Pleasure Craft Insurance FAQs

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.

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.

A: Our Navipro Yacht Policy includes GRC coverage (up to 110% of insured value) on Total Loss, on new boats up to 5 years of boat age, when the insured boat is replaced with a similar boat.

The boat must be insured for original purchase price or higher current market value for GRC coverage to apply.

GRC coverage is included at no additional cost.

A: Runabouts, Fishing Boats, Ski boats, Jet-Drive boats, Pontoons, Bass Boats, Cuddy, Cruisers, Sailboats, Houseboats, Power Catamarans, Sail Catamarans.

Fiberglass, Aluminium or Fabric construction.

A: Yes. PMU offers 2 types of liability only policies.

1. Point of Sale Small Boat Liability Only one policy available at $320
   Available for small boats up to 26’, up to 45 years, boat value up to $50,000. Brokers can quote & issue policy on the portal.
2. Underwritten Liability Only policy

Available for boats for up to 45’, up to 45 years. The broker must submit an application to the underwriter for a quote. A survey or photos might be required.

Both products include a $2MM Protection & Indemnity limit, with the option to increase to $3MM at an additional premium.

A: Our Protection & Indemnity includes coverage for accidental Third-Party Property Damage & Bodily Injury. It also includes accidental pollution cleanup, wreck removal & disposal costs.

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.

A: Out-of-water marine surveys are required on all new purchases at or over 30 feet where the vessel is at or over 15 years old. Subsequent surveys are required every 5 years. Underwriters can agree to accept in-water surveys if the insured can provide a recent haul-out and maintenance details report (within 2yrs of haul-out) of the hull below the waterline. Evidence of this can be haul-out or maintenance receipts.

Vessels under 30’ and at or over 15 years of age require out-of-water photos.

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 occurred,
• Where the vessel is now,
• If a theft has occurred, was a police report filed,
• Insured’s contact information.

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.

A: This coverage compensates Named Insured for Bodily Injury and/or death caused by an accident, while on board or embarking onto or disembarking from the Insured Vessel.

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.

A: Yes, our policies include $1MM to $3MM liability depending on the type of policy. We can consider higher limits (up to $5M) upon underwriter approval.

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.

A: No. We can no longer insure wooden boats.

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.

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.

A. Yes. Seadoos are written primarily on the broker portal as Express Policy. Includes up to $3MM P&I limit.