These FAQs are intended to provide general guidance for your Navis Yacht Insurance Policy. They are subject to the terms and conditions of the policy wording, the Certificate of Insurance and any endorsements to it. We recommend that you read the policy carefully and discuss any concerns with us!
Does my Homeowners policy cover my vessel?
Most Homeowners policies will cover smaller vessels if they fall within their length, horse power and value restrictions. The Homeowners policy will typically insure your vessel, if it qualifies, as an accommodation under the policy and in most instances will not offer you full marine perils.
How often will my vessel need to be surveyed?
When your vessel reaches 15 years of age on fiberglass vessels, Underwrites will require the first out of water marine survey. Then every 10 years thereafter. Wood vessels will require an out of water marine survey every 5 years.
Does my policy cover breakdown towing?
Yes. Our policy will cover you for breakdown towing up to a maximum of $2,500 per occurrence with a $50 deductible.
If my vessel is burglarized, will I be subject to two deductibles?
No. If you vessel is broken in to and there is a claim for both vessel damage and personal property, you will be subject to only your one $250 deductible. Most other policies will state under the Personal Effects section that coverage will apply only in excess of any other collectible insurance.
How do I report a claim?
Call our office 24/7 at 604-922-8935
How can I pay for my insurance policy?
You can pay for your insurance by Cash, Debit, Cheque, Visa or Matercard.
What is the difference between Actual Cash Value (ACV), Agreed Value and Replacement Cost Value?
Actual Cash Value is applying full depreciation at the time of the loss regardless of the amount of insurance stated on your insurance declaration page. Agreed Value is in the event of a total loss claim to your vessel, we agree to pay the full amount of insurance stated on your insurance declaration page with no deductions for depreciation. Replacement Cost Value is extended to provide Total Loss guaranteed replacement cost, irrespective of the amount of insurance shown for the insured vessel on the Declaration page.
Where can I use my vessel?
Your policy will automatically cover you in Trading Limit #3 (link this to the page on trading limits) . Coverage is also available for offshore use with our prior written permission.
Is there coverage for my vessel equipment if it is stored or temporarily removed from the vessel?
Yes, our policy will cover your vessel equipment while afloat, stored ashore or in transit by truck, ferry, rail, or trailer.
Is there coverage under my policy for equipment I may borrow from others?
Yes, coverage under this policy includes equipment whether you own the equipment or if it is equipment you have borrowed and are in the care, custody and control of.
Do you cover yacht racing?
Yes, if your yacht is a sailing vessel. This includes casual racing as well as that organized by yacht clubs, sailing associations or racing events governed by an internationally recognized sailing federation. However, if you are the owner of a yacht whose principal purpose is competitive racing or you undertake any form of professional ocean racing, you need to talk to us in advance so that we can determine whether we can offer cover.
What is the Shipowners’ Club?
The Shipowners’ Club was established in 1855 and is the leading insurer of smaller and specialist vessels worldwide. For the last 20 years Shipowners’ have supported the yacht market with dedicated underwriters. They are one of the 13 International Group Protection and Indemnity (P&I) Clubs, which together insure over 90% of the world’s ocean going tonnage. Shipowners’ provides coverage on a mutual basis and everything Shipowners’ does is driven by the interests of the policyholders.
Does this policy cover all of my liabilities as a yacht owner?
Yes. We are providing what we believe to be one of the most comprehensive marine liability insurance policies you can buy. By insuring you on an All Risks basis you are automatically covered for a liability claim unless it falls under a very limited number of clearly marked exclusions. Your claim must relate to owning and operation the yacht we insure for you.
Am I covered for my liabilities towards my crew?
Our policy covers your liability to your crew for risks such as illness, injury or death. It may have arisen out of common law, statute or a crew contract. What we look for when responding to your circumstances is whether or not you have a liability to the crew member concerned. Note that for a claim to be payable, it must have arisen out of the operation of the yacht we insure for you.
Why should I consider higher Protection and Indemnity Limits?
There are several reasons to purchase higher limits of Liability including but not limited to:
• Currently the Canadian Marine Liability Act states that you can’t be sued for more than $2 Million, this doesn’t mean that this can never be disputed or challenged.
• Part 4 of the Marine Liability Act refers to the carriage of passengers which does not fall under the same maximum limits, possibly resulting in the need for higher limits of Liability.
• The use of your vessel in the US where the MLA would not apply in the event of a claim.
• Pre-trial interests which could go above and beyond the MLA limits.
• The Liability limit on your policy will also extend to your Underinsured and Uninsured boater protection.
• Increased Liability Limits for a small premium offers full peace of mind.