Summer is fast approaching, and we know you can’t wait to get out on the water with your boat or other marine vehicle. You’re probably picturing yourself right now: worry free, laughing and soaking in the sun as you cruise around. It’s a beautiful scene. However, unforeseen circumstances can arise when you’re adventuring on the open lakes and seas, so don’t forget to have a marine insurance policy in place should you encounter something less wonderful than sea mist and the wind in your hair.
What Is Marine Insurance?
Marine insurance protects against loss or damage to any watercraft vessel, from leisure marine vehicles to cargo ships. It may also be purchased to cover container terminals, ports, pipelines, oil platforms, and other equipment with marine applications. With a comprehensive Waypoint marine insurance policy, you’ll get coverage for damages and losses and the option to cover so much more.
Cost and Coverage
Before you commit to your Waypoint marine insurance policy, we will establish the full amount payable in the event of a total loss. By doing so, we ensure that you understand what you’re getting right from the get-go and that you don’t get hit with any surprise costs in the event of a claim.
We also offer a variety of additional marine insurance options. This empowers you to design a comprehensive policy that fits just right for your marine vehicle. Some of these coverage options include the following:
- Comprehensive replacement on new boats
- Partial losses including damage, equipment repair/replacement, and theft
- Coverage for contents including personal belongings
- Protection and indemnity coverage up to $2 million
- Uninsured or underinsured boater protection
- Emergency towing expenses up to $2,500 in the event of mechanical failure
- Emergency medical expenses up to $10,000
- Accidental death or search-and-rescue expenses
- Accidental wreckage cover
- Year-round coverage for off-season protection
- Loss of use during a claim up to $5,000
- Exclusive coverage for racing sailboats, boathouses, and other less common marine vessels
Who Needs Marine Insurance?
Every watercraft owner is required by law to have a marine insurance policy in place before taking their vessel out on the water. However, chances are that you invested heavily in your boat or other marine vehicle, so naturally, you should want to have adequate protection regardless of these requirements. A marine insurance policy ensures you are protected against losses on or off the water, injuries, and any damages caused to third-party persons or property by your marine vehicle. Waypoint’s custom and comprehensive marine insurance policy will give you peace of mind that your marine assets are well covered.
Having a marine insurance policy in place is critical in the event of an emergency, but don’t forget that your safety comes first. While you’re out cruising the waves this summer, don’t forget to follow the rules of the water and keep you and those around you safe. The Insurance Bureau of Canada has provided these six steps for boat safety this upcoming season:
- All marine pleasure craft operators must carry their CPS Pleasure Craft Operator (PCO) card with them at all times while operating a marine vessel.
- Check the weather before going out on your boat to ensure no hazardous conditions are in the forecast.
- Know where you are going and how you are getting back. It is advisable to map out your route before hitting the water.
- Fill up your tank/ensure batteries are fully charged before you go. Know how much fuel your vessel will need for the distance you are planning to travel. Keep spare parts and safety equipment aboard the vessel at all times.
- Every person on board needs to be equipped with a Canadian-approved lifejacket or personal flotation device (PFD) of an appropriate size. Check that all seams, snaps, belts, and zippers are intact and functioning properly before each journey. Remember, bright colours are easier to spot in the event of an emergency.
- Watercraft and alcohol do not mix. Do not operate your vessel if you have consumed alcohol and are intoxicated. There is zero tolerance for alcohol consumption while operating a marine vessel.
Why Waypoint Insurance?
Waypoint Insurance offers marine insurance policies for every explorer. We cover all marine vessel operators, from small-scale pleasure fishers to water sports fanatics to competitive sailors and chartered whale-watching adventurists.
Did you know waypoint is a nautical term meaning “a stopping point on your journey”? Whether you are fishing in a calm lake or exploring the open waters of the Pacific Ocean, our experienced agents are here to make sure you have the coverage you need.
Our marine insurance policy is competitive and tailored to fit a variety of marine needs. Waypoint watercraft marine insurance policies cover the vessel structure and machinery while additional coverages for equipment—such as trailers, tenders, and onboard equipment (e.g., GPS systems)—are also available. Waypoint marine insurance products are flexible to fit your vessel needs, and every policyholder is at liberty to handpick a coverage package that suits their marine craft and lifestyle. No matter what your adventure is, Waypoint Insurance has you covered.
We are committed to offering you comprehensive coverage for enjoyable, memorable, and stress-free marine adventures. If you’re ready to set sail now, we have a team of experienced agents eager to serve you from one of our 20 locations across beautiful BC. We offer discounts for boating educators and experienced boaters and provide preferred rates on higher deductibles and a claims-free history. You’ll also enjoy local examination and adjustment for any marine claim. We accept marine insurance claims 24 hours a day, 365 days a year.
Fill out our easy quote form at waypoint.ca to get started today. Contact firstname.lastname@example.org for commercial inquiries.