Why is it important to insure your boat?
With its multitude of lakes and rivers, Ontario is a great place to enjoy nautical activities. The season is fast approaching and you have only one desire, to get out on the water! You just purchased a boat and plan to go sailing? It is imperative that you are well prepared before embarking on this adventure.
Boat Insurance is not mandatory in Ontario however it is highly recommended.
Here are some of the reasons why.
What are the risks of not getting insurance?
In Ontario, no law requires you to purchase boat insurance however in the event of an accident on the water without coverage, you run the risk of paying substantial indemnities possibly throughout your entire life.
Accidents affect everyone. For example, collisions with objects in the water are the most common type of claims. Despite navigational tools such as a GPS with navigational charts, it’s difficult to predict what the navigation will be like. Depth finders don’t always spot underwater objects. Claims of this type can range from $3,000.00 to over $10,000.00.
Most of the time, ports and marinas will require proof of insurance. In the event of damage, the repair costs will be the boat owner’s responsibility, not the marina or port. In the event of an accident with physical injuries or worse, death, costs can be insurmountable.
Without liability coverage, you will be responsible for all damages whether you were operating the boat or not.
For example, if your boat gets loose and causes damages to other boats in the vicinity, you will be liable and responsible for the damages to the other boats.
Accidents are not the only reason to encourage you to purchase boat insurance. Boat theft and/or partial thefts should also be taken into consideration. Without insurance, you would lose everything. One out of two hundred boats is stolen every year however partial theft is even more common.
What kind of insurance should I purchase?
Choosing the type of coverage required is not always a simple task. This is why we are introducing a wide range of products allowing you to make a decision as to what type of coverage you will require. Please do not hesitate in inquiring about the different categories of vessels we insure and the products available:
If you need assistance or advice prior to insuring your boat, please do not hesitate to contact us at 1-866-862-2628 X 3425.