GUARANTEED ASSET PROTECTION
What is guaranteed asset protection?
Guaranteed asset protection (or GAP Waiver) provides financial protection from certain types of loss that are not covered by your physical damage boat insurance. This optional coverage is available to purchase at the time you complete the financing arrangements for your boat. GAP is designed to cover the unpaid balance of your boat loan in the event of a total loss. GAP covers the difference between the depreciated actual-cash-value of a lost unit (the portion most insurance companies will pay) and the outstanding loan balance (what you still owe) on the boat. Your TMFS loan processor will provide information about the coverages, terms and costs of obtaining the insurance so that you may assess the cost and benefits in your situation.