Boat Insurance in Ontario does not have to be complicated, nor does it
have to be difficult. It is actually a simple process to insure your
personal watercraft, boat or Yacht. Do you have replacement cost included
on your boat insurance policy? Check your watercraft policy and be sure!
Stay above the waterline by staying on top of your marine insurance
policy.
When You Buy a Boat
When you make a watercraft purchase you should review all your boat
coverage's in the same sense you would when buying home insurance or car
insurance policies. Don't always rely on cheap insurance; double check
everything about your boat policy! Marine insurance is a very broad
business and there are a lot of insurance brokers that carry watercraft
insurance coverage. However, some brokers may not have the right boat
insurance coverage for you and your boat; should you need to use your
coverage.
I have had the opportunity to buy marine insurance and work in the
marine insurance business for several years and know that there are many
policies out there with many different limits. I recommend you shop around
and review the policy coverage's, after all sometimes $50 in your pocket
matters, but it matters even more if you are not getting the coverage you
want.
Guaranteed Replacement Cost
This feature is an extremely important coverage to have and it works
along the same lines as a homeowners policy. Does your broker offer
replacement cost? Will they repair, replace or rebuild your boat with a
like kind quality of the same materials. This indemnifies an insured back
to their financial situation they should be.
Professional Staff
As an experienced broker working in Ontario, I have had the experience
and knowledge of working with brokers in the Marine Insurance business. I
have had first hand experience to review the thorough training program
every boat insurance broker needs to receive. Some brokers train their
staff with more than just general insurance knowledge, which is extremely
important when dealing with a million dollar yacht. Most brokers do not
have the best markets to quote yachts, PWC's, fishing boats, pontoon boats
and runabouts with inboard or outboard engines, however there are a lot of
brokers who do have this capacity.
Emergency Towing
Some marine insurance companies will pay for towing of your vessel in
the event of a claim situation without having to pay your deductible.
Loss of Use (Rental)
You need to be covered for reasonable costs incurred should your vessel
be disabled as a result of a claim, limits may vary so ask your broker.
