Insuring Your Boat

Surrounded by the Great Lakes as we are, many people enjoy recreational time on the water. If your boat is financed, docked at a local marina or stored in your private boathouse, insurance can protect your liability risks. While boat insurance is not mandatory it can cover damage, liability and other unforeseen events and the brokers at DPM Insurance Group are prepared to assist you in finding the best coverage to meet your needs.

Types of Insurance

Hull and Machinery insurance can provide damage coverage up to the total loss of your boat and attached equipment.

Protection and Indemnity insurance provides liability coverage that protects you against property damage and bodily injury. It also provides help with investigating a loss and preparing your defense. If you are found to be at fault, it provides payment up to the limit listed in your policy.

Medical Payments insurance provides coverage for incidental medical expenses due to an incident on your boat.

What insurers need to know

The information that an insurance company requires about a boat and its operators is similar to the type of information it needs to provide auto insurance. It includes:

• The boat’s length, type and value
• Its condition and market value – your insurer may ask for a survey if your boat is more than 15 years old
• How frequently the boat is used, what it’s used for, and how and where it is stored
• The waters you typically navigate and if you ever charter your boat
• The experience, loss and claims history of the owner and/or operators
• If the operators are members of the Sail Canada or Canadian Power and Sail Squadrons.

At DPM Insurance Group, whether you’re on land or on the water, Your Security – Our Responsibility.