Frequently Asked Questions
Q. Do I have to insure my boat?
A. You are not legally required to insure your boat. However, if you are financing the purchase of your boat, the lender will most often require insurance coverage listing them as a loss payee to cover their interest in your boat. In addition, most marinas now insist that boaters maintain insurance on their boats when mooring them at the marina.
Q. How can I save money on my boat insurance premium?
A. You may qualify for a discount on your marine insurance premium if you:
Have taken courses and/or are a member of the Canadian Yachting Association or the Canadian Power & Sail Squadron.
Insure your boat at market value.
Consider higher hull & machinery deductibles.
Q. What is the difference between Actual Cash Value and Agreed Value?
A. When a claim is settled on an Actual Cash Value basis this means that the Insurance Company will apply full deduction for depreciation.
Agreed Value means the Insurance Company will pay you the agreed upon insured value should you suffer a total loss to your vessel. No depreciation is taken.