What does the "Irrevocable Fixed Amount" mean in our boat hull insurance?
The so-called "Fixed Amount" or Rate is defined according to the Insurance Contract Act (§76 VVG) as the sum of the agreed insurance value (= insurance sum). It further states:
"The Taxe is also considered to be the value that the insured interest has at the time the insurance case occurs, unless it significantly exceeds the actual insurance value at that time."
Put another way: If there is a total loss, the insurance sum entered in the application (policy) is due, unless the insurer asserts a so-called actual value according to §76 VVG. Thus, after several years of contract term with many other boat insurers (!), you will only receive a partial amount of the agreed insurance sum in the end.