
Navigating Boat Insurance: Coverage for On-Water and Off-Water Risks
Getting the right boat insurance coverage gives boaters peace of mind by protecting them from financial loss due to accidents, damage, orGetting the right boat
For Business or Pleasure, HUB Has You Covered
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WHY HUB?
With multiple underwriters, HUB will find you the best value insurance to save you money, while protecting your investment.
We offer a variety of service levels, providing you with choice to select right insurance for your marine needs.
HUB is here to assist you with your emergencies, at any time, with a 24/7 claims number.
Our team has well over 50 years of industry experience and can provide you with the seamless service you deserve.
HUB can provide excellent coverage for your float home.
HUB has partnered with the right Underwriters to provide you with the coverage you need for you to live aboard, with the knowledge that your boat and contents are protected.
Finding coverage for your older boat can be tricky, but you can rely on HUB’s expert team to find you the protection you need.
HUB International provides coverage for your car, house and business, so you can keep all your risk management under one roof.
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Frequently Asked Questions
Whether it’s commercial or personal marine insurance you are looking for, our HUB advisors are here to ensure you’re ready for tomorrow. Our vast global resources and solid local relationships will ensure you receive the best coverage, best value and best service. We are dedicated to helping you protect what matters most by providing the best possible solution tailored to your specific needs.
Most marinas will require you to carry at least $1 Million in Liability Insurance. However, to be properly protected within the scope of the Marine Liability Act, you need to carry a minimum of $2 Million in coverage.
Depending on the age of your vessel, you may be required to have a Marine Survey done. The surveyor will need to be approved by Underwriters or a member of SAMS (Society of Accredited Marine Surveyors) or NAMS (National Accredited Marine Surveyors).
Wood vessels are more expensive to insure than fibreglass vessels.
Most claims happen outside of office hours. Does your broker have 24 hour claim service? Do they have the actual knowledge to assist you with appointing a Surveyor, Lawyer, Salvage Team and other experts you may need on the weekend?
Not all insurance policies are the same. It is not always about price, but what you get for that price. Two aspects you want to look at closely when shopping around are: the exclusions of the policy and how a loss is settled. At HUB International, our Lifeline policy is an agreed value policy. That means we will not depreciate your vessel in the event of a total loss. All partial loss claims are settled on a new for old basis, again meaning no depreciation (not even on Sails, Canvas, Upholstery, or Rigging). Our Lifeline policies have fewer exclusions than most other policies.
The limit of insurance you purchase on your boat needs to include items such as taxes, duty, freight and additional equipment installed. Those values may not be included in the initial price of your boat. The limit also needs to reflect the furnishing and equipment, which would include kitchen items, safety gear, bedding, and anything else that is part of the running or operation of your vessel.
There is a difference between resulting damage due to Latent Defect and wear and tear. Our policies cover both. Many other policies available will only cover Latent Defect. Latent defects are inherent weaknesses which normally are not detected by examination or routine tests, but which were present at the time of manufacture and are aggravated by use. Our policy will cover resulting damage when the damage results from faulty designs, faulty workmanship, the installation or use of improper or defective materials, wear and tear, gradual deterioration or corrosion provided the defect or condition would not have been detected through a reasonable prior inspection.
The difference between Replacement Cost, Agreed Value and Actual Cash Value. Do you REALLY know what you are insured for? Replacement Cost: In the event of a total loss, your Underwriters would replace the boat with a similar current model year, despite the limits shown on the policy. In the event of Partial Loss, repairs will be done a new for old basis without deduction. Agreed Value: In the event of a total loss, you would be pay out what you are insured for on your policy coverage page with no deduction for depreciation. In the event of Partial Loss, repairs will be done a new for old basis without deduction. Depreciated Value: Applying full depreciation to your vessel may result in you not being paid out the full amount you are insured for. Partial losses would also be depreciated on all parts and labour.
The misconception is that if you own or operate a marina, you automatically require Marina Operators Liability. Yet this is not true in all cases. Step one is to identify your risk exposure. If your Marina offers any of the following, you do indeed require Marina Operators Liability:
The answer is an important follow-up question: Do you have Care, Custody & Control of your customers’ vessels?
If you have Care, Custody & Control of a client’s vessel and you are being paid for your Marina services, you are acting as a Bailee for Reward. That makes you legally liable for any damage to the vessel resulting from your negligence. If vessels are left with you—whether in your yard, building, ways or travel lift—you again have Care, Custody and Control. The same applies if you provide pick up and/or deliver your client’s vessel.
Latest Marine Insurance Industry News
Getting the right boat insurance coverage gives boaters peace of mind by protecting them from financial loss due to accidents, damage, orGetting the right boat
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HUB Marine offers its team’s favourite boating destinations to contemplate while preparing your boat or business for the 2023 season.
This year, March 20th marks the first day of spring. Sometimes the weather can make it difficult to identify the true beginning of the season,
While other boaters may have winterized their boats and have stored them away for the winter, many boaters may still be using their vessels for
Most boat owners recognize the importance of winterizing their boats to prepare for the winter season. They take great care in making sure their boats
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Burnaby, BC V5C 0G5
Personal: myboat@hubinternational.com
Business: killian.heraughty@hubinternational.com
Personal: +1 (604) 229-6547
Business: +1 (236) 877-2400
Claims: 1-855-HUB-HELP
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