Five Types of Coverage That May Surprise

I would guess that less than 5% or people actually read their boat insurance policy and even fewer fully understand what it all means.  If you are in the majority then you need to ensure you are using a trusted and knowledgable insurance broker.   In this post I’m going to share 5 elements of your Skippers’ Plan policy that you might not know.    If you insure your boat under your home insurance policy you definitely DO NOT have this coverage.

Before we get started my lawyer and my E&O carrier asked me to tell you the following:

“Insurance information discussed in this blog only pertains to policies I provide for my clients.  Your boat insurance may not contain these amazing features .   To understand your insurance coverage you need to speak to you broker.  If that doesn’t go well then give me a call.”

Ok, let’s look at 5 features in our Skippers’ Plan policies that may surprise you Boat stack.

1. You’re Covered when operating other people’s boats.  Imagine you’re at a relative’s cottage and are tasked with taking the kids waterskiing using their boat.  An accident occurs and you smash into the dock causing significant damage.  You then discover the boat is not insured.  The good news is your  Skippers’ Plan policy covers damage to other boats you are operating.  This coverage applies to boats you are operating with the owner’s consent and  are not under charter or rented.

2. New or Replacement boats you purchase are automatically insured.  If you find a great deal on a boat that you just have to buy don’t worry, it’s automatically  insured for the purchase price under your Skippers’ Plan policy.   This coverage lasts for 15 days from the date of purchase but you must advise us of the purchase within that time limit and an additional premium is charged.  The good news is you are covered if you buy a boat on a Sunday and want to take her for a spin.   Some boat types are not included in this feature such as personal water craft ( i.e. SeaDoo) or high performance boats.

3. Emergency Towing & Emergency Service is included with no deductible.  When it comes time to leave that fabulous anchorage you discover the batteries are dead.  You can’t get the engines started and a storm is on the way so you need to get moving.  Just call the  local marina or towing service to get a boost or a tow to the nearest repair facility.  We will cover the cost for the tow or emergency service and no deductible applies.   There is a limit between $2500 and $5000 depending on your policy type.   We don’t even count this as a claim so your clean record and claim free discount is not affected.

4. Additional Living Expenses while on holiday.  Say you are away from home on a two week vacation when you hit a rock.  The boat is your home away from home but you can’t live aboard when it is on shore for repairs.   No problem, check into the local hotel for a few nights until repairs are completed.  The hotel and meal expenses are covered along with the boat damage.  Don’t go too crazy though because there is a daily limit of $500 and a cap of $5000.   If repairs are going to take weeks you could also use this money to cover the cost of a train or bus back home.

5. Skippers’ Plan Concierge Service.   Trip Planning services, unlimited telephone legal advice, market value appaisal for your boat , and health service assistance provided at no additional cost.   This was covered in detail in a previous blog entry .