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To ensure smooth sailing, consider boat insurance

people in a boat with buffalo boat insurance Are you a boat owner? Do you have boat insurance?
If you don’t have the right insurance policy in place, you could find yourself in choppy waters, warns Royal & Sun Alliance (RSA), the largest marine insurer in Canada. If you think you’re adequately protected under your home insurance policy, think again.

That’s rarely the case, since a typical home insurance policy often only offers coverage of up to $10,000 for boats, RSA points out. Having proper marine insurance ensures that a boat owner is properly protected in the event that something goes wrong, the insurance company stresses. RSA notes that Canadians are among the most active boat owners in the world and yet it’s believed that only roughly 25 to 35% of those have proper marine insurance policies in place.

If a boat owner causes an accident that injures one of their own passengers or someone on another boat, they could be forced to pay a significant amount in compensation under the Marine Insurance Act. Or, if they inadvertently cause a fire that damages other boats in a marina, they could be on the hook for the total cost which is why most marinas now require boats docked on their premises to have insurance, RSA points out.

The company also cautions that owners can be responsible for wreck removal if their boat gets stuck or sinks in a channel—an expensive procedure which can, in some cases, be in excess of the value of the boat.

So, you might give some thought to making sure you have proper insurance in place. It should give you some peace of mind when you’re out enjoying the water. Just saying …

- Original Source: http://blogs.leaderpost.com/2013/07/17/to-ensure-smooth-sailing-consider-boat-insurance/
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  • 8330 Main St.
    Williamsville, NY 14221