Boat Insurance

Thanks everyone.

I have made a few calls and are still shopping around.

Just be clear, this boat is for PLEASURE only, no charters as of yet, although I may be looking down the road as I do guide hunters in the fall and used to guide on the west coast. I need to learn the area before I could ask someone to pay me money for fish.....

again thanks for all the info so far

SS
 
Here it is, Nov 2009:

Hello Mr. Wagner

The vessel over 5 GT should have operator with Limited Master <60 GT NOW.
The vessel under 5 GT " " with MED and ROC training.

SVOP will become compulsory by 7 Nov 2009.

Regards

Boris Glazar
Marine Inspector / Inspecteur Maritime
Marine / Maritime
(250)363-0394,Facsimile/Telecopier (250)363-0330
TTY/ATS (613)990-4500
glazarb@tc.gc.ca
Transport Canada/Transports Canada
501-1230 Government St.
Victoria, B.C. V8W - 3M4
Government of Canada

-----Original Message-----
From: Kelly Wagner [mailto:info@lastchancefishingadventures.com]
Sent: Tuesday, December 04, 2007 10:57 PM
To: Glazar, Boris
Subject: SVOP


Is SVOP a requirement for a sport fishing charter boat under 12M for 2008 yet?
 
I have my boat insured thru Alder Insurance in Campbell river. I thinks its thru loyds of london. It cost me 450 a year and I was not required to have a survey done.I just declared a value(looked through ads of simular boats for sale)and have 2 million liability, and $5000. personal goods coverage, plus hull and and motor coverage.
I couldn't believe that a survey was not required, especially for a 1989 boat. I think if you have an outboard a survey may be required.
 
I think a survey is needed for a high value boat, say, 10K plus. I didn't need one for a stinky olld 25' Bayliner Saratoga vintage 1977, but both of my H23's needed them. Neither did my 1990 215 Fishing Machine, I think if the value you declare is on par with the bulk of a certain model you are insuring, they just roll with it.
 
quote:Originally posted by SerengetiGuide

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
Click to expand...

The guy who shares my dock has a 30-35 foot charter boat he is also a surveyor.That is his living.We are always talking about rules and requirements for charter boats.The amount of hoops you have to jump thru with a big boat is quite impresive as I thought briefly about doing it in mine... but he claimed most if not all of the requirements were not needed for vessels under 27ft.He has to have canister liferafts....Candian Steamship Inspections major liability...yearly surveys stuff like that.He also mention a lot of charter guys rather than dealing with the BS were just downsizing to smaller 27 foot boats.

.....who knows for sure the government is notorious for just changing the rules mid stream
 
quote:Originally posted by LastChance

Here it is, Nov 2009:

Hello Mr. Wagner

The vessel over 5 GT should have operator with Limited Master <60 GT NOW.
The vessel under 5 GT " " with MED and ROC training.

SVOP will become compulsory by 7 Nov 2009.

Regards

Boris Glazar
Marine Inspector / Inspecteur Maritime
Marine / Maritime
(250)363-0394,Facsimile/Telecopier (250)363-0330
TTY/ATS (613)990-4500
glazarb@tc.gc.ca
Transport Canada/Transports Canada
501-1230 Government St.
Victoria, B.C. V8W - 3M4
Government of Canada

-----Original Message-----
From: Kelly Wagner [mailto:info@lastchancefishingadventures.com]
Sent: Tuesday, December 04, 2007 10:57 PM
To: Glazar, Boris
Subject: SVOP


Is SVOP a requirement for a sport fishing charter boat under 12M for 2008 yet?
Click to expand...

SVOP obviously isnt...straight from TC. Saves $400-$500 anyway. Although Med A3 is kind of a joke...so in reality it should be required...but isn't yet.
 
I'm so tired of people trying to avoid the obvious...those of us that want to be charter boat Captain's</u> should give Ron a call a Quicknav in on Granville Island a call...he's got rcmp and city police in there right now...can't run a commercial vessel without a SVOP...you can work on the boat but if you are the master...you need it.
Look, I just do what the bureaucrats tell me...I may not even agree with it...I'll tell you one thing though...it should never be about saving $500 when it comes to this sort of stuff...just go get the course already!
On second thought...I don't really care about any of this **** anymore...just to much un-written rules and bureaucracy...everybody just go fishing and we'll see what happen's next year...they'll probably come up with a bunch more rules in the new year anyways!
Now I'm really tired of this topic...
 
Anyone have a pleasure craft policy with a declared-value settlement as opposed to one based on current market value? If so, with who and if you don't mind sharing for what premium at what value?

I've always felt that if your boat was under 20' and more than five years old then boat insurance, other than liability, was a bit of a waste of money when you compare the premuim costs to the potential payout after depreciation. I think lot's of folks sign up for a 30K policy, as that's what they paid for their boat, but the depreciated value may be under 10K and with a $500-800 annual premium plus the deductable you seem better off self-insuring to me. Cleary a different story for a more expensive boat.

I'd assume if you lost your boat you'd want to replace it with a new one so always wondered why more marine insurance companies didn't offer either replacement cost or declared value policies. The premiums would obviously be higher but at least you'd actually be buying a set value of insurance, like a life insurance policy, rather than a policy whoes value is determined by the insurance company and that decreased significantly every year even though your policy premium doesn't....

Anyone else have a different take on this?
 
The wording in my policy is "We will pay the amount of insurance shown for your yacht, tender and tender's outboard motor shown in the Declaration, if there is a total loss. We will pay that amount, if the reasonable expense of repairing and replacing the property equals or exceeds the amount of insurance.

We will pay other losses without any amount for depreciation with the exception of the following items:
a. canvas boat covers, dodgers, sail covers and tarpaulins
b. sails and spinnalers
c. batteries"

Having said that I do not know how the payout would work in case of total loss, or if I ever had a claim.

One of the other reasons to have insurance is the liability aspect. If you are ever involved in an accident and are held responsible the cost could be quite high, especially if injury is involved. My premium beaks down to about 75% for the hull and 25% for protection and liability.

If you are looking for more details I'd be happy to share them off line.
 
Yep, that's a declared value policy, which seems like a good way to go to me - who is your policy with?

I agree that you should ALWAYS have liability insurance on your boat but for smaller boats with reasonable power you can usually extend the liability coverage of your home policy to cover your boat for $50-100 a year so there are less expensive ways to get liability insurance than paying for a standalone boat insurance policy.
 
The policy states the insurer is "Underwriters at Lloyds - Watkins Yacht"

If you give me your email I'll give you more info on my policy if you want.
 
Good to know. Llyod's of London is the underwiter but they only deal thru brokers so in your case Watkins Yatch was acting as the broker.

Here is a link for a BC based broker offering both yatch and motorboat coverage www.yacht-insurance.ca/insurance/yachts.html

I'm on a commercial policy so I don't actually need this but if I was to insure a private boat I'm pretty sure I'd go with this type of declared value policy unless the premiums were rediculous. I brought it up mostly because I thought it would be a good board topic as I'm not sure how many people are aware of the difference in the policy types.
 
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