Boat Insurance

Sitkaspruce

Sitkaspruce

Well-Known Member
I have done the search and could not find much about it.

Can you guys/gals help me with what type to get, where or from whom, the good, bad and ugly experiences and basically help me weed out what is needed and not needed.

I will not be using the boat for chartering, will be keeping it on land when not in use and will be used both on the Island and in the interior.

Thanks

SS
 
Opps, I see I posted it in the wrong forum, should have been in the general discussion area. Can I move it or will some one else move it.

Sorry

SS
 
I store my boat at my home on a trailer, use it only for recreational purposes and had it insured on my house insurance. The home insurance policy, however, is limited in it's coverage for protection (loss, damage or injury) resulting from it's use so I went with a marine policy. My marine policy is twice the cost at approx $500 for $30,000 of insurance, however, I have much better coverage.
 
When you are insured using your house insurance you need to find out if you are only insuring your own property or whether you also have liability insurance that will protect you when you damage someone else's boat.

I suggest that you get a copy of what you have on a house policy and compare it with what insurance you get when insured on a marine policy. I keep my boat in the water and store it off my property so I am concerned with limitations on policies.

If you want to do reading, I can scan my policy wording and send it to you. Best also to talk with a knowledgable insurance agent.

Marine insurance is not cheap. Mine is about $460 for $18,000 of coverage.
 
quote:Originally posted by Concerned Angler

I have never insured my boat for more than $8000-- that was for market value-- not replacement. It was a rider on my household policy with Comox Valley Insurance-- Now Insurans Center. But a couple of years ago they insisted that I get the boat surveyed--- that was going to cost more than the insurance-- so I dropped it.

But for that joytoy that you have just stolen -- sorry-- I should say-- "Purchased in a very estute business deal!!:D-- I would make sure its insured for full replacment value.

Might be worth inquiring with them-- if you wish I could make a couple of calls and get back to you.

Cheers
Click to expand...

That would be great!!!

I will start to make some calls as well.

As to me "Stealing" the boat....what can I say, I am a VERY good "wheeler an dealer" or maybe I am just luck to be at the right place at the right time.....ya that's it...lucky[:p].

Be nice or I will not let you have a ride on the joytoy!!!!

talk to you later

SS
 
SitkaSpruce...if your going to use the boat for chartering...you'll need a survey and a transport canada inspection...
You'll also need a Med-A-3 course, SVOP course and a ROC-AC radio operators course...
All above is what you need to charter in B.C. this year..
Proper insurace through a reputable underwriter will run you between $1000 to $2000+ for the year if you are running charters...lot's of variables to that one but it ain't cheap...
 
quote:Originally posted by richmake

SitkaSpruce...if your going to use the boat for chartering...you'll need a survey and a transport canada inspection...
You'll also need a Med-A-3 course, SVOP course and a ROC-AC radio operators course...
All above is what you need to charter in B.C. this year..
Proper insurace through a reputable underwriter will run you between $1000 to $2000+ for the year if you are running charters...lot's of variables to that one but it ain't cheap...
Click to expand...

No chartering this year for me. Just lots and lots of fishing for me and the family.

Thanks
 
I have been using Premier Marine Insurance company for 4 years now with good results. I had one claim last year when I hit a log at Port Alberni and they paid for most of the repairs without a fuss. The policy covers the boat, motors, electronics, downriggers, personal contents and the trailer. Shop around as there are a few different companies with different rates, also not all fishing areas are covered with all companies, make sure you know where you can go and still be covered
 
If you have taken a CPS course you will get a discount and make sure that if you intend to go off shore or the West Coast of VI you have the correct insurance. Not all insurance policies are created equal!
 
My boat is too big to tow...if its not too big to tow its right on the threshold of needing a semi-truck and transport permits.

I pay 800.00 a year.For two million of liability.Pay outs are all relevent to market value [not its replacement value] , fire and theft.

You need first of all a million dollars in liability to moor at any federal government dock [legally] and 99% of private Marina's require a minimum of a million bucks as well before you can stay. The feds started ask for proof of insurance to moor in the summer of 06
 
quote:Originally posted by richmake

SitkaSpruce...if your going to use the boat for chartering...you'll need a survey and a transport canada inspection...
You'll also need a Med-A-3 course, SVOP course and a ROC-AC radio operators course...
All above is what you need to charter in B.C. this year..
Proper insurace through a reputable underwriter will run you between $1000 to $2000+ for the year if you are running charters...lot's of variables to that one but it ain't cheap...
Click to expand...


Also need basic marine first aid.
 
I'm pretty sure charter boats under 27 feet do have to comply with most of that stuff.
 
hmmm this is a tricky one. I guess the only way to know would be to phone them?? Plus you need to have your radio station license. And in half the regs it seems to go by length...the other half by tons...so that is tricky too...as one of our boats is over 8m's but under 5 tons
 
Howdy,

Sitka... I went through the same thing as you. Initially had my boat riding on my homeowners policy. But that was too limited and didn't afford enough liabitlity in case I wrapped one of my Son's waterskiing buddies around a pole.

I ended up dealing with Coast Capital Insurance (Tillicum Mall) and got an actual marine-policy (survey-required) and it costs me about $60/mo.

I have $2/million liability (skiier's) and the boat is insured for replacement and the figure does not decrease over the term of the policy.

The guy I talked to at Coast Capital was Adam (I think) and he was quite helpful.

Hope this helps.

Cheers,
Terry
 
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