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Definition: Watercraft Non-owned Insurance
It is a type of casualty and property insurance that covers marine vessels which are owned by a person other than the policyholder, even as the policyholder operates the same. A financial safeguard, it covers the physical property that belongs to the business or the person.
Depending on specific terms decided on, it may or may not cover legal liability, physical damage or both.
For example, if a policy holder firm borrows/leases a boat for business requirements and the boat sinks, this insurance will pay for the new boat.
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