Boat Insurance for Digby and all of Atlantic Canada
One of the most exhilarating experiences is taking your boat out on the open water. Whether you are enjoying the wind blowing through your hair as your cruise the waves or listening to the buzz of a cast out fishing line, on the water is the place to be. However, if you do not have the right boat insurance policy, you could be sitting out the next boating season.
Millions of people enjoy recreational boating every year. However, when it comes to properly insuring your vessel, the overwhelming sense of confusion is not very enjoyable. The reason for such confusion is that in the world of insurance, boats are a bit different than everything else. Obtaining a small boat insurance policy can be similar to purchasing auto insurance, while other types of boat or yacht insurance can be more similar to purchasing a home insurance policy.
Fairway Insurance Services Inc. headquartered in Digby, Nova Scotia, are knowledgeable marine insurance experts. They are able to answer all of your important questions about boat & yacht insurance. You will be able to rest assured knowing that you have the right amount of coverage at the most affordable price.
Why You Need Boat Insurance
If you are a new boater, you may think that your home insurance policy is going to magically extend to provide coverage for your boat. Unfortunately, this is not the way it is in most cases.
A number of homeowner’s insurance policies only have a trifling amount of coverage for the smaller vessels. This, usually only includes boats that have a very small engine or no engine at all. However, if your boat is valued at tens of thousands of dollars, it is a pretty safe bet that your home insurance policy is not going to provide you with the coverage that you need. Boats and Yachts are unique vessels, which means that they require a policy of their own. Having a separate boat or yacht insurance policy will not affect your home insurance in the event of a loss.
Your boat does not have anything to do with your home any more than your automobile does. Your home is not going to go anywhere. However, like your car, your boat is mobile and can go anywhere. This means that it requires a separate insurance policy.
On the other hand, you may be able to save money by having your watercraft insurance, car insurance and home insurance through the same broker. Fairway Insurance Services Inc. will be happy to help you explore all of you options in order to save you as much money as possible on your insurance.
Boat Insurance Is Different From Auto or Home Insurance
In a way, boat insurance is kind of like a mixture of auto and home insurance. Like your homeowners insurance policy, a boat insurance policy will provide you with liability coverage. This will protect you if another person sustains an injury while you are operating your watercraft. You may also have the option to choose between an actual cash value policy and and an agreed amount policy. these two policies are widely different when it comes time to make a claim for damages to your boat or for a total loss.
Agreed Value & New for Old
Like a car, the minute that you drive your boat off the lot, its value begins to depreciate.
At Fairway Insurance Services Inc., we manage the Mainstay Yacht Plan. If you qualify for this program your policy will be on an agreed value basis. This means that you know exactly what you are entitled to should your yacht have or become a total loss.
Most Partial Losses for the boat and equipment are covered on a "new for old" basis.
Eligible watercraft are:
- Express Cruisers
- Sports Fish
Uninsured Boater Protection
Additional coverage for your injuries caused by a collision where a hit-and-run or uninsured boater is at fault.
Fuel Spill Liability
This included liability protection protects you from claims for clean-up or 3rd-party damage due to the accidental discharge of oil or fuel that can occur in a sinking, fire, collision, grounding, etc. This "green coverage" is crucial now that laws subject boaters to liability for cleanup, containment, and environmental damage.
Broad Cruising Area Options
Whether you boat inland or coastally, we'll insure your boat anywhere you cruise in Canada the U.S. or beyond.
Coverage can be easily added for the following items:
- Personal Effects Over $15,000
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