In the event of a total loss or unrecovered theft, your clients watercraft may be worth less than the amount they owe on their loan at the time of total loss. In many cases this will leave your client re-sponsible for paying the difference.

If a covered loss occurs, GAP coverage will, in most states, cover the difference between the actual cash value and the scheduled balance owed to the lender, net of refunds.

Gap Coverage Example

Actual Cash Value $20,000
Less the Insurance Deductible – $500

Insurance Check $19,500
Loan Balance Payoff $24,000



GAP Coverage Highlights

Activated in the event of a total loss
Cover the difference, in most cases between the watercraft’s scheduled pay-off amount net of refunds and the watercraft’s actual cash value
Covers your clients primary insurance deductible up to $1,000
Available for most financed new and pre-owned marine assets

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