Watercraft GAP

Program Guidelines


Coverage Limits:

Program Description: Watercraft – Includes each of the following parts, including customization at the date of financing, that are financed at the time of sale – 1) Hull; 2) Motor(s); 3) Trailer.
Max Amt Financed: $250,000
Max Loan to Value: 125% LTV
Type of Finance: Loan, Installment Sales Contract
Max APR: No limit
Max Finance Term: 240 months
Max Gap Term: 84 months
Deductible Coverage: Up to $1,000
Max Benefit: $25,000
Max Watercraft Age: 20 years from the date of the Loan/Installment Sales Contract
Cancellation: 0 – 60 days: 100% refund
61+ days: Pro-rata cancellation unless otherwise required by state
Claim Adjustment: Primary carrier settlement
Claim Filing: Within 90 days from insurance settlement date or if there is no primary insurance, within 90 days of the date of loss
Exclusions: Please review the back of the GAP Waiver Addendum, section titled Exclusions, for loss or damage that is not covered
States Not Available*: Hawaii, New York, Louisiana, Indiana, New Hampshire and Maryland

*Refer to Waiver Addendum for complete details