Waypoint Insurance - Risk & Business Magazine Waypoint Insurance Summer 2020 Magazine - Page 27

MARINE INSURANCE WHO NEEDS MARINE INSURANCE? Marine insurance is essential for all watercraft owners, whether the use is for business or pleasure. Your vessel is more than just a pleasure craft or business vehicle. It is a significant investment of your financial resources. A marine insurance policy ensures financial security in the event of an accident or other unforeseen event. Injuries and collisions can be caused by unexpected changes in weather or encounters with marine life as well as unpredictable actions by other vessels and passengers. Levels of recommended marine coverage will vary based on each operator’s unique needs. Let a Waypoint agent work with you to determine which coverage is right for you. You may think that your watercraft use is fully covered under your home insurance policy, but this is usually not the case. Although some home insurance policies include watercraft, there are often limits on inclusion and degree of marine-related risks. A comprehensive marine insurance policy is essential to mitigate risk on the water. COST AND COVERAGE Waypoint offers marine insurance policies for every explorer, from small-scale pleasure fishermen and water sports fanatics to competitive sailors and chartered whalewatching adventurists. With flexible pricing, we’re ready to work with you to build a policy that fits your needs. Most watercraft policies cover the vessel structure and machinery. Additional coverage for equipment—such as trailers, tenders, and onboard equipment (e.g., GPS systems)—is also available. Experienced agents are eager to serve you and offer competitive pricing at one of our 17 locations across beautiful BC. Discounts are available for boating educators and experienced boaters. We also offer preferred rates for higher deductibles and a claimsfree history. All claims are adjusted and examined locally. We accept marine insurance claims 24 hours a day, 365 days per year. Our marine coverage is comprehensive, meaning it comes with very few exclusions. We will also establish the full amount to be paid out in the event of a total loss at the onset of the policy, so you won’t be hit with any surprise figures. We have a variety of marine coverage options available to help you find the perfect fit. Some coverage highlights include the following: • full replacement on new boats • partial losses including damage, equipment repair/replacement, and theft • coverage for contents including personal belongings • protection and indemnity coverage up to $2 million • uninsured or underinsured boater protection • emergency towing expenses in the event of mechanical failure up to $2,500 • emergency medical expenses up to $10,000 • accidental death or search-and-rescue expenses • coverage for accidental pollution or wreckage • year-round coverage for off-season protection • loss of use during a claim up to $5,000 • special coverage for racing sailboats, boathouses, and other less common vessels MARINE SAFETY Don’t forget the rules of the water while you’re cruising the summer waves. The Insurance Bureau of Canada provides six key steps for boat safety this season: 1) All marine pleasure craft operators must carry their CPS Pleasure Craft Operator (PCO) card with them at all times while operating a marine vessel. 2) Check the weather before going out on your boat to ensure no hazardous conditions are in the forecast. 3) Know where you are going and how you are getting back. It is advisable to physically map out your route before hitting the water. 4) Fill up your tank before you go. Know how much fuel your vessel will need for the distance you are planning to travel. Keep spare parts and safety equipment aboard the vessel at all times. 5) Every person on board needs to be equipped with a Canadian-approved lifejacket or personal flotation device (PFD) of an appropriate size. Check that all seams, snaps, belts, and zippers are intact and functioning properly before each journey. Remember, bright colours are easier to spot in the event of an emergency. 6) Watercraft and alcohol do not mix. Do not operate your vessel if you have consumed alcohol and are intoxicated. There is zero tolerance for alcohol consumption while operating a marine vessel. +