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 (and 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 labor performed at the site of disablement

Rental Expense: If your marine vessel is damaged due to 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 anyone other than you is injured while boarding, on board, or alighting from the vessel, we will reimburse them for 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 traveling 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 you and your immediate family sustained by 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 release of any fuel, chemicals, waste, or other pollutants from the vessel.

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

Agreed Value Policy is a 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 agreed value, which is the most sought-after coverage that most boaters are looking for.

Actual Cash Value coverage considers depreciation, damage, wear and tear, and maintenance. All these factors 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 Harbord!

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