Chuck Gould wrote:
:On Jun 6, 8:22?am, Gene Kearns
:
: An actual cash value (ACV) policy is almost like having no insurance
: at all. Insurance companies will allow you to insure an item for any
: amount that you dream up, but they will only pay an amount that they
: want to.
:

:The interesting aspect of many insurance companies' skinflint behavior
:is that it normally applies far more to their own policy holders than
:to folks with a claim for damage caused by any specific company's
olicy holder. They can be almost generous with a victim.

Remember that most insurance policies cover very different things for
the insured and for third parties. If you crash into someone else's
boat, you're liable for their losses. That includes not just the
physical damage to the boat, but also the economic losses, such as
loss of use, and lost income for a commercial vessel. Most policies
don't cover such losses for the insured.