FAQ

• Q: What is my broker code?

  A: You will find your broker code on your monthly broker statements. If your office is new to Pacific Marine Underwriters Ltd. (PMU) you will need a broker code, please call us for setup.

• Q: What is the difference between "Agreed Value" and "Actual Cash Value"?

  A: Agreed Value is the limit of insurance that is agreed between the Insured and Underwriter. In the event of a total loss, this is the amount that is paid - without depreciation. Actual cash value is the replacement value less depreciation. The amount you receive is the current market value of the boat or damaged equipment at the time of the loss

• Q: Does PMU write vessels with jet drive?

  A: Yes, and fiberglass jet drive boats and Seadoos can now be written on Express as well.

• Q: Does PMU write liability only policies?

  A: Pacific Marine only writes "All Risk" policies. If your client is looking for liability only coverage, we recommend exploring our Express program that offers $2 million Protection & Indemnity (P & I) along with hull & machinery coverage at a premium that is very competitive with liability only policies in the market.

• Q: Why are surveys required?

  A: Surveys are very important in determining the condition and current value of boats. A survey can confirm if the vessel is over or under insured. A marine survey will determine if there are any safety or maintenance issues with a boat and provide peace of mind prior to purchasing a used vessel. Different requirements apply for surveys on vessels in southern navigation territories.

• Q: When are photos and surveys required?

  A: Current photos are required on standard production vessels up to 30 feet and over 15 years old. Underwriters will try to determine current market value, a survey may be required if a valuation cannot be determined or agreed.

  Out of water marine surveys are required on all new purchases over 30 feet where the vessel is over 15 years old. On all other vessels over 15 years old Underwriters will accept in-water surveys if the insured can provide recent haul-out and maintenance details report (within 2yrs of haul-out) of hull below the waterline. Evidence of this can be haul-out or maintenance receipts.

  An out of water survey is required on wooden hull, self built vessels, converted, plywood and fiberglass over wood hulls.

• Q: How should I submit a claim?

  A: There are several options. During regular business hours you can call your local PMU office. Or you can send us your in house claims form, or you can simply email or fax us the relevant claims information. For after hours reporting please call your 24 hour reporting claim center in the appropriate territory. You will need to report:

  • Brief description of the loss,
  • When & where the loss occured,
  • Where the vessel is now,
  • If a theft has occured, was a police report filed,
  • Insured's contact information.

• Q: What is reimbursement of emergency expenses?

  A: Also known as emergency towing; if a boater runs out of fuel or has a mechanical breakdown that is unrelated to a covered loss, the boater will be reimbursed for the reasonable costs associated with towing the vessel to safe harbour.

• Q: Who benefits from the personal accident extension?

  A: Those policy holders who have a insurable interest in the boat, ie the owners can be covered. The person(s) identified on the Policy Page next to “INSURED:”

• Q: If a family member uses the insured vessel, do they need to be added to the insurance policy as an additional insured?

  A: Family members and friends can use the insured vessel with permission from the insured. The person operating the vessel is required to have their Pleasure Craft Operating Card and be familiar with the operation of the vessel. They are automatically covered under the insurance policy but would not be added to the insurance policy as an additional insured

• Q: Do you offer higher limits for Protection & Indemnity liability?

  A: Our policies come standard with $1,000,000 or $2,000,000 limits depending on the type of pleasure craft. We can consider higher limits and would ask that you contact your Underwriter.

• Q: If an Insured has equipment on the boat, is it covered under hull & machinery or personal effects? Do I need to add their value on the policy?

  A: Equipment is defined as usual to the use or maintenance of the boat, and is covered under the Hull & Machinery limits. An example of this would be life jackets. As they are required by Transport Canada they would be considered usual to the use of the vessel so they would be considered equipment. Furniture too would be considered equipment. Items that are taken off and on regularly from the vessel, like clothing are considered personal effects. Make sure to have this discussion with the insured and request an increase in values if needed.

• Q: Do you insure wooden boats?

  A: Yes, PMU does insure wooden boats. Depending on the age and size of vessel, we may require an out of water condition and valuation survey.

• Q: What is the layup period for boats with PMU?

  A: There are no layup restrictions with PMU, however should a vessel be left afloat during winter, it is important to consult the exclusions sections of the policy wording concerning the freezing exclusions.

• Q: What is main difference between an express policy and a yacht policy?

  A: The Express policy will only allow boats up to 30 feet in length and up to $50,000 in value. Express Policy Claims, both partial and total losses, are settled on an actual cash value basis on vessels over 9 years old. The yacht policy generally caters to higher value vessels and claims are settled on an agreed value basis and partial losses are settled on a repair or replacement basis. There are other differences between the two policies. Please be sure to read the policy terms and conditions of the two policy types and if you have any questions please call your Underwriter.