Why Not Just Insure My Boat With My House Insurance?
All Marine Advantage will offer you far better coverage than what you can typically get with your home insurance and usually at a better price. As well, you will benefit from:
- Better basis of claim settlement
- Guaranteed Replacement Coverage on new boats
- All Risk Coverage
- Dealing with a company that knows boats
- Coverage for personal effects
- A claim on your boat will not affect the claims free discount on your house insurance
- Many additional coverages such as emergency towing, vacation expenses and wreck removal
Can I Have Guaranteed Replacement Coverage?
This coverage can be added to a boat when you are the original purchaser and it is purchased brand new in the current model year. AMA will provide this coverage until the boat is three model years old. This endorsement expands the basis of settlement so AMA will pay over and above AGREED value to replace your boat if there is a total loss in the first three model years. There is an additional cost for this coverage.
What is the “Lay Up” Period?
AMA policies are annual policies that provide coverage year round. In the winter months when your boat is in storage, loss can still occur such as fire, theft, damage cause by weight of snow and ice and rodent damage. There is a period of time that the boat must come out of the water. Except for those Vessels operating within those areas of the Navigational Limits that are always ice free, the Vessel must be properly winterized and out of commission during the following period: December 1st at noon to April 1st at noon.
Where Can I Take My Boat?
With AMA, your coverage applies when the boat is in the water, on land and being towed. However, there are limitations to where the boat can be geographically located. The boat ininsured as long as it is located only within Coastal Waters of British Columbia, Puget Sound and adjacent waters, Southeastern Alaska and navigable Inland Waters in Canada and the U.S.A.,not south of 40 degrees North and East Coast limited to not north of 52 degrees North.
What are Considered Personal Effects and How Much Coverage Do I Have?
We cover anyone's personal effects while on board the insured Vessel. "Personal effects" means clothing, sports equipment and other personal property. It does not include money, traveler's cheques, securities, valuable papers, passports, cell phones or other documents.
AMA policies automatically provide $10,000 Personal Effects coverage with a $500 deductible and the option to increase.
A loss will be paid on the basis of replacement cost except for, any article of adornment such as (but not limited to) jewelry, costume jewelry, watches or furs, in which case we will pay a maximum of $250 for any single item. We will pay on the basis of replacement cost only if the property lost or damaged is repaired or replaced as soon as reasonable possible. Otherwise the loss will be paid on the basis of actual cash value.
What Coverage Do You Offer For Emergency Towing and Salvage?
All Marine Advantage covers the reasonable expenses, up to $5000 if the Vessel becomes disabled for any reason for the following services:
1. Towing from the place of disablement to the nearest repair facility
2. Delivery of fuel or repair parts to the place of disablement, including the cost of the fuel delivered;
3. The cost of emergency labour done at the cost of disablement; or
4. Any salvage award claimed or granted by a court of competent jurisdiction to a third party performing valid legal salvage services on your vessel. No deductible applies to this coverage. Receipts must be provided to Us in order to substantiate the claim.
What is the “Basis of Settlement”?
This is the portion of your policy that determines how much you will be paid in the event of a loss. In the event of a PARTIAL LOSS, the insurance company will repair the vessel based on generally accepted shipyard practices. In the event of a TOTAL loss, your policy could pay out based on AGREED value, REPLACEMENT cost or ACTUAL CASH VALUE. AMA provides the best type of coverage, AGREED VALUE, on qualifying vessels less than 20 years old without a survey and may provide this settlement on older vessels if an acceptable marine survey is provided.
What Perils am I Insured For?
AMA policies provide All Risk coverage. This means that rather than listing the perils you are covered for, you are covered for everything except exclusions.
We will not pay for loss:
- caused by an Insured’s failure to use reasonable care in the maintenance of the Vessel.
- intentionally caused by an Insured or with an Insured’s consent.
- caused by or resulting from any of the following defects or conditions: wear and tear, gradual deterioration, rot, rust or corrosion, electrolysis or galvanic action, blistering, osmosis, faulty design or faulty construction. Engine damage as a result of overheating will be covered when the overheating is caused by internal blockage of cooling water passages by zebra mussels, provided that You use reasonable care in maintaining the vessel in light of the zebra mussel problem.
- caused by or resulting from latent defect unless a reasonably thorough prior inspection by the Insured could not have discovered such a defect or condition, and such defect or condition causes or results in a loss not otherwise excluded in this policy, then we shall pay for the resulting loss. In no event shall there be any loss under this policy for the cost or expense to repair or replace the defective part. Nor will we pay the cost of betterment or alteration in design.
- any loss, damage or expense caused by ice, freezing or extremes of temperature while afloat any loss, damage or expense caused by freezing during the lay-up period unless the vessel was prepared for winter storage by a certified marine mechanic or marina, provided the Insured has retained receipts for the work performed.
- weathering, insects, mold, mildew, fungi, spores, or any similar organisms, marine life, marring, scratching, chipping and denting
- Property seized or confiscated for breach of any law or by order of any civil authority.
We do not pay for loss, damage or expense which occurs during the operation of the Vessel (whether causally connected or not) where any Insured:
- is under the influence of intoxicating liquor or drugs; or
- is in a condition for which an Insured can be convicted of an offence under the Criminal Code of Canada.
Do You Cover Loss of Use and Additional Living Expenses?
1. Loss of Use – should the Vessel be lost or damaged by an insured peril and it is necessary for You to rent a replacement vessel while the insured Vessel is being replaced or repaired, We will reimburse you for that rental cost subject to the limits stated below.
2. Additional Living Expenses: If while holidaying, the Vessel is lost or damaged by an insured peril and it is necessary for You to incur additional living expenses while the Vessel is being replaced or repaired, We will pay the reasonable increase in costs subject to limits stated below.
We will not pay more than $500 in total per day for costs incurred under section 1. and 2. above, subject to a combined limit of $5000 per loss for 1. and 2.
Do You Need a License to Drive a Boat?
Yes, all operators of powered watercraft used for recreational purposes within Canada must be licensed. Once you pass the test the card is good for life. The law applies to all operators, regardless of age, so anyone can take the test.
The simplest way to obtain an official license is online through BOATER Exam or BOAT Smart. Both are Transport Canada approved course providers and are the most trusted provider of boating safety courses and exams in Canada.