June 1, 2023

Smooth Sailing Guaranteed: The Power of Boat Insurance

Acquiring a boat is an exciting experience – however, it’s crucial to obtain proper insurance coverage before setting sail.  

In recent years, environmental cleanup and wreck removal costs have skyrocketed, leading many marinas to require marine insurance for all vessels that dock at their facilities. Even if you do not keep your boat at a marina, purchasing insurance is still crucial. It will protect your investment in the vessel and help mitigate your liability in an accident. 

Before considering any insurance options, being familiar with marine safety practices is essential to prevent accidents and reduce the likelihood of insurance claims. The Insurance Bureau of Canada recommends six steps for year-round boating safety, including carrying a Pleasure Craft Operator (PCO) card, checking the weather forecast, planning your route, ensuring your vessel is adequately equipped, wearing Canadian-approved lifejackets, and avoiding alcohol while operating the vessel. 

We specialize in marine insurance at Waypoint Insurance and provide comprehensive coverage options to meet your unique needs. When insuring your pleasure craft with Waypoint, we require certain documents to establish the condition of the vessel and its market value, such as the bill of sale, out-of-water or in-water marine survey, and pleasure craft licenses. Additionally, we recommend providing copies of any certifications, such as Canadian Power Squadron Association certification, Canadian Yachting, Parasailing certification, or Small Vessel Operator Proficiency certification, to qualify for discounted premiums. 

To ensure complete transparency, we provide a full amount payable in the event of a total loss before finalizing your insurance policy. This allows you to fully understand the coverage and any associated costs in a claim. We also offer a range of additional coverage options to tailor your policy to your specific needs. These options include comprehensive replacement for new boats, partial loss coverage for damage, equipment repair/replacement, and theft, contents coverage for personal belongings, liability coverage of up to $5 million, uninsured or underinsured boater protection, emergency towing expenses, emergency medical expenses, accidental death or search-and-rescue expenses, accidental wreckage cover, year-round coverage for off-season protection, and loss of use during a claim. 

At Waypoint, we work with multiple marine markets to provide the best value and options for your insurance needs. Our team is available to assist you with obtaining coverage quickly and efficiently. Whether you prefer to request a quote online, over the phone, or in person at one of our branches, we are here to help. 

Purchasing marine insurance is a necessary step to protect your investment in your pleasure craft and mitigate your liability in the event of an accident. By following marine safety practices and working with Waypoint Insurance, you can confidently enjoy your time on the water with peace of mind.