prejudgment interest awarded against the insured is included in damages.
An "insured" under this coverage part includes any family member who owns, uses, or maintains the insured's owned watercraft or who maintains or uses a non-owned watercraft. Also included are people or organizations using the covered watercraft but only with respect to responsibility for acts or omissions for which coverage is afforded. This is similar to the liability clause in the auto policy. The same applies for people or organizations using non-owned watercraft as long as the person or organization does not own or hire the watercraft. If an insured rents a watercraft for a church group event, and lets another church member drive the boat, that person is covered if an accident occurs while driving the boat. However, if the insured takes the church's boat out for a church event, and another church member drives the boat, there is no coverage since the church member is part of the organization that owns the boat.
The basic limit for liability coverage is $100,000 per accident with no deductible but can be increased for an additional premium. State exceptions may apply.
The following criteria are considered in determining the premium for each watercraft: type of watercraft, principal method of propulsion, total horsepower, and the watercraft's length.
Liability Supplementary Payments
We will pay on behalf of an "insured":
1. Up to 10% of the Limit of Liability for Part A for expenses for which an insured becomes legally responsible as a result of the:
a. Attempted or actual raising, removal or destruction of the wreck of "your covered watercraft"; or
b. Failure to raise, remove or destroy the wreck of "your covered watercraft";
from a body of water.
2. Up to $250 for the cost of bail bonds required because of an accident, including related watercraft and navigation law violations, that results in "bodily injury" or "property damage" covered under this policy.
3. Premiums on appeal bonds and bonds to release attachments in any suit we defend.
4. Interest accruing after a judgment is entered in any suit we defend. Our duty to pay interest ends when we offer to pay that part of the judgment which does not exceed our limit of liability for this coverage.
5. Up to $200 a day for loss of earnings, but not other income, because of attendance at hearings or trials at our request.
6. Other reasonable expenses incurred at our request.
These payments will not reduce the limit of liability.
Analysis
The form's supplementary payments are standard for liability policies and similar to the supplementary payments on the Commercial General Liability form. Because the form says that the payments will not reduce the limit of liability, they are in addition to the policy limits. If ten percent of coverage A is used to pull the boat out of the water after an accident, there is still the full amount of coverage A available to pay for damages to the boat itself.
Liability Exclusions
C. Exclusions
1. We do not provide Liability Coverage for any "insured":
a. Who intentionally causes "bodily injury" or "property damage".
b. For "bodily injury" to you or any "family member".
This Exclusion 1.b. also applies to any claim made or suit brought against you or a "family member":
(1) To repay; or
(2) Share damages with;
another person who may be obligated to pay damages because of "bodily injury" to you or any "family member".
c. For "property damage" to property:
(1)Rented to;
(2)Used by; or
(3)In the care of;
that "insured".
However, this Exclusion 1.c. does not apply to a "non-owned watercraft".
d. For "bodily injury" to a person who is entitled to benefits for the "bodily injury" under:
(1) The Jones Act (Maritime Law);
(2) Any workers' compensation benefits;
(3) Any Federal Longshore and Harbor Workers' Compensation benefits; or
(4) Other similar benefits.
e. For that "insured's" liability arising out of the ownership or operation of any watercraft, motor or trailer while it is being:
(1) Rented to others;
(2) Used as a public or livery conveyance; or
(3) Hired for charter.
f. While employed or otherwise engaged in the "business" of:
(1)Selling;
(2) Repairing;
(3) Servicing;
(4) Storing; or
(5) Docking;
watercraft. This includes testing and delivery. This Exclusion 1.f. does not apply to the ownership, maintenance or use of "your covered watercraft" by:
(1) You;
(2) Any "family member"; or
(3) Any partner, agent or employee of you or any "family member".
g. Maintaining or using any watercraft, motor or trailer while that "insured" is employed or otherwise engaged in any "business" not described in Exclusion 1.f. However, this Exclusion 1.g. does not apply to business entertainment for which there is no direct compensation.
h. Using a watercraft, motor or trailer without a reasonable belief that that "insured" is entitled to do so. This Exclusion 1.h. does not apply to a "family member" using "your covered watercraft" which is owned by you.
i. For "bodily injury" or "property damage" for which that "insured":
(1) Is an insured under a nuclear energy liability policy; or
(2) Would be an insured under a nuclear energy liability policy but for its termination upon exhaustion of its limit of liability.
