featured image 9th Mar

Why a specialized Boat Insurance Policy is Worth its Pennies

Why get a specialized Boat Insurance Policy? There are many additional extras that a specialized Marine Insurance Policy will cover that your Home Owner’s Insurance Policy would not.

Marine Insurance – much more than just liability and hull & machinery coverage

Emergency towing– if your boat becomes disabled for any reason (ie. it doesn’t have to be a claim)

  • Towing from the site of disablement to the nearest repair facility
  • The delivery of fuel or repair parts to the site of disablement, including the cost of the fuel delivered
  • The cost of emergency labour performed at the site of disablement

Rental Expense: If your marine vessel is damaged as a result of a covered loss, we will reimburse you for the reasonable cost of renting a similar replacement marine vessel until yours is repaired!

No Fault Medical Payments– If any person other than you is injured while boarding, on board, or alighting from the vessel, we will reimburse them their reasonable medical expenses.

Extra Expenses: If your marine vessel is damaged as a result of a loss covered by this policy, we will reimburse you for reasonable out of pocket lodging and transportation expenses you and those travelling with you incur as a result of the loss of use of your marine vessel

Uninsured Boater Protection: Under this coverage we will pay for bodily injuries sustained by you and your immediate family as a result of an accident with a third party uninsured or under-insured vessel.

Wreck Removal: This covers the costs that result from the attempted or actual raising, removal or destruction of the wreck of your vessel.

Pollution Liability:  This covers the sudden and accidental discharging or releasing of any fuel, chemicals, waste or other pollutants from the vessel.

“Agreed Value” and “Actual Cash Value”?  What is right for me?

Agreed Value Policy is coverage limit that is an agreed upon value that the owner would get on a total loss. This policy usually requires a marine survey to establish the agree value. This is the highly sought after coverage that most boaters are looking for.

Actual Cash Value coverage takes into to consideration depreciation, damage, wear and tear as well as maintenance. All these factor into the limit that would be paid out at the time of loss. This coverage doesn’t always require a marine survey and is usually less expensive than an Agreed Value Policy.

Contact a member of our Marine Insurance Team today to either catch up on your policy details or get a quote.