Sum insured
Boat insurance term, area: Contract
The value you declare for the boat and her equipment. It sets the upper limit of what the hull section will pay and forms the basis of the premium. Set it too low and you are underinsured; set it too high and you pay premium on value that does not exist. A surveyor's valuation or recent asking prices for similar boats give a sound starting point.
What to check: Which items are included in the sum insured: sails, rigging, tender, trailer, fixed electronics? How are upgrades made during the year added, and what does a mid-term change cost?
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A general explanation in our own words.
What applies to you is set only by the wording of your own policy.
