What Does Boat Insurance Typically Cover?
When you get boat insurance, it covers your boat, your belongings, and your legal responsibility.
Even though boat insurance isn’t legally required in Canada, your boat is an investment that you should protect. Lenders can require boat insurance as a condition of financing.
How boat insurance covers your boat
When you get boat insurance, it helps protect your boat and its motor, boating equipment, and some boating accessories like life vests.
Marine insurance also typically includes towing coverage for situations where your boat becomes disabled or stranded on the water. This coverage typically includes the cost of towing your boat to the nearest marina or repair facility. Whether it's due to engine failure, fuel issues, or other mechanical problems, having emergency towing coverage means that you won't be left stranded.
It covers loss of use, too, to help cover the cost of renting a replacement boat.
Boat insurance also covers:
- Pollution and wreck removal
- Lightning strikes
- Rodent damage
Ask your Western Financial Group boat insurance expert about what will be covered in your marine insurance policy.
How boat insurance covers your belongings
Marine insurance helps protect your (and your passengers) personal items and sports equipment while you’re on board against insured risks such as damage and theft. It typically covers the cost of replacing any personal items that are damaged or lost during a boat outing.
Liability (Legal responsibility)
Liability insurance for your boat helps protect you financially if you injure or cause the death of someone or cause damage to another person’s boat or property while you’re operating your boat.
It’s recommended that you have $2.5 million to $3 million in liability insurance for your boat.
Uninsured/underinsured boater coverage: If another boater without insurance or with inadequate coverage causes an accident that injures your passengers, your boat insurance's uninsured/underinsured boater coverage may come into play, helping cover your passengers' medical expenses.
Did you know? Boat insurance can help cover veterinary expenses related to a pet injury while on board. It may include compensation for accidental death or loss of your pet while on the water. Ask your Western Financial Group marine expert about pet protection.
Boat safety
You need to protect your passengers, other boaters, and yourself by staying safe on the water.
Know the weather: Listen to a local weather forecast before you head out in your boat to avoid a storm or potential lightning strikes.
Life jackets: Always wear a Canada Coast Guard-approved life jacket when you're on a boat. Ensure there's a properly fitting life jacket for each passenger, especially for children.
Boat maintenance: Regularly inspect and maintain your boat, including the engine, navigation lights, and safety equipment like fire extinguishers and distress signals.
Speed limits: Observe speed limits and safe operating speeds for different water conditions and areas.
Alcohol and drugs: Avoid alcohol and drugs impair judgment and coordination, increasing the risk of accidents.
Navigation rules: Familiarize yourself with right-of-way rules, navigation markers, and signaling.
Float plan: Let someone on shore know your boating plans, including your destination, expected return time, and contact information.
Emergency equipment: Carry essential safety equipment such as a first aid kit, fire extinguisher, whistle, flashlight, and a throwable flotation device.
Person overboard: Develop and practice a plan for recovering someone who falls overboard.
Emergency procedures: Know how to respond to emergencies, such as capsizing, fire, or medical incidents. Carry a VHF marine radio or a reliable means of communication.
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