Outboard Motor Boat Insurance
Definition of "Outboard motor boat insurance"
Coverage on an all risks basis for physical damage loss. Coverage applies to property damage to the insured boat or damage caused by the insured boat to a third party boat. Excluded perils are war damage, use of boat in a race or speed contest, nuclear loss, and so forth. Bodily injury liability coverage is excluded from this policy since the operator of the boat would be covered for this risk under a comprehensive personal liability insurance policy, homeowners insurance policy, or tenants insurance.
Popular Insurance Terms
Computer system established by London trade associations for processing insurance policies. The work of LIMNET involves the notification and settlement of insurance policy claims. ...
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Actuarial equivalent method of calculating the premium rate through the development of the following equation: probability that the event insured against occurs x face amount of policy x ...
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