Saskatchewan has over 100,000 beautiful waterways – giving us the constant urge to go boating! When you love boating as much as we do, you want to protect your vessel and passengers at all costs.
Boat insurance is not legally required but is highly recommended, especially if your vessel is valued over $5000. In most cases, you should be insuring your vessel for its agreed or stated value, which represent what it would cost you to fully replace your vessel in the event of an accident.
If you have ever taken out an insurance policy before, you are probably familiar with the term “All Risk”. All Risk policies cover many types of losses you may suffer in boating accidents, however there are some damages that are not typically included, for example freezing damages, deterioration and ordinary wear and tear. You should familiarize yourself fully with your boat insurance policy to understand your coverage; every policy is different so it’s important to know what is covered and what is not in the event of an incident.
This is especially important because certain policies allow persons other than the captain to drive the vessel, while others do not. If you get into an accident while violating your policy, it may become void – so know your insurance policy to prevent any surprises! Similarly, policies can have differing restrictions on how far you are permitted to travel from your home dock and remain covered. Depending on your policy this may also include coverage for a certain distance of land travel, handy if you’re planning on going on a long-haul trip. As a boat owner and responsible captain, it is your responsibility to know and understand your policy.
In Saskatchewan, we are smart boaters who know the importance of boat insurance and keeping our passengers safe. Boat insurance allows you to be prepared for the unpredictable events in your boating life. Someone stole your boat from the dock? There’s a policy to cover that. Hit a rock while out for a cruise? Your policy has got your back. Most policies will also offer additional services such as “protection and indemnity” which can cover legal fees, accidental damage, wreck removal and towing, and pollution damage. Some boaters opt for additional coverage such as personal effects, death benefits, and medical payments.
Boat insurance gives Saskatchewan boaters the peace of mind they need to properly enjoy all our beautiful waterways. Not only do they feel peace of mind because they are covered in case of emergency, they know they are saving money, too! If you find yourself in a boating accident and are covered by boating insurance, you could save thousands of dollars on damages and fees. What if we told you that boat insurance can save you MORE money? If you’ve taken a Transport Canada approved boating safety course, many brokerages will offer you a discount on your premium. Cruising down the Saskatchewan River just got more relaxing…