Two groups of boaters waving at each other on a body of water

Maritime Boat Insurance

If you have spent any time in the water in Nova Scotia, New Brunswick or PEI, you know whatever can happen, will happen quickly. Owning a boat is tons of fun, but accidents can happen:

  • You could collide with another boat damaging both vessels, or collide with an object and damage your own
  • You could collide with someone’s dock causing damage to the dock and your own boat.
  • You could run into swimmers or surfers in the water causing bodily injury or death.

AA Munro Insurance also has access to boat insurers that will offer you claims-free and Canadian Sail and Power Squadron training discounts. Dry Dock and higher deductible discounts are available as well.

Do I Have Replacement Cost on My Boat?

Typically boat policies do not include replacement cost. The replacement of your boat in the event of a loss will be based on one of two things. If you have an Agreed Value policy, the insurer will pay out the amount that you have agreed as the value. Or you may have an Actual Cash Value policy, which means the insurer will payout only what the boat is worth at the time of loss regardless of what you may have it insured for. Actual Cash Value calculation considers things like depreciation, current condition and market value.

Is Insurance Required on My Boat?

Currently the province of Nova Scotia has not made it mandatory for you to have pleasure boat insurance. However you are running the risk of losing everything if an accident occurs. If someone were hurt and you were found at fault, you could be sued for your liability. This would all have to come out of your pocket.

Does My Home Insurance Cover My Boat?

Most homeowners policies do not extend coverage to pleasure boats. Some insurers will allow you to add the boat on the policy, but it is not covered under the basic policy. All homeowners policies have special limits of insurance. Most of them will limit the payout on a boat to between 500 and 2000 dollars.

Where Can I Drive My Boat?

Many boat policies are issued based on what type of water you are driving your boat in, coastal or inland. The range of use for your boat will all depend on the insurer, but typically it is only when you use your boat in coastal waters where the boundaries begin. AA Munro Insurance has access to insurers that will allow you to use your boat both in inland waters and coastal with minimal restrictions within North American waters.

How Much Does Boat Insurance Cost?

There are several factors that will be considered when calculating the your boat insurance premium. The type, age and use of your boat will make a difference, as well as its condition and cruising area. We’ll find you savings wherever we can!

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