Excerpt from our policy through New Hampshire Insurance which is part of AIG
3. VALUATION: (a) The value of your yacht is shown on the declarations as the agreed hull value. In the event of damage to your yacht, we shall pay for the cost of repairs with material of like kind and quality without a deduction for depreciation. (b) Covered losses to sails, protective covers, carpeting, upholstery, cushions, fabrics, outboard motors, and outdrives over three (3) years old shall be paid on the basis of their actual cash value adjusted for depreciation. (c) Covered losses to machinery, including inboard engines and equipment over ten (10) years old shall be paid on the basis of their actual cash value adjusted for depreciation. John and Maryann Legacy III 1982 C&C 34 Noank, CT
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