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A-7 Insured value, Watercraft Hull Insurance, Basis
From Watercraft Hull Insurance, Basis, AVB WSK Basis (5-2025nam). German law applies to the contract and the German wording alone is binding. This English text is a courtesy so that you can read what you are buying. It is not a contract document. Where the English and the German text differ, the German text decides: read this clause in German.
A-7.1 The insured value is the current value. Current value is the amount required to replace items of the same kind and quality on the day of the loss, less an amount corresponding to the condition of the insured items (age, wear, use and so on). The sum insured recorded in the policy and its endorsements is the maximum indemnity.
A-7.2 If the total value proved is lower than the sum insured, we are entitled to reduce our payment in a corresponding proportion.
A-7.3 On value adjustments, an increase in the insured value is possible at any time on production of purchase invoices or expert reports. The sum insured is based on the total value of the craft after its modifications.
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