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Flashcards in TB - Personal Watercraft Coverage Deck (10)
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The insured owns a 20 foot fishing boat with a 50 horsepower motor. Which of the following polices would be best suited to cover a theft or a loss on a lake?


Homeowners Policy

Personal Article Floater

Watercraft Policy

Yacht Policy

Watercraft Policy

1

Medical payments coverage on watercraft Policy covers all necessary medical expenses incurred by a covered person up to ______ following a covered accident.


I year

6 months

5 years

3 years

3 years

2

Coverage C of the Homeowners Policy covers ________ on watercraft, including their trailers, furnishings, equipment and lout oars motors.


$1500

$500

$5000

$250

$1500

3

Mr. Cato carried a Watercraft Policy covering his 25 foot pontoon boat. the boat is powered by a 150 hp motor. He transports it to the Florida Keys and operates the craft 20 miles out to see. The boat capsizes and is destroyed. What coverage would apply to the boat?


The ACV value of boat

The motor and accessories only

Damage to the hull only

No coverage would apply

No coverage would apply!!!

4

The insured is covered under a Watercraft Policy and asks the agent about a "lay-up" period credit to get a reduction in the premium. The dates of the lay-up period are specified in the policy. There is an emergency and the insured must use his boat in a life savings event. The boat is damaged and sinks. Under what circumstances would coverage apply?


The loss would not be covered because the insured operated the boat during the "lay - up" period

Only if the insured company is notified with I 10 days of the emergency use

Only the salvage of the boat is covered when required under Maritime Law

When additional premium is received by the insurer when the limitation is removed


Only if the insured company is notified with I 10 days of the emergency use

5

Under the Yacht Policy, what coverage must be added to cover bodily injuries to the captain and crew?


Medical payment coverage

Uninsured/underinsured boater insurance

Bodily injury liability coverage

Jones Act coverage for the members of the crew

Jones Act coverage for the members of the crew

6

The insured is transporting his yacht on its trailer and pulling it with its truck. The trailer separates from the truck hitch and the boat strikes another vehicle. There is property damage and bodily injury to a third party. The yacht and trailer are total loss. What coverage would apply under the Yacht Policy?


All the damage would be covered

Only the third party damages would be covered

Only the damage to the yacht and trailer

None of the damages are covered

Only the damage to the yacht and trailer!!!

7

How are losses evaluated for payment under the Watercraft and Yacht policies?


Agreed amount value

Functional replacement cost

Actual cash value at the time of the loss

Replacement cost value at the time of the loss

Actual cash value at the time of the loss

8

The insured carries a Yacht Policy and is pulling a water skier. The skier is a family member and is injured. What coverage might apply to this accident?


No coverage would apply

Liability coverage and defense coverage would apply

Medical payments coverage

Only the injured party's health insurance would cover the claim

Only the injured party's health insurance would cover the claim

Medical payments coverage

9

If a named insured acquires additional property after the policy period begins, that property is covered for a maximum of _____ days after the date it came into insured's possession.


4

10

14

18

14