GAP Insurance

Investment Protection

Great Maritime provides GAP insurance for most vessels. Boat owners purchase GAP to protect their investment in the event of a total loss.

In the event the your vessel is worth less than what you owe, GAP typically covers the difference!

A small cost protecting against potential big loss.

*See contract for specific coverages

For example...

-You buy a boat for $50,000 and finance the full amount.
-Two years later, it’s totaled in an accident. The insurance company determines the boat’s value is $38,000, but you still owe $44,000 on your loan.

-Your insurance pays $38,000.

-Without GAP coverage, you would owe the remaining $6,000 out of pocket.

-GAP insurance covers that $6,000 difference.