Risk & Business Magazine Gillons Insurance Spring 2016 | Page 7

Protecting Your Toys
Insuring Campers and Boats

BY: MYLES KUHARSKI, BRANCH MANAGER, THUNDER BAY, GILLONS INSURANCE

A

,
t some point or another,
most people
in Northwestern Ontario flirt with
the idea of purchasing a camper or a boat.
A lot of people make the decision to buy
one or the other and some even purchase
both. It doesn’t matter if you are a new
camper or an experienced boater, having
the right insurance coverage for this type
of property is paramount.

Choosing the right coverage for your ‘toys’
is an important aspect of ownership.
Not only do you want to protect your
investment, but you also need to be covered
in the event of a liability. If purchasing
a brand new boat or camper, insuring
your investment is critical and if you are
financing your purchase through a bank
or credit union it is very likely mandatory.
If you own or are purchasing an older
model, physical damage coverage can
vary, depending on the year, make, model
and cost of the property. The other key
coverage is liability. If someone gets hurt or
you damage someone else’s property while
using your boat, you could be at risk for a
liability claim. A claim of this nature could
be in the millions of dollars. I have heard
many times, “I’m not going insure that old

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boat! It’s only worth $1,000.” The real issue
is this: Forget the value of the boat. Think
about getting sued for injuries caused by
you or someone else driving your boat. In
an effort to save a couple hundred dollars a
year, do you want to risk your life savings
for one mistake at the lake? You don’t
have to be operating your boat when the
mistake took place; you can get sued for
millions simply for being the owner.
There are two primary means by which
you can insure campers or boats. You can
either insure them as an addition to a
homeowner’s insurance policy or you can
get insurance through a specialty market.
Both are attractive options and can vary
from insurer to insurer, but it should be
clear from the beginning that either option
will have its differences. Speaking with a
broker is the key to understanding which
option is right for you.
So, how much coverage do you need?
Well, a fine line exists between being overinsured and being underinsured. While
you don’t want to be caught holding the
bag without enough insurance to cover
what you have, you also don’t want to

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go overboard and pay premiums on an
unrealistic amount of insurance. Where
is the line? This is where you turn to the
experts at Gillons. Recreational properties
vary, as do the needs and expectations of
their owners. Policies need to be tailored
to fit these specific needs.
This type of property exists primarily
for recreation and fun and while no one
wants to imagine the worst, being properly
insured will afford you the peace of mind
that comes with being covered for any
eventuality.
Do yourself a favor and call Gillons for
sound advice on how to properly safeguard
your recreational property. We have
extensive experience with this type of
insurance because like you, we live in
Northern Ontario and own this type of
property. The experts at Gillons will make
sure that you are suitably covered against
the exposures and liabilities you may face
with your recreational property.
Myles Kuharski, BA,CAIB, is the Branch
Manager at Gillons Insurance in Thunder
Bay.

SPRING 2016

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