Most homeowners policies will cover smaller vessels if they fall within their length, horsepower 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.

When a fibreglass vessel reaches 15 years of age, underwriters will require the first out-of-water marine survey and then every ten years after that. Wood vessels will require an out-of-water marine survey every five years.

Yes. Our policy will cover you for breakdown towing up to a maximum of $5,000 per occurrence with a $50 deductible.

No. If your vessel is burglarized and there is a claim for both vessel damage and personal property, you will be subject to only 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, which means you will need to make a claim on your home insurance which will increase the cost of that coverage.

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.

The 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.

Your policy will automatically cover you in Trading Limit #3. Coverage is also available for offshore use with our prior written permission.

Yes, our policy will cover your vessel equipment while afloat, stored ashore or in transit by truck, ferry, rail or trailer.

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.

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 coverage.

Yes. We are providing what we believe to be one of the most comprehensive marine liability insurance policies that 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 operating the yacht we insure for you.

There are several reasons to purchase higher limits of liability including but not limited to:

• The fact that while Canada’s Marine Liability Act (MLA) currently states that you cannot be sued for more than $2 million, this does not mean that this can never be disputed or challenged.

• The fact that Part 4 of the MLA 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 U.S. where the MLA would not apply in the event of a claim.

• Pre-trial interests that could go above and beyond the MLA limits.

• The liability limit on your policy will also extend to your underinsured and uninsured boater protection.

• The peace of mind that comes with having increased liability limits.