Beyond Boat Insurance - Specialists in Marine and Watercraft Insurance

Limits and Coverage

As part of the policy, we can offer the following:

Coverage for fibreglass, steel, aluminum and wood hulls.
Coverage for older vessels with recent marine surveys.
Coverage for sailboats and power boats including runabouts, ski boats, pontoon boats, aluminum jet drive boats, bass boats, etc.
Protection & Indemnity liability with provisions for wreck removal, pollution cleanup and Federal Longshoremen's and Harbor Worker's Compensation Act coverage.
No "Patch and Paint Clause". Paint repairs are not restricted to the damaged area only.
Losses to personal effects are settled on a "Replacement Cost" basis
Coverage can include liveaboard
Coverage for electrolysis damage
Total losses are treated on a "Declared Value/Agreed Value" basis for Hull and Machinery, which means the Insurance Company will pay the limits shown with no deduction for depreciation
Reimbursement of Emergency Expenses - Coverage up to $1,000 limit; will respond in the event the boater runs out of fuel or experiences a mechanical failure which may otherwise not be an insured peril. Use of this coverage will not be considered a claim against the policy.
$1Million limit for Uninsured/Underinsured Boater Protection - Covers bodily injury when involved in a collision with an uninsured or underinsured boater.
$2Million Protection & Indemnity marine liability limit.
Water skiing liability limit included up to $1Million.
Coverage can include incidental skipper charters and incidental business use.
$2,000 limit for Personal Effects included for vessels under $250,000 in value
$10,000 limit for Personal Effects included for vessels over $250,000 in value
$5,000 limit Medical Payments included.

Evaluating a Boat for Insurance

ESTABLISHING A BOAT'S MONETARY VALUE IS ONE OF THE MOST IMPORTANT ASPECTS OF OWNING A PLEASURE CRAFT, not only from a seller's perspective, but also for other interested parties such as brokers, insurers, marine surveyors and lenders. When insuring a boat, setting the value of a brand new boat is somewhat straight forward as the selling price is a good measure of its value. But what happens to a new boat's value after depreciation or when normal wear and tear occurs? How do you factor in any upgrades to equipment and amenities? Generally, pleasure boats can be insured based on two valuation methods: Agreed Value or Actual Cash Value.

Agreed Value
The most commonly used is Agreed Value. This method uses the current market value of the boat at the time the policy is written and can be established in a variety of ways:

the purchase price if the vessel is new;
written confirmation from a reputable boat broker who operates in the same market in which the vessel is insured;
a survey by an underwriter-approved marine surveyor who can provide a condition, detail and valuation document on the vessel.

Actual Cash Value
The Actual Cash Value method more commonly applies to older boats since they depreciate over time, just like cars. However, there are exceptions. For example, some boats may be refurbished or refitted, which could enhance their value. Actual Cash Value policies cost less up-front but they factor in depreciation and only pay up to the actual cash value at the time the boat is declared a total loss. For information on facts you should know about evaluating your boat, contact a member of our Beyond Boat Insurance Team in your area.