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Sat 17 May 08 |
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Increased Value & Disbursements and/ or Excess Hull Cover 100% Lloyds UnderwritersCover
DetailsThis contract is in place to support our in-house programs and write business alongside it. The policy wording has been amended to conform with the standard TL Dallas wordings for continuity of coverage. Increased value only responds in the event of Actual Total Loss, Constructive Total Loss or Arranged/Compromised Total Loss. Because of the traditional claims adjustment practices whereby, once the estimated repair costs exceed 80% of the value, the vessel is declared a Constructive Total Loss, the Insured's coverage is not materially affected by placing 20% on an increased value basis. If placed on an Excess Hull basis this policy will respond to partial losses as well as Total loss on following form basis. This facility enables us to write values up to US$3,500,000 on the same criteria as the main cover (with the exception of performance boats).
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