Diverter Valve

Hi All
I've been informed the diverter valve on my boiler has 'gone'! Could anyone of you helpful people out there explain what a diverter value is, what it does and how it does it? Also the boiler is a Wochester Bosh 240 RSF, so does anyone know how easy it is to change and how much it may cost?
Thanks in advance, and sorry for all the questions!
PS is the valve something that urgently needs attending too?
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