Boat Insurance Ontario

A marine survey is an appraisal on the boat performed by a qualified marine surveyor. It is an in-depth document containing information on the condition of the boat and an estimate as to the current market value. A survey usually ends with the surveyor’s recommendations regarding repairs or safety issues. A survey can cost upwards of $250 or higher. It should not be confused with a marina letter that is typically one page and costs very little.

Surveys are generally required on vessels that are 15 years of age or older. Insurance companies may accept surveys that have been done within the last 5 years. The insurance company will want to review the survey prior to providing a firm quote or an insurance policy. Any serious recommendations will have to be completed prior to insuring the boat. Less serious recommendations can be completed after the policy is issued.

If you are looking at purchasing an old boat, request a survey from the seller. If there is a recent survey, have the seller go through all of the recommendations to see which ones have been taken care of. If the seller has not completed the recommendations, then you will have to complete them. If you purchase the boat without a survey, you run the risk of purchasing an uninsurable boat with huge repair bills.

Are you looking for a marine surveyor? Click here.

Anyone can operate your boat or jetski as long as certain conditions are met.

• The operator must be of legal age to operate the boat. According to Transport Canada, an operator under the age of 12 can operate a boat up to 10HP with no direct supervision. An operator between 12 and 16 can operate a boat up to 40HP with no direct supervision. No one under the age of 16 can operate a personal watercraft, regardless of horsepower or supervision. Direct supervision means a person 16 years of age or older is in the boat and directly supervising the operator.
• The operator must hold a valid boaters licence (Pleasurecraft Operator Card).
• The operator must have permission from the owner to operate the boat.
• A boat insurance policy covers pleasure use only. If you are receiving money for the use of your boat such as renting it out, there is no coverage. This is considered commercial use.

You pull your boat out of storage in the spring and discover that a family of raccoons have torn up the seats and made themselves a home in the winter. Most boat insurance policies will cover damage to your boat from rodents and vermin. Check your policy to make sure.

The physical damage to your boat and trailer is covered under your boat insurance policy. The liability coverage is covered under your auto insurance policy. For example, if someone rear-ended you and damaged the boat and/or trailer, this would be covered under your boat insurance policy. If the trailer disconnected from your vehicle and damaged a third party vehicle, your auto insurance policy would respond.

Your home insurance policy may offer an easier and less expensive way of insuring your boat. However, that may not be an option because many insurance companies will only insure boats up to a certain length and horsepower. Some companies won’t even consider insuring a jetski. Also, a home insurance policy is not a boat insurance policy and does not cover emergency towing and loss of use among other boat specific coverages. If you have a claim on your boat, it will count as a claim against your home insurance. If you have too many claims, your insurer will cancel your home insurance policy.