A nuclear energy liability policy is a policy issued by any of the following or their successors:
(1) Nuclear Energy Liability Insurance Association;
(2) Mutual Atomic Energy Liability Underwriters; or
(3) Nuclear Insurance Association of Canada.
2. We do not provide Liability Coverage for the ownership, maintenance or use of:
a. Any "personal watercraft" owned by you or any "family member".
b. Any watercraft, motor or trailer, other than "your covered watercraft", which is:
(1) Owned by you; or
(2) Furnished or available for your regular use.
c. Any watercraft, motor or trailer, other than "your covered watercraft", which is:
(1) Owned by any "family member"; or
(2) Furnished or available for the regular use of any "family member".
However, this Exclusion 2.c. does not apply to you while you are maintaining or "occupying" any watercraft, motor or trailer which is:
(1) Owned by a "family member"; or
(2) Furnished or available for the regular use of a "family member".
d. Any watercraft, motor or trailer which, at the time of an accident, is:
(1) Being operated in; or
(2) Practicing or preparing for;
any prearranged or organized race, stunt activity or other speed competition. This Exclusion 2.d. does not apply to a sailing vessel or a predicted log cruise.
Analysis
The policy makes clear that liability coverage is not intended for intentional acts of any insured or to cover the insured and the insured's family members for bodily injury or property damage—exposures that are addressed in other insurance. Also addressed by other insurance is bodily injury to persons who are entitled to workers compensation or other reimbursement through the named federal programs. Many of the exclusions listed are similar to those found in the personal auto policy.
Liability arising out of business pursuits surrounding the insured's watercraft are also excluded, as well as business activities such as selling or repairing watercraft by the insured, family members, or partners, agents, or employees of the insured or any family member.
Business entertainment involving the watercraft for which there is no compensation is not excluded.
If liability results from using a watercraft, motor, or trailer without the insured's reasonable belief of entitlement to use them, no coverage is available unless a family member uses the insured's covered watercraft without that reasonable belief.
If the insured is also insured under a nuclear energy liability policy, no coverage is available under this policy for bodily injury or property damage addressed by said policy.
Liability arising out of the ownership, maintenance, or use of a recreational watercraft powered by an inboard motor and a water jet pump as the primary source of propulsion owned by the insured or a family member is not provided. Neither is liability coverage afforded for watercraft, motors, or trailers—other than the covered watercraft—that the insured or a family member owns or is allowed to use, unless a family member furnishes the watercraft to the insured. Liability arising from watercraft used in or being prepared for races, stunts, or speed competitions is also excluded.
The Limit of Liability section and Other Insurance section are standard language. No more than the limit listed in the declarations will be paid for any one loss. If there is other insurance at the time of loss, this policy will pay only its proportion of the loss. If this policy is providing coverage for a non-owned watercraft, then this policy is excess over any other collectible insurance. Likewise, if the watercraft is being transported by a land motor vehicle, this policy is excess over the motor vehicle's policy.
Medical Payments Coverage
A. Insuring Agreement
1. We will pay reasonable expenses incurred for necessary medical and funeral services because of "bodily injury":
a.Caused by accident; and
b. Sustained by an "insured".
We will pay only those expenses incurred for services rendered within three years from the date of the accident.
2. "Insured" as used in this Part means:
a. You or any "family member" while:
(1) "Occupying";
(2) Towed by; or
(3) In the water, when struck by; a watercraft.
b. Any other person while:
(1) "Occupying";
(2) Towed by; or
(3) In the water, when struck by;
"your covered watercraft".
