Texas Department of Insurance - Do you need boat insurance? (homeowners vs boat policy, replacement cost, actual cash value, agreed amount, layup provision, ocean-use limits)

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Texas Department of Insurance - Do you need boat insurance? (homeowners vs boat policy, replacement cost, actual cash value, agreed amount, layup provision, ocean-use limits) is a reference published by Texas Department of Insurance (www.tdi.texas.gov). It is one of the Texas documents that insurance license exam questions are written from, including texas personal lines, texas claims adjuster practice questions. This page summarizes it and points to the official version, which is the text to rely on.

Sections cited in practice questions

Each practice answer shows the exact passage it comes from. These are sections of this document that questions cite, with a short excerpt from the source text.

• Texas Department of Insurance, Do you need boat insurance?, Homeowners coverage

  “Most homeowners insurance policies will cover damage to your boat, but only for a limited dollar amount. These policies don’t provide liability coverage. You will need a separate boat policy to cover a more expensive boat, provide for medical payments, or pay for damage or injuries to others.”

• Texas Department of Insurance, Do you need boat insurance?, Types of boat polices

  “There are three kinds of boat polices: Replacement cost: Pays to repair or replace your boat. Actual cash value: Pays to repair or replace your boat minus depreciation. For example, a new boat in 2010 might cost $40,000, but today it’s worth $25,000. An actual cash value policy would pay up to...”

• Texas Department of Insurance, Do you need boat insurance?, Understand your policy

  “A layup provision suspends coverage during the months when the boat is not in use. There may be limits on your policy for ocean use. Talk to your agent to make sure your coverage fits your needs. Most policies have restrictions on underage drivers.”

• Texas Department of Insurance, Do you need boat insurance? (Homeowners coverage)

  “Most homeowners insurance policies will cover damage to your boat, but only for a limited dollar amount.”

• Texas Department of Insurance, Do you need boat insurance? (Types of boat polices)

  “Agreed amount value: Pays to repair or replace your boat up to a set value in your policy.”

• Texas Department of Insurance, Do you need boat insurance? (Understand your policy)

  “A layup provision suspends coverage during the months when the boat is not in use.”

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More Texas sources

• Texas Government Code ch. 2001 -- Administrative Procedure Act, complete (Secs. 2001.001-2001.903)State statute
• Texas Government Code Chapter 2253, Public Work Performance and Payment Bonds, complete: Subchapters A-D, Secs. 2253.001-2253.079State statute
• Tex. Ins. Code ch. 541: Unfair methods of competition and unfair or deceptive acts or practicesState statute
• Tex. Ins. Code ch. 1101: Life insurance required and prohibited policy provisionsState statute
• Tex. Ins. Code ch. 4001: Agent licensing in generalState statute
• Tex. Ins. Code ch. 4005: Conduct, disciplinary actions, and sanctionsState statute
• Tex. Ins. Code ch. 1201: Accident and health insurance policy provisionsState statute
• Texas Insurance Code Chapter 151, Consolidated Insurance Programs, complete: Subchapters A-D, Secs. 151.001-151.151State statute