BOATOWNERS DECLARATIONS PAGE

(July, 2018)

American Association of Insurance Services (AAIS) has developed a declarations page for use with its boatowner program. Even so, most insurers develop and maintain their own policy declarations. In many situations, doing so is the easiest way to meet their specific needs and to comply with state law.

The following is what appears in BT 0050 0508, Boatowners Declarations. Regardless what is used, such forms will likely include similar information:

· Policy number

· The names of the insurer and producer

· Policy period

· Name and mailing address of the insured

· Name and mailing address of the leinholder

· Navigation Period dates

· Lay-Up Period Dates

· Navigational and (if it differs from what appears on the Boatowner Form) Coverage Territory

· Primary Storage Location (needed only when different than the insured’s mailing address)

The declarations has additional wording that dovetails with the boatowner policy. It states that each declarations used replaces any and all previous declarations. It also obligates the insurer to provide coverage only for eligible losses that occur during the policy period stated in the declarations and for the valid limits (entries of both a coverage limit and a premium) that appears in the declarations.

This wording facilitates changes that may occur involving different or additional boating property, changes in navigation period and territory.

Property Coverages

This section contains the description of applicable boats, motors and/or trailers covered by the policy. It includes such information as: model year, manufacturer, model, serial number, length, horsepower (for boats and motors), limit and premium.

Liability Coverages

This section contains the limit and premium amounts for Coverages X, Personal Liability, Y, Medical Payments and Z, Uninsured Boater. The limits are per occurrence, per person and per accident, respectively.

Deductibles

This section lists the deductibles that apply to the covered property. Either a single deductible may apply to boats, motors and/or additional equipment or split deductibles exists with an amount applying to boat equipment that differs from the figure applying to the boat, motors and additional property.

Separate deductible amounts appear for boat trailers and, if applicable, named storms.

Additional Property Coverages

This section lists three additional property coverages that are provided with a set limit in the coverage form but can be increased on the declarations. If a limit is entered in this section for the coverage, it replaces the following limit in the coverage form:

Additional property coverage:	Policy Coverage Limit
Boating Equipment – Personal Watercraft	$500
Boating Equipment – Not Personal Watercraft	$2,500
Emergency Services	$500

Other Information

The declarations also include sections on describing any other premium modifications and for listing forms and endorsements that apply to the boatowner policy, any applicable premiums and information on the total policy premium.