Analysis
Here, the policy does allow a small amount of coverage for bodily injury to the insured and family members. Also covered are any other persons who suffer bodily injury while occupying, being towed by, or who are in the water when struck by the insured's watercraft.
The basic limit for this coverage is $1,000 per person with no deductible, which may be increased for an additional premium. State exceptions may require different limits.
The requirement that the injury be "caused by accident" is not explained in the policy provisions but is generally understood to mean that the cause of injury can be traced to a definite time and place and that the injury was not expected or intended from the injured person's point of view even though it could be intentional from the perpetrator's standpoint.
This rule of policy interpretation was expressed in Nationwide Mutual Insurance Company v. Roberts, 134 S.W.2d 654 (N.C. 1964): "When an insured is intentionally injured or killed by another, and the mishap is as to him unforeseen and not the result of his own misconduct, the general rule is that the injury or death is accidentally sustained within the meaning of the ordinary accident insurance policy and the insurer is liable therefore in the absence of a policy provision excluding such liability."
B. Exclusions
We do not provide Medical Payments Coverage for any "insured" for "bodily injury":
1. Sustained while "occupying" a "personal watercraft" owned by you or any "family member".
2. Sustained while "occupying" "your covered watercraft" while it is being:
a. Rented to others;
b. Used as a public or livery conveyance; or
c. Hired for charter.
3. Sustained while "occupying" any watercraft located for use as a residence or premises.
4. Occurring during the course of employment if:
a. The Jones Act (Maritime Law);
b. Any workers' compensation benefits;
c. Any Federal Longshore and Harbor Workers' Compensation benefits; or
d. Other similar benefits; are required or available for the "bodily injury".
5. Sustained while "occupying", or when struck by, any watercraft, motor or trailer, other than "your covered watercraft", which is:
a. Owned by you; or
b. Furnished or available for your regular use.
6. Sustained while "occupying", or when struck by, any watercraft, motor or trailer, other than "your covered watercraft", which is:
a. Owned by any "family member"; or
b. Furnished or available for the regular use of any "family member".
However, this Exclusion 6. does not apply to you.
7. Sustained while "occupying", or being towed by, a watercraft or trailer without a reasonable belief that that "insured" is entitled to do so. However, this Exclusion 7. does not apply to a "family member" using "your covered watercraft" which is owned by you.
8. Sustained while "occupying" a watercraft while it is being used in the "business" of an "insured". However, this Exclusion 8. does not apply to
business entertainment for which there is no direct compensation.
9. Sustained while "occupying", or being towed by, any watercraft or trailer operated for the purpose of:
a. Competing in; or
b.Practicing or preparing for; any prearranged or organized racing, stunt activity or other speed competition. This Exclusion 9. does not apply to a sailing vessel or a predicted log cruise.
10. Caused by or as a consequence of:
a. Discharge of a nuclear weapon (even if accidental);
b. War (declared or undeclared);
c. Civil war;
d. Insurrection; or
e. Rebellion or revolution.
11. From or as a consequence of the following, whether controlled or uncontrolled or however caused:
a. Nuclear reaction;
b. Radiation; or
c. Radioactive contamination.
Analysis
Once again the form points out that the coverage is not intended for bodily injury caused by personal watercraft or from business uses of the insured watercraft. Medical payments coverage also excludes watercraft being used as residences. Coverage for houseboats and jet skis, or personal watercraft, belongs on different policies.
The medical payments coverage excludes bodily injury that occurs while occupying or if struck by—as opposed to arising from the ownership, maintenance, or use of in the liability coverage—any watercraft, motor, or trailer owned by the insured or available for the insured's use, other than the covered watercraft. If the insured has a boat not listed on this policy and is injured, there is no coverage. Unlike the liability exclusions, no exception is made for watercraft, trailers, or motors owned by family members or furnished for family members' use, except for the insured and the insured's spouse.
