Insured value: gross or net?

[svtickles]

Which option should I pick when applying for insurance on a sailboat?

I tried google but couldn't make sense of the answer for sailing in the Med.

[wrwakefield]

Here is my summary about recreational marine insurance in case it helps provide some clarity.

Cheers, Bill

[BlueH2Obound]

A better idea than starting multiple threads, each asking a specific insurance question, might be to ask all your questions in ONE thread, titled perhaps "Insurance Questions".


https://www.cruisersforum.com/forums...ml#post3747978

[TrentePieds]

What do you mean by "gross" and "net" in this context?

There are several kinds of "value" germane to insurance, but "gross" and "net" are not among them in the vocabulary I'm familiar with.

TrentePieds

[Drunkonwatch]

Originally Posted by BlueH2Obound

A better idea than starting multiple threads, each asking a specific insurance question, might be to ask all your questions in ONE thread, titled perhaps "Insurance Questions".


https://www.cruisersforum.com/forums...ml#post3747978

I second that motion

The endless insurance threads zzzzzzz it’s like adventure has taken a back seat to the modern security

[S/V Illusion]

Do you mean agreed value vs. actual cash value?

And what is the significance of the question in the context of “the Med”?

[svtickles]

Originally Posted by BlueH2Obound

A better idea than starting multiple threads, each asking a specific insurance question, might be to ask all your questions in ONE thread, titled perhaps "Insurance Questions".

I could not find the answer via search and I felt, for future reference to other people, it would make more sense to have different threads on these topics. Based on the replies, they seem like very different things.

[svtickles]

Originally Posted by S/V Illusion

Do you mean agreed value vs. actual cash value?

I think it relates to VAT (duty)

And what is the significance of the question in the context of “the Med”?

It's an European policy

[svtickles]

Originally Posted by TrentePieds

What do you mean by "gross" and "net" in this context?

There are several kinds of "value" germane to insurance, but "gross" and "net" are not among them in the vocabulary I'm familiar with.

TrentePieds

Hence my query

[S/V Illusion]

Originally Posted by svtickles

I think it relates to VAT (duty)



It's an European policy

We still don’t know what you are asking. Terminology is important.

[leecea]

I think the question is something like:

You have a boat worth $100K. You add $20K in VAT.

Should you try to insure it for gross value of $120K? Or do you use the net value of $100K?

I have no idea.

[chrisr]

within limits you can insure your boat for whatever value the insurance company will agree. we tend to insure for what is the market value of the boat, and have never found an insurance co who will dispute this too strongly.

how this works with your 'gross' and 'net' values i'm not sure as you haven't explained what you mean. how do these figure compare to the market value ?

cheers,

[S/V Illusion]

Was this a troll post? Just curious. Vague and evasive are a strange mix.

[TrentePieds]

tickles:

"Gross" and "net" are accounting terms that have nothing to do with VAT status. Values for VAT purposes are either "before VAT" or "after VAT", and neither has anything to do with insurance whatsoever!

Is your problem that your insurance policy is expressed in a language you do not understand?

Who is the underwriter, who is the broker and who is the policy holder?

Is the boat insured, or intended to be insured, owned by you?

Please make sure your posts don't get interpreted a "trolling". The best way to do that is to give straight-forward, believable answers to my questions.

PS: I thot I detected a brogue in your writing. If that is indeed true, why would your insurance policy be European?

Cheers

TP

[wyb2]

Originally Posted by svtickles

Hence my query

“I need to buy a toaster, should I pick blue, or seven?”

What do you mean by ‘blue or seven’, how does that relate to toasters?

“Hence my question”


…. See the problem?