Although not required by law in Ontario, everyone should have some form of boat or watercraft insurance to protect them in the event of a loss or injury to others and / or their property.
Common risks associated with boating:
- Collision with an underwater rock or shoal
- Collision with a swimmer
- Environmental clean up
Standard homeowners forms (homeowners, tenants, condominium, etc.) provide limited coverage for owned watercraft’s. Additionally, most marina’s require boaters to carry marine insurance on boats they moor
Most homeowners policies include some form of loss or damage and liability coverage (available only for watercraft’s falling under certain criteria):
Loss or Damage
- Up to $3000 in all on watercraft, their furnishings, equipment, accessories and motors (insured for specified perils and theft or attempted theft only).
Third Party Liability
1. Watercraft’s you OWN:
A) Watercraft’s including their attachments, equipment with an outboard motor or motors of not more than 16 hp in total when used with or on a single watercraft.
B) Watercraft’s including their attachments, equipment with any other type of motor not more than 50 hp.
C) Non-motorized watercraft, including their equipment, attachments, not more than 8 metres (26 feet) in length.
2. Watercraft’s you DON’T OWN:
A) Any type of watercraft, provided that the watercraft is NOT owned by any person insured by the policy.
Boat insurance in general is inexpensive. However, the costs will vary depending on the value of the boat, it’s length, whether it’s being used for pleasure or business, your claims history, years of experience and whether or not you have any additional training (power squadron, etc.).
Third Party Liability may be extended on a homeowners form to cover outboard engines exceeding standard policy limits (16 HP for inboard engines or 50 HP for other engine types). An all risk form may be purchased to cover loss or damage to your watercraft and / or its equipment. Additional coverage options may include coverage on a valued basis, guaranteed replacement cost, coverage for consequential damage, separate limits for pollution / spill liability, emergency towing, etc.
Talk to one of our insurance professionals today to obtain a watercraft quote and an in-depth analysis of your insurance needs.