Insurance Terms

Insurance Terms:

The following terms are commonly used for marine insurance policies:

AGREED VALUE COVERAGE We pay the Limit of Coverage shown on the Declaration Page if the Vessel is a total loss.  No deductible applied. 
 COVERAGE FOR PARTIAL LOSSES We pay the cost to repair or replace with material of like kind and quality with no depreciation applied to H&M and  equipment  
REDUCING HULL & MACHINERY DEDUCTIBLE For boat owners with over 5yrs claims free history, the H&M deductible will reduce by 10% at renewal, and will reduce  every year by the same dollar amount until the deductible reaches 50% of the original deductible amount 
LOSS TO PERSONAL EFFECTS – 1ST PAYER We pay the reasonable cost to repair or replace with material of like kind and quality up to the Limit of Coverage shown  on the Declaration Page after applying the deductible.  As we are 1st payer, your client does not have to make a claim  through their home insurance. 
REIMBURSEMENT OF EMERGENCY EXPENSES ‐ $1,000 LIMIT INCLUDED Should your client require a tow on the water due to loss of fuel or a mechanical failure that would otherwise not be  covered under this policy, we will pay the reasonable costs associated with the tow.  Using this does not affect your  client’s claims free status
NO‐FAULT ACCIDENT DEDUCTIBLE WAIVER If your client’s vessel is damaged in a no‐fault collision or suffers damage from a fire started away from the vessel, we  will waive the H&M deductible and your client will maintain their claims free status.
NO PATCH & PAINT CLAUSE Repairs to the vessel hull are not limited to Patch & Paint only.
ELECTROLYSIS DAMAGE (GALVANIC CORROSION) Loss caused by Electrolysis is not excluded under this policy. 
RESULTANT DAMAGE or LATENT DEFECT COVERAGE  If a reasonably thorough inspection could not have discovered such a defect or condition, and such defect or condition  causes or results in a loss not otherwise excluded, we will pay for the resulting loss. We will not pay for loss as a result  of the following defects or conditions: faulty design, faulty workmanship, the installation or use of improper or defective  materials, wear and tear, gradual deterioration, or corrosion. In no case will we pay the cost to repair or replace the part  or parts possessing the defect or condition. 
BROAD NAVIGATING AREA Broad standard navigation limits including inland and coastal waters of Canada and United States of America North of  latitude forty degrees North, East of longitude ninety five degrees West and South of latitude fifty two degrees North, no  further than one hundred and sixty kilometers from shore.


Harbour is changing traditional marine insurance with Ready-to-Go™ policies. It's easy to get quality boat insurance coverage with affordable rates and trusted 24 x 7 claims service. We know marine insurance. It's what we've done for over 50 years.


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Harbour Insurance specializes in boat insurance Ready-to-Go™.  We insure sailboats, large yachts, family runabouts, pontoon boats, personal watercraft, classic and antique boats, to cruising and southern navigation routes. Get the best insurance coverage for your boat and lifestyle with Harbour.

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  • Harbour Insurance Services
    1255 Commissioners Rd #240,
    West London,
    ON, N6K 3N5

    Business hours:
    Mon - Fri: 9:00am - 5:00pm EST

  • 1 (877) 731-1224 or 1-705-528-1276