What do I need to know about marine insurance?
You’ll be covered from such things as physical damage to your boat, fire, theft, vandalism and third-party liability.
- Your insurance coverage depends on vessel type, watercraft length, size and type of motor, usage and boat storage.
- Marine insurance works on an application basis — it’s not automatic. We’ll consider your boating experience and watercraft of choice, claims history and whether you’ve taken courses among other important aspects.
- Boats are typically insured to the price you paid. If you know your watercraft is worth more than what you paid, a third-party will provide that value to our Western team by way of a valuation report, appraisal or professional marine survey.
- For your insurance, it’s vital that, as an owner, you continue boat maintenance and upkeep.
- If you’re wishing to operate a pleasure craft with an engine of 9.9 horsepower or more, then you must carry a Pleasure Craft Operators Card (PCOC). The test can be completed online.
- Customers are advised to attach boat photographs, no matter the watercraft, to their file.
Are there any discounts with the Western marine insurance product?
- If you haven’t had a claim in the last 5 years, call about a possible claims free discount.
- Speak to your insurance broker whether you can save through your boating education. Are you a pilot by trade and have navigational skills? Savings may be available.
- Do you belong to a yacht club? — you might be discounted on your premium.