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Boat Insurance - ORR Insurance&Investment

Ensure Your Boat and Life...

Jetskis, sailboats, motorboats, or yachts.

Before you tell me what kind of boat you have (or someday plan to have) I know that you have been excited about it for a long time.

Boating is not just a hobby, it is a passion that often lasts a lifetime. And of course, a boating season can be the most enjoyable time to spend with your family. When you invest in boating as a passion, it is wise to protect it with boat insurance. You can protect yourself with education – safety courses, and knowledge of your boat and its components; with experience – continuously building on your familiarity with operating your boat and its equipment; joining a club or group with members who are equally passionate and who can help and guide you; and most of course, with boat insurance.

Just like people take car insurance, boat owners must take boat insurance with proper risk coverage and property coverage to safeguard their boats. Whether it be fishing boats, sport boats or jet boats you have to take the right insurance to protect it. 

Boaters are lucky to have the protection of generous and equally passionate fellow boaters when they are out on the water, but there are times when you could be in distress and alone, moored or the victim of a storm or damaged by another operator. There are times when you are out of water in the off-season or towing it between launches. On our local waterways, it is not always mandatory to have boat insurance, but much like the roadways, the open water and marinas are full of boaters of all levels of experience, and other hazards that could damage the vessel, or expose you to liability for property damage, injury, or pollution.

Much like our cars and homes, our watercraft are vulnerable to weather, accidents, and crime and it’s pertinent that you need boat insurance.

Are You Confused About Choosing The Right Insurance? Do You Want to Know About the Different Insurance Options? Contact us today and get a quote.

Who needs boat insurance? - all watercraft owners.

Question Mark What does boat insurance cover?

Generally, boat insurance covers the following:

  • Repair or replacement of the vessel and boating equipment
  • Liability coverage for damage, injury, or pollution you cause;
  • Recovery of the vessel should it capsize or need to be towed;
  • Payment of a replacement vessel if you require another after there is insured damage to your personal watercraft
  • Repair or replacement of the personal contents you keep aboard, or on your dock.

Special Conditions to Consider:

Vermin damage – this is often an excluded type of damage but if you have concerns that your boat could be vulnerable to damage from mice, be sure to verify it is included.

Freezing– proper winterizing is an expectation of all insurance policies.

Mould – the very purpose of being on the water exposes your vessel to an environment where mould could thrive. Regular inspection and maintenance are a necessity to prevent mould damage.

Alcohol – like operating a car, you are not considered to be capable of proper control of your vessel while under the influence of alcohol, and coverage could be denied if you are at fault for damage while impaired.

Easy-to-steal personal items– things like cell phones or tablets, cash, or keys to your automobile are not likely to be covered by this policy, or only a small amount of coverage would be provided. Be sure to keep these things out of sight and locked up for safekeeping.

Building a Policy

When preparing a boat insurance policy, the most important step is establishing the value of the items to be insured. This amount is used to calculate the cost of the policy but is also the maximum payment the company will make in the event of a claim.

The value is not just of the boat, but also the engine or engines, the anchor, the electronics such as radios, and all the safety equipment including life jackets and fire extinguishers.

Sometimes, a professional survey is required by the insurance company in order to write a policy. A survey is a report completed by an experienced professional, that sets out in detail the components of a boat and their condition and prescribes a value that can be used for the amount of coverage in an insurance policy. Also, based on the owner’s claims history, the boat insurance policy premium can be adjusted to reflect their previous track record of responsible boating which considers standard navigational limits and minimal insurance claims.

If you buy your boat new or make upgrades to an owned boat, bills of sale, invoices and receipts can also be used to calculate the value for coverage.

To properly build a policy, you will want to be aware of the values of other associated boating items such as trailers, dinghies, fishing equipment, navigation equipment, emergency equipment and the boat’s contents.

Question Mark Where are you going?

Navigation limits are the restrictions the insurance companies put on where you are insured to operate your watercraft.
There are different risks associated with the varying waterways of the world, and each company will establish rates for different territories.

In Ontario, many of our clients are using their boats locally, in the Great Lakes, but boaters who travel to areas such as the Caribbean or the Atlantic or Pacific Oceans are likely to require an extension to their policy limitations.

Question Mark When are you going?

Boat insurance policies will often have a required lay-up period, where the insurer requires that you are out of the water. In Ontario we often see this being December-April. If you intend to continue using the boat during those months, it would be necessary to insure your boat with a company that can cover you accordingly.

Question Mark What are you doing?

Some boaters take the term “pleasure craft” to heart and use their boats to enjoy a leisurely life. You could be pulling a water skier, making a trip up the coast for fish and chips, watching the Canada Day celebrations, or enjoying an afternoon of fishing.

If you are planning to use the boat for purposes where you would earn income, the insurance you require is not provided by a personal use policy.

With the wonderful world of side hustles all around us, it is possible that you may want to offer tours of the coast or fishing excursions and it is important to protect yourself and your vessel correctly. It is our responsibility to provide our clients with the best risk coverage and property coverage policies possible.

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Family owned and operated, we live in the communities we serve and we care about our clients. Our job is to find you the best competitive combination of price, value, and service from over 60 Canadian insurance and investment companies.

Your Orr Insurance Broker can shop the market for the policy options and price that works best for you


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