At Navigators Insurance Brokers, we provide affordable and comprehensive pleasure watercraft and boat insurance solutions for you to protect your craft, its motor and its trailer. With our in-depth knowledge of the boating industry, our expert brokers will guide you through the process to find the best possible boat insurance solution to meets your needs.
A broker can greatly reduce the amount of time you need to spend researching and reviewing insurance agreements and providers. The quicker you can deal with paperwork, the faster you can be out on the water. Navigators Insurance Brokers can handle policies on a wide variety of vessels. Some of which can include:
- Family runabouts
- Pontoon boats
- Antique boats
Homeowners Versus Boat Insurance Protection
If your boat of choice is a canoe, small sailboat or small power boat with less than 25 horsepower, your craft will likely be covered under a homeowner’s policy, encompassing the boat, motor and trailer. Liability coverage is typically not included with smaller watercraft, but it can be added as an endorsement to your homeowner’s policy.
Watercraft and boat insurance, on the other hand is designed for larger vessels. Premiums are calculated based upon a number of factors including but not limited to:
- Value of the craft
- Its length and maximum horsepower
- The vessel’s construction material
- Pleasure versus business use (for instance, commuting or chartering)
What Specific Protection is Offered Under Boat Insurance?
- For a yacht or large powerboat, general watercraft insurance exists to protect against the perils of owning and operating a boat in Ontario waters. A breakdown of key areas is as follows.
- Injuries caused to another person. This can insure against civil suits and help defray the cost of a legal defence. As well, the cost of medical expenses for your resident relatives and other passengers.
- Damage caused to someone else’s property. This applies to docks and other vessels involved that you may accidentally damage.
- Damage of your own hull, machinery, sails, fittings, furnishings. Consider the cost of repairing or replacing tools, fuel tanks, motors, life preservers, etc in the unfortunate event of a windstorm or fire.
- Guest passenger liability. Added protection for your guests includes coverage for medical payments due to injury stemming from a boating accident. As well, liability for accidents resulting from water sports activities.
Comprehensive Coverage For Boat Owners
Whatever the hull size or horsepower of your vessel, a tailored policy can include comprehensive boat insurance coverage in the following areas:
- Multi-perils coverage
- Uninsured boater coverage
- Wreckage removal
- Fuel spill liability
- On-water towing
- Roadside assistance once the boat is on land
- Special equipment (such as fishing gear)
Discounts Are Available When Meeting Certain Conditions
While watercraft insurance is wholly affordable (considering the cost of replacement), you might yet be entitled to a discount from your insurance company. The following list are a number of key conditions that, if met, can provide you with a valuable discount.
Examine your existing craft and your boating history and note whether it has:
- A diesel-powered craft, which is less hazardous (flammable) than gasoline-powered boats
- Approved fire extinguishers
- Ship-to-shore radios
- Years of claims-free experience as a boater
- Multiple policies with the same insurer, such as a car, home and/or umbrella policy
- Safety education courses under your belt
Personal Boat Insurance Should Not Be Overlooked
More and more we are seeing people enjoying the use of personal watercrafts. However, we are also seeing a rise in accidents and claims stemming from their use. If you have such a vessel, then consider adding protection for you and your guests. A personal watercraft is considered to be designed for a single person either sitting or standing. The term can also include vessels carrying up to as many as 4 passengers. Personal watercraft coverage can protect against:
- Coverage for injuries occurring during water spots activities
- Any personal content stored on board
- Cost of towing in the event of a mechanical failure or running out of fuel
Is Boat Insurance Mandatory in Ontario?
While it is not mandatory to carry insurance when operating a vessel in Ontario water (nor in the bordering US states), it is still highly advisable to protect against unfortunate accidents, storms, theft, the need for towing and other expensive perils. Consider the fact that not all homeowners are required to purchase insurance, and yet the risks are simply too great to overlook.
Navigators Insurance Brokers are in the business of brokering the best deal possible for its clients on land and on the water. Contact a representative in order to establish an accurate quote today.