Provided the watercraft was new when it was purchased and it is documented that you are the first owner, we will replace it with a new watercraft (or pay you the amount equal to replacing it) if it is a total loss within 24 months from when it was purchased. If the replacement cost exceeds your insured value, the most we will pay is the insured value plus an additional 20%. 4 There are some terms and conditions which apply to the watercraft replacement. For more information, please read the Product Disclosure Statement .