What is the best protection for my boat?
No law is requires you to take a boat insurance, but it is recommended to protect your watercraft. An “All Risk” policy will provide coverage for all types of losses except those excluded in the policy. Typical exclusions may include wear and tear, gradual deterioration, marring, denting, scratching, animal damage, and manufacturing defects, defects in design, and ice and freezing.
What is liability?
This is a basic protection that covers the caused damages to others, other boats and property. Without Liability and in case of an accident you run the risk of paying large indemnities and perhaps during all your life. The insurance covers the legal fees, removal of the wreck, etc.
Should we ensure their boat in winter?
Most Canadian regions are not navigable all year, but your marina, yacht club or warehouse will require your boat insurance is provided year-round.
What is a guarantee?
A guarantee is a clause granted under an insurance contract. This is a contractual promise. It defines the rights and obligations of the insurer and the insured. It is important to understand these clauses because if they are not respected the insured may not get compensation in case of disaster.
Examples of guarantees
The following guarantees are usually included in most boat insurance policies.
- Medical Fees
- Personal Effects
- Accidental Death
- Loss of use
What is the difference between Agreed Value and Actual Cash Value Policy?
Agreed Value means that in the event of loss, the insurer will refund you the insured capital. The Actual Cash Value Policy at the day of the loss means that the compensation is equal to the replacement cost of your boat, less its depreciation value.
Is a marine survey required?
Once your boat reaches a certain age, an expertise may be required by our insurer. But also for buying or selling purposes, by a banker and, for a court case or an estate settlement. These surveys are prepared by independent surveyors and are used to verify the condition, seaworthiness and the value of the boat.
Most insurers offer a discount to boaters who have successfully completed a boating course from a recognized school. Check with your broker for courses that are recognized and the discounts they offer.