This specific endorsement may only be quoted and written by Old United Casualty Company for officially registered participants of the Pacific Cup Race from the race's starting origin in the State of California to the finish line in Hawaii; while in Hawaii after the race for up to two (2) additional weeks in Hawaiian coastal waters (unless prior written permission has been received by the participant from Old United Casualty Company); and while returning on the watercraft's "own bottom" back to either California or its "home port".
This endorsement would only apply during this specific Pacific Cup Race and would only attach to your yacht policy in those even-numbered years that the Pacific Cup Race is "officially" held! Likewise, the applicable additional annual earned premium charge would only apply during the annual policy term coinciding with the Pacific Cup Race Event. In other words, the below endorsement wording would physically appear on your annual yacht policy just on the even-numbered Pacific Cup Race years and you will just be charged for this extension of coverage in those even-numbered years!
Please note, however: If you purchase a "Millennium Mariner Gold"
Yacht Insurance Policy through "Polaris Insurance Management" for
this Pacific Cup Race Endorsement's extension of coverage, you MUST
continue to purchase coverage continuously through "Polaris Insurance
Management" without interruption of coverage on the "off-years" (odd-
numbered years) in order to "qualify" for this particular Pacific Cup
Race Endorsement for the following "Pacific Cup Race Event".
This Millennium Mariner Gold Yacht Policy, the Pacific Cup Race Endorsement and Old United Casualty Company (d/b/a Vantage Casualty Company in the State of California only) have been "officially" reviewed, endorsed, and recognized by the Pacific Cup Race Committee.
The specific endorsement wording is below for your review!
PACIFIC CUP RACE ENDORSEMENT
In consideration for an additional premium of $___________________, it is hereby mutually understood and agreed that the following SPECIAL TERMS AND CONDITIONS are hereby added to the Policy to which this particular endorsement is attached. These SPECIAL TERMS AND CONDITIONS (with the exception of "I" below) are ONLY APPLICABLE while the yacht insured hereunder is involved in the Pacific Cup Race between the State of California and the State of Hawaii, while cruising/navigating in Hawaiian coastal waters, and the yacht's return to its "home berth" afterwards:
I. FULLY EARNED PREMIUM
It is hereby mutually understood and agreed that this PACIFIC CUP RACE ENDORSEMENT's
flat minimum additional premium is deemed "fully earned" by this Company if this Policy is
"in-force" at the time that the Pacific Cup Race's "official start and the appropriate watercraft's
classification/category start time" has passed --- in lieu of what is stated in the TERMS AND
CONDITIONS under the CANCELLATION CLAUSE on page 6 of the Policy. If this Policy
should be cancelled prior to the Pacific Cup Race's "official start date and the appropriate watercraft's
classification/category start time", the flat minimum additional premium for this PACIFIC CUP
RACE ENDORSEMENT will be refunded in its entirety to the Insured.
II. SPARS, SAILS, MAST AND RIGGING EXCLUSION
It is hereby mutually understood and agreed that Spars, Sails, Masts, and Rigging are only covered
for loss or damage, subject to the policy deductible, caused by fire, sinking, theft, lightning, or
stranding, unless damage is otherwise excluded from this Policy. There is NO COVERAGE for
spars, sails, masts and rigging while the yacht is racing.
It is further mutually understood and agreed that this Company MUST be notified if the yacht will
compete in any distance race exceeding 250 nautical miles.
III. INCREASE IN THE POLICY'S HULL DEDUCTIBLE
It is further mutually understood and agreed that this Policy's HULL DEDUCTIBLE as it appears
on the Declaration Page is increased to 5% of the HULL AND EQUIPMENT'S total insured value
as it appears on the Declaration Page from the start of the Pacific Cup Race until the yacht's return to
its "home berth".
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