March 5th, 2019
Boat Insurance is not required, but a worthwhile investment.
Boat insurance is NOT required for private pleasure boats in Canada, but that doesn’t mean you don’t need it.
- If you have a loan on the boat, your bank will likely require proof of insurance. The bank will be identified as a lien holder on the policy which means if there is a total loss claim they will be a co-payee on the settlement cheque.
- Your marina or yacht club will also require proof of liability before they will provide a slip. In some cases, they may also ask to be added as an insured on the policy.
Boat Insurance is recommended and most boat owners have coverage to prevent financial loss if there is an accident and protect their investment.
Accidents can and do happen and a large repair bill in the middle of summer might mean the boat stays on shore for the remainder of the season if you don’t have insurance in place.
In addition to covering the expense for damage to your boat, insurance protects you against damage you may cause to other boater’s property or physical injury. Third party claims for physical injury can run into the millions so even if you do not purchase coverage for damage to your boat, you should at least have liability coverage .
We can provide the right boat insurance for your needs and you will have the peace of mind that comes with being properly insured.
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Skippers’ Plan Boat Insurance
Part of Arthur J. Gallagher Canada Limited
800-661-7211 | 416-789-7211
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