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Small boats, jet boats, yachts, speed boats (high
performance), sailboats, jet skis or personal watercraft(PWC),
if it floats you should talk to us about boat
insurance! Our programs are designed to
protect you and your vessel should an accident occur.
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Why
do you need insurance for your pleasure craft?
Submerged objects, heavy weather, lightning, theft, vandalism,
collision, fire, wreck removal, clean-up, vermin, etc. Be
prepared for the unexpected! As waterways increasingly become
congested, most marinas mandate that boats using their facilities
carry their own insurance. Though legislation does not currently
require having insurance on your vessel, laws have recently
changed
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with respect to boater liability. Under
the current
Canada Shipping Act a pleasure craft owner (pleasure craft
are treated as being a minimum of 300 GRT) is faced with
exposures of up to $1,000,000 for personal injury and loss
of life as well as an additional $500,000 for property claims.
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Note:
An individual can lose the right to limit their liability if the
claimant can establish that the act of the person was intentional
or reckless enough that it could be interpreted as being deliberate.
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Whether
you have a Personal Watercraft, a $5,000 runabout, or a
$2 million yacht, chances are we will have something
for you with competitive rates, plain language wordings,
and no nonsense deductibles. It's highly recommended that
each vessel owner carry liability (P&I - Protection and
Indemnity) limits of $2,000,000. We can even arrange
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P&I on a stand alone basis, if you aren't too worried about
the risk of physical damage to your boat.
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Many
of our insurers offer 'All Risk' policies that include
replacement cost with all items on your vessel covered without
depreciation. The following is a summary off All Risk policy coverage:
- All
Risk coverage - Subject to typical exclusions. (See Below)
- Replacement
Cost - Claims are paid without depreciation, regardless
of age, including sails and protective covers, up to the agreed
limit of the policy.
- Removals
Ashore - Coverage for your vessel's equipment and electronics
when it is removed for winter storage.
- Personal
Effects - Automatically cover $1,000 of personal effects,
subject to certain exclusions and no depreciation. Additional
cover can be purchased.
- Simplified
Deductibles - A single deductible for your vessel & its
machinery, and another reduced deductible for electronics, trailer,
auxiliary outboard, tender & personal effects.
- Wreck
Removal - Automatic coverage, up to the limit of your vessel
with additional coverage available.
- Transportation
- You are automatically covered while you move your vessel overland,
via an approved and licensed trailer for physical damage to
your vessel.
- Protection
& Indemnity - Liability Automatically covered, with a standard
limit of $1 million dollars, and an optional $2 million available.
Protects you for damages to third party property and persons.
(Subject to exclusions)
- Hold
Harmless - The insurer can give you written permission to
sign a hold harmless with your marina, no questions asked!
Typical
Exclusions found in most policies include wear & tear
(Excluding hidden or latent mechanical defect), freezing during
lay-up (unless winterization is carried out by qualified mechanic),
while vessel is operated in official speed test or race (this
does not apply to sailboats), intentional or illegal acts
and nuclear incident or war.
High
Performance Boat Program!
This coverage is available for performance
boats up to 15 years old and with maximum speeds of 65 to 150+
mph. Typical policies can include:
Captain's
Log Oct 2009 “Insuring your boat
year-round is a smart decision
To
discuss your Boat, Yacht or PWC Insurance call 905-886-5630
or toll free at 1-800-567-1279, or fill out the online
quote form
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