Yacht Insurance

Important Documents:

Whether our Clients are looking to insure a small run-about, a mid-sized sailboat or a large luxury yacht, they all want the same thing: an insurance policy that provides the best coverage at the most reasonable premium.

Insuring your boat is different than insuring your car or even your house as the policies available vary vastly, as do the prices. We know how hard it is to chart your own course through the difficult-to-understand policies in order to determine exactly what’s covered and the price that comes with it. That’s why we are here. Let us design and create an affordable and easy-to-understand safety net for your hard earned assets.

As your marine insurance broker, our role is to determine how you use your boat and what risks you will be subject to. After that, we find the best possible insurance policy at the best possible price.

We have access to the leading marine insurers in the province and know the ins and outs of the various policy wordings, fair pricing and in the event of a claim, what type of support will best serve you from beginning to end.

When reviewing and comparing insurance policies, you need to consider the following key points:

  • Exclusions – all yacht policies are written on an “all risks” basis. Are you aware of the exclusions and exceptions where losses are not paid?
  • Basis to Settlement – is depreciation applicable to a claim, thus reducing the amount you are eligible to recover?
  • Resultant Damage – will your policy cover you for a loss due to wear and tear or gradual deterioration even if there was a reasonable inspection?
  • Personal Effects – does your policy cover personal belongings or will you have to claim through your home insurance, leaving you to deal with a second insurer in addition to losing your claims free status on your home policy?
  • Warranties – has the underwriter added any warranties to the policy that restrict coverage?
  • Liability Insurance – are legal fees included within your policy’s limits or above those limits?
  • Additional Coverages – what “extras” are missing? Will you be out of pocket for commercial towing, living expenses and/or relocation costs?

As a boat owner, your goal is to steer clear from making a claim. However,  if you have to, the last thing you want is to discover a small print exclusion that leaves you paying out of pocket. Let us read the fine print and create a package that will anchor you and your boat to safety.

For more information on how marine insurance applies to you and your investments,  contact us directly today