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. +