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The growing number of boats is a growing opportunity to sell more coverage--and a growing danger that you could lose prime accounts if they have to look elsewhere for it.
AAIS provides the industry's only standardized program for insuring small, privately owned watercraft. The forms and manual are filed and approved countrywide, and available to all property/casualty insurers.
Companies can use this program as the basis for a watercraft specialty line, or as an accommodation to their homeowners and auto accounts. To this end,
the AAIS Boatowners form can be written as a stand-alone policy or as an endorsement to another personal lines policy.
The program provides a base form for insuring pleasure craft less than 30 feet in length, plus motors and trailers. Coverage extends to personal watercraft such as "Jet Skis," "Sea Doos," and "Waverunners," but personal watercraft coverage can be excluded by endorsement.
Using the program, a carrier has a choice in the scope of coverage offered each insured:
The Boatowners manual features a simple, two-part rating procedure:
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Property premium is based on rating information for navigational territory, type of boat, and coverage limit.
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Liability premium is based on rating information for boat length and maximum speed.
Premium modifiers allow adjustments for age of boat, navigation period, and other risk specific characteristics. A variety of premium credits is also available, and stated
value loss settlement provisions are provided for total loss situations.
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