YACHTS & PLEASURECRAFT
The majority of people who inquire about boat or yacht insurance privately own a boat or yacht moored at a marina near their home community or their preferred cruising area. They use their vessels entirely for their own enjoyment while cruising the local waters and they qualify for coverage under BC Yacht Insurance Brokers Exclusive Program.
POLICY BASICS
Persons covered
Your policy protects you and anyone over the age of 16 who has a valid driver's licence or harbour licence operating your boat with your permission within local area waters.
The policy does not extend to any paid crew member, marina, repair facility or any other such organization.
Activities not covered
Your policy will not cover damage or liability if the vessel is being operated outside of the defined navigational area stated in the policy. Different areas apply to different vessels and different operators depending on the seaworthiness of the vessel and the training and experience of the skipper.
Your vessel must not be chartered, leased or used for any commercial purposes or exchange whatsoever. Exceptions can be made but only in writing by a duly authorized and signed endorsement to the policy. Coverage is available for certain commercial uses such as skippered charters but not under the terms of this basic policy.
The vessel must not be used for racing or speed testing. This limitation does not apply to sailboats; however some other restrictions and limitations may apply.
Please contact your BC Yacht Insurance Brokers customer service representative for clarification as required.
WHAT YOUR COVER INCLUDES
Agreed Value for your Boat* (replacement cost coverage)
Our standard policy will pay for the full cost of repairing your boat in the event it is damaged from an insured event - subject to the Agreed Value that is stated on your policy declarations page (See Coverage Notes in the sidebar).
It also covers any reasonable costs incurred in protecting the vessel from loss or further loss and for salvaging your vessel if it sinks or is washed ashore.
In any case, the policy deductibles apply.
No depreciation on most losses is a significant benefit in BC Yacht Insurance Brokers' custom policy wordings.
Auxiliary Equipment
If stated on the policy declarations we will include coverage for the vessel's tender, dinghy, liferaft, auxiliary motor or trailer. A $250 deductible applies to most such items.
In the event the cost of repairs would exceed the cost of replacing these items, the insurance company will pay for new equipment up to the declared value(s) on your application; or if you choose, they will pay out the actual cash value of same at the time of loss.
Boathouse Coverage
If you own a boathouse, you may insure it under the terms of this policy. An additional premium will be assessed. Protection & Indemnity Liability Coverage for the Boathouse is included under our coverage while many conventional Boathouse policies do not provide any liability coverage.
Personal Property
Your personal effects and those of your guests are automatically insured for up to $3,000 while stored on your boat. However, coverage does not include high-value portable items such as cameras, jewelery, cell phones, cash or traveller's cheques.
For Liveaboards we offer the option of buying a normal Tenants Insurance Policy for personal property on your boat. This policy includes worldwide coverage for your personal belongings while away from the boat and it also provides $1,000,000 worldwide personal liability insurance coverage. This covers you for liability arising from your other activities away from the boat, perhaps you had a collision while riding a bicycle, or you accidentally injured someone down while out shopping.
Some limits and exclusions apply to all policies and you should always read your policy thoroughly then contact your BC Yacht Insurance Brokers representative for clarification as required.
Your Boat on a Trailer
For smaller boats, the insurance coverage for your boat remains in effect while the boat is on a trailer and the trailer is either attached to a vehicle, stored in a locked compound area or chained to an immovable object. However, when the vehicle is on land there is no coverage under this policy for auxiliary equipment such as dinghy's and life rafts while kept in, or on the vessel.
Protection & Indemnity Liability
Your insurance coverage protects you against lawsuits that might result from the accidental death or injury to third parties as a result of the ownership, use or operation of your boat. It also covers the costs of repairing damage should your boat cause damage to another vessel, a float or dock, or any other object.
Your policy also covers any legal costs that may accrue as a result (with prior approval of your insurance company).
The amount of coverage is clearly stated on your policy. Some limits and exclusions apply to all policies and you should always read your policy thoroughly then contact your BC Yacht Insurance Brokers representative for clarification as required.
Disposition of Wreckage
This coverage includes the cost of raising the vessel and the removal and destruction of any wreckage as may be required by law.
Rescue
Your coverage includes the cost of rescuing you, your passengers and your crew if required.
Towing
Your policy covers reasonable towing expenses to the nearest repair facility or fuel depot, if you run out of gas or experience a mechanical breakdown. The policy covers emergency towing at any time to secure or keep the vessel safe, however, this coverage is normally subject to the policy deductible for the Hull & Machinery section. The additional towing coverage limit is $500 per incident and a $50 deductible applies.
Medical Payments
Your policy will pay third parties (non-paid passengers or crew) up to $1,000 per person for medical or funeral expenses resulting for an accident onboard or from an accident boarding or disembarking your vessel. There is a limit of $5,000 per accident no matter how may people are injured.
Underinsured Vessel Protection
The policy protects you and others covered by your policy, against bodily injuries caused by others operating a vessel that does not have adequate insurance coverage. Your insurance company will cover the difference between any legal judgment you win and the amount of coverage actually available from the negligent party (underinsured) to a maximum of the limits of coverage stated on your policy declarations and a minimum of $1,000,000.
More Information
Download an Application Form
Contact a BC Yacht Insurance Representative
