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Marine insurance provides financial protection if your speedboat, sailboat, personal watercraft or any other type of watercraft is involved in an accident, is damaged or stolen. Marine insurance includes liability coverage in case you are responsible for another person's injuries or property damage.

Why you might need it

  • You own a recreational vehicle that is used on the water such as a speedboat, sailboat or seadoo.
  • You want financial coverage to repair or replace your watercraft if you are involved in an accident or collision.
  • You want liability coverage in case you are sued for causing personal injury to another person, or damage to another person’s property while operating your watercraft.

What you need to know

  • Homeowner policies provide limited coverage for watercraft and often restrict what they will insure based on length and/or horsepower of the watercraft.
  • Watercraft insurance is available for local and offshore vessels.
  • Your insurance policy depends on the:
    • Length of watercraft
    • Size of motor
    • Type of motor (inboard / outboard)
    • Type of vessel
    • Use (rental to others/sporting activities)
    • Boat storage - where it is kept when not in use

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