Boat insurance is crucial for protecting your investment and ensuring peace of mind. It offers financial protection against various risks, whether your boat is docked at a marina, stored for the winter, or on the move. Here are the key points to consider:

Why You Should  Insurance Your Boat

Theft and Vandalism Risks: Marinas, while generally secure, are not immune to theft and vandalism. Boats can be attractive targets for thieves, and incidents of vandalism can occur, potentially leaving you to bear the financial burden of replacing stolen items or repairing damage caused by malicious acts.

Accidental Damage: Accidents can happen even when your boat is docked. Other boats may collide with yours, or your boat could be damaged during docking maneuvers. Additionally, natural events such as storms can cause significant damage. Boat insurance may help you manage repair costs and get your boat back in the water.

Liability Protection: Marinas are busy places, and accidents involving other boats or marina property can occur. If your boat causes damage to another vessel or marina infrastructure, you could be held liable. Liability coverage in your boat insurance policy can help protect you from the financial repercussions of such incidents, including repair costs and legal fees.

Environmental Damage: Boats can sometimes cause environmental damage, such as fuel spills, which can lead to hefty fines and cleanup costs. A boat insurance policy may include coverage for environmental damage under certain circumstances, ensuring that you are protected from the financial impact of such incidents.

Compliance with Marina Requirements: Many marinas require boat owners to have insurance as a condition of docking. This requirement helps protect the marina and other boat owners from potential liabilities. Having boat insurance ensures that you comply with these requirements, avoiding any issues with your marina management.

Peace of Mind: Knowing that your boat is insured provides peace of mind. You can enjoy your time on the water without constantly worrying about potential risks.

Additional Benefits: Boat insurance policies may come with additional benefits such as towing services, emergency assistance, and coverage for personal belongings on the boat. These benefits can be incredibly useful, especially in situations where you need immediate help or support.

Winter and Trailering Coverage

Boat insurance is highly advisable, even during the winter, to protect your boat from potential damage or loss, whether it is stored in a facility, marina, or your driveway. While you can winterize your boat yourself, having a professional handle it is often more prudent to address any issues that may arise during the process.

Your insurance policy typically covers damage to your boat if an accident occurs while trailering it. Most marinas require boat owners to have insurance, and even if your marina does not mandate it, having insurance ensures your boat is protected in various storage situations.

Information for Snowbirds

For snowbirds, group discounts may offer benefits such as 12-month navigation without a lay-up period, though damage from ice or freezing is not covered. However, coverage for southern cruises is no longer available.

Overall, boat insurance provides essential protection and peace of mind, allowing you to enjoy your boating experience without unnecessary worries.

By: Susan McGall R.I.B(Ont.) 
Manager, Personal Insurance for Cowan Insurance Group

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