As the spring approaches, we are reminded that many new boating families will be taking to the water for the first time, and veteran boaters will be getting ready for the season ahead. When we help someone buy a boat, or we are talking to our great long term customers, the topic of insurance often comes up. Make sure you have a "stand alone" boat insurance policy (not a rider on your house or cottage). Unfortunately, you might one day need to rely on your policy and here are 4 things many boat insurance policies do not have that you want to make sure you get coverage for!
- Agreed Value Coverage: An Agreed Value Policy ensures that should something happen to the boat, the insurance company will give you the insured value without depreciation.
- Watersports Liability: Coverage would extend under the third party liability section of the insurance policy to cover injuries that resulted from the watersports activities like waterskiing, Tubing, wakeboarding.
- Vermin: Coverage is provided if a wild animal like a Raccoon, Squirrel or Muskrat got inside the boat and damaged upholstery or chewed on wires damaging mechanical systems.
- Emergency Towing: Should you have a mechanical breakdown on the water and call in for a tow, the cost of the tow back to the dock would be reimbursed
with no deductible applied, and no claim on your record.
Not all boat policies are created equal. As a bonus tip, increasing your deductible slightly can give you some annual savings on your premium. Ask for other discounts that might be tied to your marina or security you have for your boat.
Information for this article provided by Jared Chartrand, Northstar Marine Insurance Inc., Barrie, ON
Toll Free 1.866.717.9295 www.northstarinsurance.ca