Boat InsuranceRed Line

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. When you invest in boating as a passion, it is wise to protect. 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 with insurance.

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 damage by another operator. There are times where 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.

Who needs boat insurance? - all watercraft owners.

Question Mark What does boat insurance cover?

  • Red Tick

    Repair or replacement of the vessel and equipment;

  • Red Tick

    Liability coverage for damage, injury, or pollution you cause;

  • Red Tick

    Recovery of the vessel should it capsize or need to be towed;

  • Red Tick

    Payment of a replacement vessel if you require another after there is insured damage to yours

  • Red Tick

    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 is 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 safe keeping.

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.
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, and fishing equipment, navigation 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 the leisure 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.

Ask our BrokersRed Line

Ask Our Broker - ORR Insurance&Investment

For more information on tenant insurance

Call us at 1.800.876.4163 or Contact us here

Proudly serving southwestern Ontario, we are local, personal, and available –

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

AREAS SERVICED

Find Your Location

What our clients say

Our job is to find you the best competitive combination of price, value and service from over 60 Canadian insurance and investment companies.

Ask A Broker

Please feel free to contact us now by

Calling 1.800.876.4163

Or you can use the email form and one of our representatives will reply as soon as possible.

Ask A Broker

    Area of interest

    For advice about

    Right Arrow - ORR Insurance & Investment
    Mobile Icon1.800.876.4163