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, United Kingdom, SO31 4NB www.boatsandyachtswarranty.us
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.
Deductable
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 TAX where appropriate) necessitated in rectifying the Breakdown, in line with published Repair times.
Repairer
means any 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 labor 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.
TAX
Tax will be calculated at the current prevailing rate.