TMK988
New Member
I am working out the details of my insurance settlement with BoatUS. They have been very fair, however, my agent said that were my boat one year older (it's a 2006) then the settlement would have been subject to 'depreciation (note, this is for repairs)! I don't know how much money they would have deducted, but this concept confuses me. A 2000 boat will cost the same amount to fix as a 2009 boat, and maybe even cheaper as parts have been around for a while. Do you all have this 'depreciation' clause written into your policy and is the the industry norm?