Boats & Yachts Warranty - Definitions

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Definitions

Many words and phrases used in the extended Warranty world can be confusing.

Here is our glossary to help you understand some of the more industry-specific words that are used when selecting or requesting repairs on your extended Warranty Plan.

We/Us/Our

means Boats & Yachts Limited t/a Boats & Yachts Warranty, Firefly Road, Hamble Point Marina, Southampton, SO31 4NB www.boatsandyachtswarranty.com

Breakdown

means the sudden and unforeseen failure of a covered Component arising from any permanent mechanical, electrical or electronic defect, causing sudden stoppage of its function, necessitating immediate repair or replacement before its normal operation can be resumed.

Component

means any mechanical, electrical and electronic part, which forms part of the Craft's original specification, under the relevant Level of Cover.

Geographical Limits

means the area in which this Warranty is effective and as stated on Your Warranty Schedule.

Betterment

If We pay to have Components of Your Craft replaced, resulting in them being in a better condition than they were before the Breakdown, You may be required to pay a contribution towards the costs.

You/Your/Yourself

means the person named on the Warranty Schedule.

Level of Cover

means the description of parts section in the Warranty and as stated on Your Warranty Schedule.

Period

means the dates shown on the Warranty Schedule showing the start and end dates of the coverage

Craft

means only the boat, yacht, ship, vessel (or any other description of water craft) as identified on the Warranty Schedule.

Excess

means the amount you have to pay in the event of a claim.

Application

means any signed Application and declaration or electronically acknowledged Application Form together with any additional information You may have supplied to Us in support of Your Application for Warranty cover

Repair Cost

means the cost of both repair materials and labour (including VAT/TAX where appropriate) necessitated in rectifying the Breakdown, in line with published Repair times.

Repairer

means any VAT/TAX registered full-time business providing a qualified Repair service.

Repair Number

means a number issued by Us to You or to Your Repairer as proof that a Repair has been registered.

Replacement Cost

means the cost of replacement Components of similar make and quality as the Component that had suffered Breakdown, including the labour cost of fitting the new Component, in line with part manufacturer list prices.

Servicing Handbook

means the handbook which was issued with the Craft when new by the manufacturer and which details the servicing and maintenance requirements for the Craft's Components.

Single Repair Limit

is the maximum amount that can be claimed per Breakdown during the Warranty Period

Aggregate Repair Limit

is the maximum amount that can be claimed in total during the warranty Period

Wear and Tear

means the gradual deterioration associated with normal use and age of the Craft and its Components.

Worn Out

describes Components which have reached the end of their normal effective working lives because of age and/or usage.

VAT

Value Added Tax will be calculated at the current prevailing rate.

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