Rounding out the medical payments exclusions are bodily injury resulting from discharge of nuclear weapons, war, civil war, insurrection, rebellion, revolution, nuclear reaction, radiation, or radioactive contamination. These are the standard exclusions.
Again, the limit of liability shown in the declarations is the maximum limit for each person for any one accident. The other insurance provision is again proportional, except when excess over the policy for a non-owned watercraft or a watercraft being transported by a land motor vehicle.
Property Coverage
A. Insuring Agreement
1. We will pay for direct and accidental loss to "your covered watercraft" and "boating equipment" minus any applicable deductible shown in the Declarations. If loss to more than one item of covered property results from the same loss, the deductible will apply once.
2. "Boating equipment" as used in this Part means accessories and other equipment, excluding "outboard motors", which are:
a. Owned by you;
b. Integral to the operation, maintenance or use of "your covered watercraft"; and
c. In or upon "your covered watercraft".
This includes, but is not limited to, anchors, batteries, covers, dinghies and tenders, electronic navigation equipment, fire extinguishers, flares, horns, life preservers, lines, oars, oar locks, pumps, sails, seat cushions, and other similar equipment.
Analysis
As with most property policies, direct loss to the covered property is required in order for coverage to apply. "Your covered watercraft" is a defined term in the policy. See the Definitions section for more information. "Boating equipment" is described in the insuring agreement.
The watercraft hull, boating equipment, outboard motors, and trailers are to be insured separately with separate premiums shown for each. Surcharges apply for youthful operators, inexperienced operators, the age of the watercraft, and jointly-owned watercrafts.
Additional Property Coverages
B. Additional Coverages
1. Salvage Expense Coverage
If "your covered watercraft" becomes endangered, we will pay, up to a maximum of 25% of the Part D limit of liability for the watercraft, expenses for which you become legally responsible under Maritime Salvage Law.
This coverage is additional insurance. No deductible applies to this coverage.
2. Towing And Assistance Expense Coverage
If "your covered watercraft" becomes disabled, we will pay reasonable expenses incurred by you for:
a. Towing to the nearest place where necessary repairs can be made;
b. Delivery of gas, oil or repair parts, but excluding the cost of these items;
c. Labor for emergency repairs at the site of disablement; or
d. "Watercraft trailer" roadside repair if the trailer is covered by Part D of this policy.
The most we will pay for all Towing And Assistance Expense Coverage is $500 for any one disablement, subject to a maximum of $1,000 for any one policy period.
This coverage is additional insurance. No deductible applies to this coverage.
3. Personal Effects Coverage
We will pay for direct and accidental loss to personal effects:
a. That are owned or used by you; or
b. After a loss and at your request, that are owned by your guests;
while in, upon or being loaded or unloaded from "your covered watercraft".
Personal effects include, but are not limited to, cameras, cellular phones, clothing, coolers, fishing equipment, portable radios, water skiing equipment or other sporting equipment.
However, personal effects does not include animals, "boating equipment", fuel, jewelry, money, watches or permanently attached equipment.
The most we will pay for the total number of all personal effects in any one loss is $500.
This coverage is additional insurance. No deductible applies to this coverage.
Analysis
The Watercraft policy provides three coverages offering small amounts outside the policy limits for salvage, towing and assistance, and personal effects. The coverages are self-explanatory, and none of the additional coverages are subject to a deductible.
Property Exclusions
C. Exclusions
We will not pay for:
1. Loss to "your covered watercraft" which occurs while it is being:
a. Rented to others;
b. Used as a public livery or conveyance; or
c. Hired for charter.
