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Watercraft Nonowned Insurance

What is 'Watercraft Nonowned Insurance '

A type of financial safeguard that covers marine vessels that are owned by someone other than the policyholder while they are being operated by the policyholder. Watercraft nonowned insurance is a type of property and casualty insurance, meaning that it covers physical property belonging to a person or business. Depending on the specific policy, watercraft nonowned insurance may cover physical damage, legal liability or both.

Explaining 'Watercraft Nonowned Insurance '

For example, if the holder of a watercraft insurance policy borrowed a friend's boat, they would want to make sure their policy covered nonowned watercraft in case they had an accident while operating it. If the basic watercraft insurance policy does not include this coverage, it may be possible to add it via an endorsement or rider.


Further Reading


Seismic shifts in the sharing economy: Shaking up marketing channels and supply chains
www.tandfonline.com [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

A PROPERTY-LIABILITY RISK MANAGEMENT INVENTORYA PROPERTY-LIABILITY RISK MANAGEMENT INVENTORY
www.jstor.org [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

New Issues in Environmental Risk InsuranceNew Issues in Environmental Risk Insurance
www.tandfonline.com [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

The sharing economy: Your business model's friend or foe?The sharing economy: Your business model's friend or foe?
www.sciencedirect.com [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

A Law Office Insurance and Security Risk ChecklistA Law Office Insurance and Security Risk Checklist
heinonline.org [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

Method for managing environmental insuranceMethod for managing environmental insurance
patents.google.com [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

Volunteers, Sports and InsuranceVolunteers, Sports and Insurance
heinonline.org [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …

Coordinating liability insuranceCoordinating liability insurance
heinonline.org [PDF]
… ACCOUNTS RECEIVABLE INSURANCE coverage when business records are destroyed by an insured peril and the business cannot collect money owed … It does not insure the physical value of the records themselves such as the paper or computer disks and tapes …



Q&A About Watercraft Nonowned Insurance


Where did Justinian I codify Roman laws?

In Constantinople (Istanbul).

What does watercraft nonowned cover?

It covers physical damage, legal liability or both.

What type of insurance is watercraft nonowned?

Watercraft nonowned insurance is a type of property and casualty insurance.

What is marine insurance?

Marine insurance covers the loss or damage of ships, cargo, terminals and any transport by which the property is transferred, acquired or held between the points of origin and the final destination. Cargo insurance is a sub-branch of marine insurance but marine also includes onshore and offshore exposed property (a href="wikiContainerterminal" class="mw-redirect" title="Container terminal" container terminals a , ports,

Is this coverage included in basic watercraft policies?

It may be possible to add it via an endorsement or rider.

What does Rhodian law have to do with general average?

The Lex Rhodia was included in the Digest (Roman law) about Rhodian law that articulates the general average principle of marine insurance established on the island of Rhodes in 235 AD.

Does the policyholder own the boat they are operating?

No, they do not own it. They are borrowing it from someone else.

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