Boat Insurance? Here’s a guide to finding the perfect coverage!

So you’ve just bought your first boat! Congratulations!

We’re lucky to live so close to our freshwater lakes in southwestern Ontario, with our summer playgrounds only a short drive away for many of us.

At such an exciting time, the last thing you’re thinking about are any dangers or risks you could run in to while you’re out playing on the lake this summer. You can rest easy though, because that’s where we come in. Once you’ve bought your boat, be sure to talk to one of our Brokers about your insurance coverage options.

We know that not all boat insurance policies are created equal and not all boats need the same kind of coverage. Is it a fishing boat with specialized fishing equipment? Maybe it’s a pleasure craft, a sailboat, or a cruiser. We’ll be able to tell you the difference between different insurance companies’ offerings, and we can pull from our network of resources to compare rates and find the type of coverage to perfectly fit your boat.

And remember – most marinas now require you to carry $2 million liability coverage to dock there and use their facilities, even if it’s just for the day.

Things you might not think about, but we do:

o Hull and Machinery: provides damage coverage up to the total loss of your boat and attached equipment.

o Protection and Indemnity:  provides liability coverage that protects you against property damage and bodily injury. It also provides help with investigating a loss and preparing your defense. If you are found to be at fault, it provides payment up to the limit listed in your policy.

o Medical Payments: provides coverage for incidental medical expenses due to an incident on your boat.

Your Broker will ask questions about your boat’s size, type, horsepower and condition, as these are some of the factors that will impact your rate. We also take in to consideration the experience of the operator (you) and the waters you’ll be navigating.

It’s not only about getting the lowest price, it’s also about getting you the best product to properly insure your boat and what you’re using it for.

After you’ve spoken to your broker and arranged for the proper insurance coverage, you’re all set to enjoy the water! Make sure you remember your boating license and vessel registration, and to check the weather and water conditions before setting out on your maiden voyage. Keep in mind the water conditions can change at a moments notice, so make sure you’re prepared. And of course, have some fun and enjoy summertime!

Not a first responder?

McFarlan Rowlands can help.