Why your boat needs a professional written appraisal. There are two basic types of boat insurance—“agreed value” and “actual cash value”, also known as "stated value." How depreciation is handled is what sets them apart. An "agreed value" policy covers the boat based on its value when the policy was written. While it may cost more, there is no depreciation for a total loss of the boat (some partial losses may be depreciated). "Actual cash value" policies may cost less, but factor in depreciation. Simply stated, the policy will only pay up to the actual cash value of the boat at the time it is declared a total or partial loss. Eventually, as your boat ages, your insurer will probably insist on an actual cash value policy, unless you provide a Replacement Value Appraisal
Greater Fort Lauderdale, in South Florida, has been called the Venice of America (more than 300 miles of inland waterways) and the Yachting Capital of the World (more than 40,000 yachts call it home). Plus, the annual Fort Lauderdale International Boat Show is one of the largest events of its kind in the world. And Miami, 29 miles south, is not far behind! Thinking of buying or selling a boat? Protect your investment, get it appraised.