Personal Marine Insurance vs Commercial Marine Insurance

Personal Marine Insurance

A boat isn’t simply a recreational vessel. It’s also an asset that can be kept for many years as long as it’s given the care and protection it needs. Whether your boat is at sea, lazily cruising down a river, or anchored, marine insurance will provide you the peace of mind you need. Personal marine insurance provides coverage in the event of a disaster, such as the theft, damage, or vandalization of your boat, or if you have an accident.

Do You Need Personal Marine Insurance in British Columbia?

Personal marine insurance isn’t legally required in Canada. That being said, it’s still a good idea to have it. Why? Most importantly, it provides coverage for your boat and your passengers. There may also be instances where insurance is mandatory, such as for financing purposes and marina membership. Most financial institutions require proof of insurance to finance a boat. Typically, you also need to be insured to utilize the marinas in British Columbia and Canada.

Where Do You Find Insurance Providers in British Columbia?

A variety of coverage options are offered by insurance providers in British Columbia—there’s no shortage of options to choose from. The challenge is finding an insurer that is able to cater to your unique requirements and boating lifestyle. Finding the perfect fit that works for you may require some research and comparison shopping.

The exceptional team of insurance providers at Waypoint Insurance are more than willing to do most of the legwork to help you make the right decision based on your needs and budget.

What Is Covered by Marine Insurance?

Marine insurance covers liability and damage. Liability coverage will help cover the cost of legal action against you if you cause an accident while out on the water and someone is hurt. Accident-related damages to your boat or other items on your boat are covered under damage coverage. Damage coverage will also assist you if your boat is stolen by paying or partially paying for it to be replaced.

How Much Does Personal Marine Insurance Cost in British Columbia?

There are several risk factors that are evaluated in order to determine the cost of a personal marine policy.

Typical risk factors include the following:

• the size of the boat
• the type of boat
• its market value
• the boat’s age
• the strength of its engine
• the location of its use

These details will help clarify the sort of coverage needed and the value of the premium, although the specifics vary from one insurance company to another. Thus, the best way to ensure you are getting the best combination of value and affordability is to get quotes from as many insurers as possible, or to speak to an experienced insurance broker who will be able to do this on your behalf.

Commercial Marine Insurance

If your boat not only serves a much larger purpose than that of recreational yachts or sailboats but also forms part of your livelihood, then you may need commercial marine insurance. It’s often not enough to have well-maintained vessels and a professional skipper.

Commercial marine insurance may help protect your passengers, your business and its assets, and your revenue. It may also cover legal bills from liability cases. Simply put, commercial marine coverage assists business owners in recognizing and avoiding unexpected and costly losses that have the potential to sink even the strongest marine businesses.

What Is Commercial Marine Insurance and How Does It Work?

Commercial marine insurance may allow you to keep your business operations afloat after a disastrous capsizing accident at sea or mechanical malfunction. It protects the revenue that you earn from operations such as fishing, cruises, shipping, and more. Commercial marine insurance may also cover the cost of property damage and liability claims.

Following an accident or being stranded due to bad weather, commercial marine policies cover the expense of repairing or salvaging boats. If your ship’s captain or crew is at fault for an accident that damages another boat, coverage is provided for property damage liability claims. Personal injury insurance provides compensation to injured or otherwise affected parties for accident benefits, medical costs, and rehabilitation following an accident or other event where you were at fault.

Third-party losses are covered under property damage coverage. Wreckage removal coverage will pay for the recovery of your commercial boat if it is stranded or damaged at sea.

There are many other supplementary insurance coverages, depending on the scale and type of marine business that you own. Consult with your broker for more information on commercial marine insurance.

What Coverages Fall under Commercial Marine Insurance?

A vast range of marine risks can be covered as part of commercial marine insurance, depending on your specific requirements.

Typical coverages include cargo, hull, and stevedore and marine liability.

Protect What Matters with Commercial Marine and Charters

At Waypoint Insurance, we recognize that every vessel, marina, and fishing resort or lodge is unique. That is why Waypoint Insurance wants you to focus on expanding your company while we handle the complicated insurance issues. Our marine experts relieve the stress and hassle of getting business insurance, saving you both time and money.

Here is a list of charters covered by our Commercial Marine and Charters insurance:

• Work Vessels
• Taxi Vessels
• Transport Vessels
• Crew Vessels
• Service Vessels
• Vessel Fleets

Our team of knowledgeable advisors at Waypoint Insurance is available to assist you in managing your policies and ensuring you are adequately covered. Contact us for peace of mind, knowing that Waypoint Insurance is on your side. Head over to our website for more information on our Commercial Marine and Charters insurance.