Most marinas will require boaters to keep boat insurance on their boats when mooring. Also, if you finance your boat purchase, it’s likely that your lender will require insurance coverage which lists them as a loss payee to cover their interest in your boat. It is legal to register and operate a boat without insurance, but insurance is recommended to cover accident liability costs, damage, catastrophic loss and theft.
Boat insurance policies cover a variety of personal, pleasure use vessels with motors, including personal watercrafts.
Hull & Machinery: insurance for the physical boat and attached equipment
Protection & Indemnity (P&I): Includes liability insurance coverage where you are liable for property damage or if a person is injured or killed. Coverage includes damage caused to other boats or properties, and personal injury. A marine policy also covers legal costs, salvage fees, wreck removal, and any pollution or environmental damage caused by the boat.
Insure your boat (hull & machinery) to its current market value. This will ensures if a total loss to your boat occurs, you will recover what the boat is worth.
P&I Liability coverage – The recommended limit is $2 million.
Agreed Value – In the event your boat is written off as the result of a covered claim, the amount payable is the limit shown on the policy contract. This value is agreed upon, prior to entering the insurance contract.
Actual Cash Value – This is what your boat is worth today. It takes into account such things as the cost of the replacement of a vessel, less any depreciation or obsolescence, and in determining depreciation, the condition or current market value of the vessel, immediately before the damage, the resale value, and its normal life expectancy.
To ensure that you have the best protection, your policy should offer “agreed value” loss settlement, and “all risk” coverage.
At Harbour Insurance, we prefer to offer the best in coverage and only sell comprehensive hull & machinery insurance coupled with liability insurance.
The following lists some of the items that would not be covered:
At Harbour Insurance our Express Policy is designed to insure vessels that are:
Our Yacht insurance or large boat insurance policy is available for all boats, particularly those that are:
A boat survey helps determine the condition and overall value of your boat – it can bring hidden mechanical or structural issues to light. For insurance purposes, Harbour insurance requires a marine survey to be completed on the 15th year of a boat’s life and every 5 years thereafter. (or at the request of an underwriter)
Harbour Insurance recommends always initiating a boat survey before purchasing a used or older vessel. We can provide a list of approved surveyors if you require a survey.
Yes. Our Yacht policy can provide extensions of coverage for southern navigation, and intercoastal waterway cruising for pleasure craft. Additional qualifications and experience are required to determine eligibility, and additional premiums and coverage conditions will apply. Approved hurricane plans are required if for vessels located South of our standard territory limits.
Yes, for an additional premium and under certain conditions, in order to offset the cost of owning and maintaining your vessel. Activities such as fishing and sightseeing are eligible, provided you are always the skipper, on board and in command of the boat.
If your vessel is damaged in a no‐fault collision or suffers damage from a fire started away from the vessel, we will waive the Hull & Machinery deductible and you will maintain claims free status.
Also known as emergency towing; if the boater runs out of fuel or has a mechanical breakdown that is unrelated to a covered loss, the boater will be reimbursed for the reasonable costs associated with towing the vessel to safe harbour.
For boat owners with over 5yrs claims free history, the Hull & Machinery 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
Yes, loss caused by electrolysis is not excluded under this policy.
The medical payments coverage is intended to protect your passengers from incidental medical expenses for accidents that occur while on your boat. If the medical expenses exceed the limit of $5000 then your passenger would look to your liability or protection & indemnity (liability) coverage for further payments.