PWC Insurance OntarioWhen it comes to your personal watercraft and boat, it is important to insure them with specialized coverage that goes beyond the standard coverage offered by your home insurance policy. Our specialty is marine insurance. We can insure your cruiser, runabout, pontoon, jet boat, fishing boat, bass boat, sailboat, trawler, PWC and more. Coverage is available for residents of Ontario.
Common insurance questions from PWC owners
Do I have to insure my PWC?
Can I insure my PWC under my home insurance policy?
Most home insurance policies will not allow you to insure your PWC on the policy. You may have no choice but to insure your PWC under a stand-alone boat insurance policy. Contact your broker to find out if coverage is available.
Home insurance policies are not intended to cover marine risks and have limited coverage for PWCs where as a stand-alone PWC insurance policy will offer all-risk coverage. The basis of loss settlement on a stand-alone PWC insurance policy is Agreed Value which is the amount shown on the policy declaration page. On a home insurance policy, the basis of loss settlement is Actual Cash Value which is replacement cost less depreciation. You may save some money by adding your PWC to your home insurance policy but it could cost you thousands of dollars when a loss occurs, assuming you have coverage in the first place.
Lastly, if you insure your PWC under your home insurance policy, a claim on your PWC counts as a claim against your home insurance policy. Once you have a couple of claims, your insurance company may cancel your home insurance policy. If that happens, you will have to purchase a high risk policy at triple the premium you were paying before.
What is the difference between Agreed Value and Actual Cash Value?
Do I have coverage when towing my PWC?
What are the navigational limits?
This insurance applies only when the Insured personal watercraft is located within the following navigation areas and land within these limits:
East Coast of Canada and U.S.A (east of 120 degrees of longitude west): Inland and coastal waters of Canada and United-States between 40th and 52nd latitude North but no farther than 10 nautical miles offshore. Navigation south of Tappan Zee Bridge on the Hudson River in New York Harbor is excluded
West Coast of Canada and U.S.A (West of 120 degrees of longitude west): All Canadian Inland waters except the Fraser River above the junction of the Sumas River no further than 10 nautical miles offshore Costal waters within the area bounded by lines drawn between Cape Flattery (U.S.A.) and Owen Point (Canada) to the Southwest of Vancouver Island, Cape Sutil and Mexicana Point and Cape James and Allison Harbor to the Northwest of Vancouver Island no further than 10 nautical miles offshore.
If you plan to travel outside of the Navigational Limits, additional coverage may be available. Contact your broker with details of your trip.