Boat Insurance Glossary – D

Deductible (or excess)
When making a boat insurance claim, the deductible is the first part of the claim (the excess) to be paid out by the claimant.

NB: As general rule the higher the considered risk the higher the deductible tends to be to reduce the cost of your boat insurance.
Depreciation is the process through which the boat insurance company measures and accounts for the reduction in value of a boat and associated equipment due to age (i.e. likely wear) and condition.
Disclosure of circumstance
Disclosure of circumstance is to declare in full all material facts so that the boat insurance company can accurately assess potential risk. This is a mandatory obligation of any intended boat insurance customer.
The draft is the measurement in distance to which a hull is immersed under the water surface. the measurement needs to be taken from the deepest hull/ keel point.