2. Loss due and confined to:
a. Wear and tear, gradual deterioration, weathering, bubbling, osmosis, delaminating of fiberglass or plywood, corrosion, rusting, electrolysis, mold, rot, inherent vice, vermin, insects or marine life.
b. Failure to maintain the covered property in good condition and repair so that it becomes damaged by ordinary weather or water conditions, or the rigors of normal use.
c. Marring, scratching, chipping or denting.
d. Freezing or overheating.
e. Extremes of temperature. However, this Exclusion 2.e. does not apply with respect to loss or damage caused by or resulting from improper winterizing if such winterizing was performed by a competent marina or similar facility.
f. Ice to "your covered watercraft" that is afloat and moored or laid up.
g. Delay, loss of use or any other consequential loss.
h. Latent defect, inherent vice or any quality in the covered property that causes it to damage or destroy itself.
i. Mechanical or electrical breakdown or failure.
3. Loss to "your covered watercraft" while:
a. Being operated in; or
b. Practicing or preparing for; any prearranged or organized race, stunt activity or other speed competition. However, this Exclusion 3. does not apply to a sailing vessel or a predicted log cruise.
4. Loss due to or as a consequence of:
a. Radioactive contamination;
b. Discharge of any nuclear weapon (even if accidental);
c. War (declared or undeclared);
d. Civil war;
e. Insurrection; or
f. Rebellion or revolution.
5. A total loss to "your covered watercraft" due to destruction or confiscation by governmental or civil authorities. This Exclusion 5. does not apply to the interests of loss payees in "your covered watercraft".
6. Loss to "your covered watercraft" due to the actual or perceived loss in market or resale value which results from a direct and accidental loss.
Analysis
The form reiterates that this coverage is applicable to pleasure watercraft only, not to watercraft used for rentals, charters, or as a public livery or conveyance.
The typical property wear and tear exclusions are found in this section. Watercraft-specific provisions are added, such as an exception to the extremes of temperature exclusion for damage caused by improper winterizing and the exclusion for ice to the covered watercraft that is laid up or moored.
As with the liability exclusions, the property section also excludes losses resulting from races, stunts, or speed competitions.
Standard loss settlement provisions, duties after a loss, and general policy conditions are present.
Endorsements
The watercraft program provides several endorsements for use with the Watercraft Policy, WT 00 01 01 10.
Watercraft Joint Ownership Coverage, WT 03 01 01 10: expands the definitions of "you" and "your" to include persons named in this schedule or the declarations.
Watercraft Additional Insured – Lessor, WT 03 02 01 10: extends liability and required coverages for "your leased watercraft" to apply to lessor named in this endorsement as an additional insured. "Your leased watercraft" is defined as watercraft, motors, and trailers shown in the declarations or this endorsement that the insured leases for at least six continuous months under an agreement that requires the insured to provide primary insurance and any substitutes provided by the lessor. Notice of termination will be sent to the lessor, but the lessor is not responsible for premiums, and the limit of liability is not increased by using this endorsement.
Watercraft Increased Limits Towing and Assistance Expense Coverage, WT 03 03 01 10: increases the limit for the towing and assistance additional coverage.
Watercraft Haul Out Expense Coverage, WT 03 04 01 10: adds a provision to cover expenses when the watercraft must be hauled out of the water due to the National Weather Service issuing a hurricane watch or warning, and for launching the watercraft in the same area after the watch or warning has ended. The limit is $500, is additional coverage, and not subject to a deductible. The watercraft must be described and a premium shown in the declarations or in the endorsement's schedule.
Uninsured Watercraft Coverage, WT 04 01 01 10: provides coverage for damage an insured is legally entitled to recover from an operator or owner of an uninsured watercraft. The coverage must apply to all watercraft insured on the policy. The basic limit is $100,000 per accident with no deductible. Higher limits may be purchased but may not exceed the policy's liability limit.
Personal Watercraft Coverage, WT 05 01 01 10: expands the definition of "your covered watercraft" to include "personal watercraft," as defined in the policy's definition section.
Watercraft Agreed Value Coverage, WT 05 02 01 10: states that the most the insurer will pay for loss is the lesser of the limit of liability listed in the schedule or on the declarations or the amount necessary to repair or replace with like kind and quality, but if replacement or repair results in better than like kind and quality, the betterment will not be paid.