We all know that price shopping and saving money is on top of everyone’s mind in 2023. Having a boat can be a luxury but insuring it correctly will be money best spent. Penny wise, pound foolish as the saying goes. Pacific Marine has created the top tips for Canadian pleasure craft brokers to sell the right policy, for the right price for each individual boaters’ lifestyle. If your client has a fishing boat, pontoon, ski boat or cruiser, PMU has exclusive boat insurance and specialized coverages and the best is these coverages are FREE with a Navipro policy; and that is an easy sell.
Reasons to avoid insuring a boat under a home policy
Custom boat insurance is ideal, as boats have high risk exposures. Brokers should encourage boat owners to avoid putting their pleasure craft under a home owner policy an opt for exclusive boat insurance. Insuring a boat under your home insurance policy is not good idea for several reasons:
1. Limited Coverage: Home insurance policies usually have limited coverage for boats. The coverage may only apply to boats with low value, small engines, and limited use. If your boat exceeds these limits, you may not have adequate coverage in case of damage or loss.
2. Liability Coverage: Home insurance policies may not provide liability coverage for boats. Liability coverage protects you if you are responsible for causing an accident on the water, which could result in property damage or injury to other people
3. Deductibles: Your home insurance policy may have a high deductible, which means you would have to pay a significant amount out of pocket before your insurance coverage kicks in. This could be a problem if your boat is damaged or destroyed, as you may have to cover a significant portion of the repair or replacement costs.
4. Specific Boat Insurance Benefits: Boat insurance policies typically come with specific benefits that may not be included in a standard home insurance policy. These benefits may include coverage for towing, wreckage removal, and pollution cleanup, which are all crucial aspects of boat ownership.
5. Medical Payments: a home insurance policy may not cover the same level of medical payments in case of a catastrophic claim. Boating is inherently a high-risk activity.
6. Claims: When you have to make a claim under your home insurance policy, the adjuster is not likely to be an expert in boat claims. You may not receive the best claim estimates or service.
7. Environmental Contamination: if you have a boating accident and cause environmental damage a home insurance policy may not cover the extend of the boat owners legal liability.
In summary, insuring a boat under your home insurance policy may not be the best option as it could leave you underinsured or with limited coverage. Exclusive boat insurance covers a wide variety of risks associated specifically to boats.
Boat insurance and only boat insurance
Pacific Marine Underwriting Managers specialize only in pleasure craft insurance with many custom boat insurance options. Because of this your clients will benefit from:
1. Diversified products that are specific to the lifestyle of each boat owner. These are not one size fits all policies.
2. PMU Endorsements on specialized coverages have higher coverages than home policies or most other pleasure craft underwriters in Canada.
3. We have offices in Quebec, Ontario, and British Columbia to provide regional coverage to quote and bind your policy for different geographic needs.
4. Our exclusive products: Fisherman’s Trophy, Ride the Wave, InToon and Sealuxe special coverages have no additional costs to the Navipro best in class coverage yacht policy.
Overview of Pacific Marine Navipro policy
- Agreed value coverage
- Experienced boater discounts
- Guaranteed replacement cost on new boats
- Exclusive yacht policy enhancement endorsements
- $2 Million Protection & Indemnity Liability
- $2 Million Waterskiing Liability Sublimit
- $2 Million Uninsured / Underinsured Boater Protection Sub limit
Partner with Pacific Marine Underwriting Managers
In addition to a superior product suite and knowledgeable pleasure craft underwriters we understand how critical claims handling is to you and your clients. We believe there’s no compromise to the level of service each claim will receive.
For our brokers and boat owners you can be assured that with our focus on preventative education, profitable growth, and low claims ratios you can be confident your boat client receives the best exclusive boat coverage.
Brokers can be confident when recommending PMU to boat clients
- Dedication to preventative education.
- Focus on profitable growth, and low claims ratios.
- Take advantage of specialized insurance products through our Lloyds of London Coverholder status.
- Ongoing education for brokers looking to expand a pleasure craft book of business.
- Fair claims support with dedicated marine surveyors, adjustors and repair providers.
- Sophisticated technology platform with a human touch.
- Competitive pricing – we may not always be the lowest price, but we have the best product wordings in the industry. We discern which boat owner is best suited to our product.
- Flexible payment options. Direct bill or agency bill is available.
- When you partner with PMU, we can help you offer your client comprehensive boat coverage.
Lifestyle boating packages
Fisherman’s Trophy: Free value-added coverage for fishing boats. Includes higher limit values to portable or hand-held fishing gear, electronics, tools, attractants, nets, waders, and on-board storage supplies.
Ride the Wave: This one-of-a-kind endorsement is designed for the water sport enthusiast. This policy has higher limits to protect water sport equipment such as wakeboards, skis, ropes, bindings, and accessories.
InToon: Designed with the multi-purpose pontoon boat in mind. Adds extra value and increased limits of coverage for fishing or water sport leisure equipment.
Sealuxe: Brokers can offer this superior package to VIP clients with vessels valued over $350,000 and less than 10 years old. Higher limits of coverage – Up to $5M for Protection & Indemnity
Become a PMU Partner Broker. No contract required. Access to broker portal can be assigned same day. Fill out our short broker partner request or call us.”
You may also be interested in:
PMU: Why boat insurance claims are complicated.
PMU: The role of a marine surveyor in environmental contamination