An Agreed Value policy will pay the full insured value. There is no depreciation for total loss. Under an Actual Cash Value policy the vessel is depreciated at the time of loss, and therefore, you may not receive the full value listed on your policy. The hull value includes all the machinery and equipment that is used to operate and maintain the vessel. It does not include auxiliary equipment such as trailers, fishing tackle, scuba gear, dinghies, and outboard motors.
Auxiliary equipment is endorsed separately.
With Agreed Value policies, the hull value is what you will be paid should there be a total loss. There are no exclusions for hurricanes. However, the companies have reduced their exposure to hurricanes by limiting navigation in hurricane prone areas. Make sure that you have not breached the navigational warranty of your policy to avoid a lapse in coverage. Under some policies, an optional Hurricane Protection endorsement is available.