Marine Insurance

Boat insurance protects you against any perils that your boat might face, so you can enjoy your recreational time on the water. However, boat insurance doesn’t provide protection from everything and it’s important that you understand policy exclusions. Below, are risks (perils) that will not be covered by marine insurance:

• Depreciation;
• Gradual breakdown (i.e., general deterioration of the boat);
• Corrosion or electrolysis (a type of accidental electrical corrosion); and,
• Acts of negligence caused by the policyholder under the influence of drugs and alcohol.

There is no specific amount of coverage that an insurance holder must have – it is your responsibility to determine how much coverage you need. However, because the purpose of liability insurance is to protect you against paying damages that you are found legally responsible for; typically, the more coverage you hold, the better. An insurance broker can help you determine what the optimal amount of coverage is, based on the value of your boat and risk tolerance.

When you’re involved in a boating accident, the first step is to ensure the health and safety of all parties involved. Then, you should take photos of the physical damage and write a brief description outlining the details of the accident; for example:

• What date and time did the accident occur on?
• How did the accident happen? – and what led to the accident occurring?
• Who was involved (i.e., name the parties involved)?

After you’ve described the accident in detail, submit the photos and accident report to your insurance broker – they will help you determine the next steps you need to take. In the case of theft (i.e., your boat was stolen), you should also file a police report. Providing the documents described above to your insurance agency, enables them to effectively evaluate damages and determine suitable coverage. Generally, the more information you can provide to an insurance agency and the police, the better.

You should calculate short and long-term expenses your dependents will be faced with in your absence and identify a suitable amount of coverage that will take care of their needs. Contact one of our life insurance experts to discuss the right amount of coverage for you and your family – we’re happy to walk you through the entire process.

We provide coverage for most personal-use watercraft including commercial marine, cargo, cabin cruiser, fishing boats, and personal watercraft.

When determining your premium, various criteria will be considered, including but not limited to:

• Your personal information; and,
• The type, value, age, and top speed of your boat.

Sometimes, your credit score may be required to determine your premium. Therefore, it’s important that you provide accurate information about yourself and your watercraft to the insurer to avoid the risk of unnecessary cancellations or claims issues due to misrepresentation.