Personal Property
Generally Personal Effects or Personal Property is defined by Underwriters as any property you would remove from the vessel if the boat was sold. A good example of this is foul weather gear or fishing gear.
Most of the time this type of property is personal in nature, sized to fit or custom built, and you would keep it for your next boat.
Equipment such as engines, electronics, safety gear and the like usually stays with the boat when sold and is not considered to be Personal Effects or Personal Property.
This is an important issue since many
times clients over or under insure Personal Effects or Personal Property
and either pay too much or are not properly protected.
IMPORTANT NOTE: The terms and descriptions of terms on this page or
these pages is not meant to replace or define any policy wording or term or the
limit or enhance any meaning of any term(s) or conditions of any policy of insurance.
These comments are just that, comments and nothing more. They are provided for
you to refer to, so you can ask your insurer for an exact meaning or
explanation of the coverage you own or are contemplating purchasing. All
policies are subject to exclusions and revisions of meanings of standard terms.
Your policy covers you, and you need to ask questions now- before any loss, to
understand what you have. We are not lawyers, and we do not provide legal
opinions. We are Insurance Brokers and we provide guidance and try and help you
understand coverages and coverage issues. READ YOUR
POLICY, a boring but informative task and ask questions. Use this document to
help you ask those questions and learn from your Agent or Broker. He or she is
there to help you, if they don’t do the job, find another one.