| Boat Insurance in Ontario does not have to be | | | | broker needs to receive. Some brokers train their |
| complicated, nor does it have to be difficult. It is | | | | staff with more than just general insurance |
| actually a simple process to insure your personal | | | | knowledge, which is extremely important when |
| watercraft, boat or Yacht. Do you have replacement | | | | dealing with a million dollar yacht. Most brokers do not |
| cost included on your boat insurance policy? Check | | | | have the best markets to quote yachts, PWCs, |
| your watercraft policy and be sure! Stay above the | | | | fishing boats, pontoon boats and runabouts with |
| waterline by staying on top of your marine insurance | | | | inboard or outboard engines, however there are a lot |
| policy. | | | | of brokers who do have this capacity. |
| When you make a watercraft purchase you should | | | | Emergency Towing- Some marine insurance |
| review all your boat coverages in the same sense | | | | companies will pay for towing of your vessel in the |
| you would when buying home insurance or car | | | | event of a claim situation without having to pay your |
| insurance policies. Don't always rely on cheap | | | | deductible. |
| insurance; double check everything about your boat | | | | Loss of Use (Rental) - You need to be covered for |
| policy! Marine insurance is a very broad business and | | | | reasonable costs incurred should your vessel be |
| there are a lot of insurance brokers that carry | | | | disabled as a result of a claim, limits may vary so ask |
| watercraft insurance coverage. However, some | | | | your broker. |
| brokers may not have the right boat insurance | | | | Agreed Value-In the event of a total loss, you want |
| coverage for you and your boat; should you need to | | | | to be indemified for the amount of insurance shown |
| use your coverage. | | | | on the policy at the time of the loss (less any |
| I have had the opportunity to buy marine insurance | | | | applicable deductible) without depreciation. |
| and work in the marine insurance business for several | | | | No Depreciation on Partial Loss-In the event of a |
| years and know that there are many policies out | | | | partial loss, if no used replacement parts of like kind |
| there with many different limits. | | | | and quality are available, make sure your insurance |
| I recommend you shop around and review the policy | | | | company will repair your vessel with new parts. |
| coverages, after all sometimes $50 in your pocket | | | | Customized coverage - No matter what kind of |
| matters, but it matters even more if you are not | | | | vessel you own, you need to be in touch with the |
| getting the coverage you want. | | | | right broker to insure your personal watercraft or |
| Guaranteed Replacement Cost-This feature is an | | | | luxury cruiser. |
| extremely important coverage to have and it works | | | | Instant Approval - When consulting a marine |
| along the same lines as a homeowners policy. Does | | | | insurance expert ensure you can get the quote in |
| your broker offer replacement cost? Will they repair, | | | | writing and that they can offer you coverage |
| replace or rebuild your boat with a like kind quality of | | | | instantly. |
| the same materials. This indemnifies an insured back | | | | Quick Claims Settlement - When it comes to |
| to their financial situation they should be. | | | | insurance claims, you want the best possible solution |
| Professional Staff- As an experienced broker working | | | | when it comes to making a claim. Question your |
| in Ontario, I have had the experience and knowledge | | | | Ontario marine insurance broker's service and find out |
| of working with brokers in the Marine Insurance | | | | who will adjust your claim and if it is a 24 hour claims |
| business. I have had first hand experience to review | | | | service. |
| the thorough training program every boat insurance | | | | Territory - Know your navigation limits. |