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Boat Insurance

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Frequenty Asked Questions

Emergency Towing

Included in each of our policies is coverage for emergency on water services. Should your boat become disabled on the lake for any reason you will have coverage up to the limit listed on the policy for any of the following:

- An emergency tow back to the closest marina or repair facility
- Fuel to be delivered to you including the cost of the fuel being delivered
- The cost of emergency labour to be performed at the site of disablement

Please note that no deductible or claim surcharge will be applicable should we need to cover you for any of the above services.

What does “Agreed Value” and “Actual Cash Value” mean?

Agreed Value and Actual Cash Value refer to the settlement basis applicable to your specific policy in the event if you have a partial or total loss.

Agreed Value means that in the event of a total loss no depreciation will be applied to the amount listed on your policy. In the event of any partial losses (repairs) the insurance company agrees to pay to repair your watercraft with brand new parts not exceeding the limit of your insurance.

Actual Cash Value means that depreciation is applied to all claims (partial or total), so the amount you receive will be reflective of current market value of the whole watercraft or the part that was damaged.

What does an “All Risk Policy” mean?

An all risk policies means that if a peril is not listed as an exclusion in your policy wordings than the peril will be covered. All risk policies typically cover incidents that are sudden and accidental.

What’s covered in the watercraft value of my policy?

The watercraft value indicated on your policy includes the machinery, equipment and electronics used to operate and maintain the watercraft. It does not include additional equipment you may have on board like downriggers, fishing tackle, trailers, etc. These additional items can be covered under separate sections of the policy.

Am I covered for hurricanes, tornadoes or windstorms?

Yes, there is no exclusion for hurricanes, tornadoes or windstorms. However, companies control their exposure to these types of claims by excluding areas that are prone to this type of weather. It is important to know the navigation limits of your policy as it will not respond to any claims that occur outside of this area. Extensions can be granted to cover the boat outside of the normal navigation area upon written request by you. Certain conditions apply.

How can I reduce my premium?

Reviewing the policy with your broker is the first step to getting the best value. They can identify any optional coverage on your policy that can be removed, which may result in a premium decrease. They can also explain the value in keeping the optional coverage, which you may not have been aware of. Another option is to choose the deductible amount that is right for you. In many cases, increasing a deductible can result in a lower premium.

Do I need a survey?

One of the benefits of MD Marine is that we really are boaters. We understand the unique circumstances surrounding having a boat and have been able to provide some reasonable options regarding survey requirements to our clients. Although our Gold policy does require a survey for any boat 20 years of age and older.
Our Platinum policy provides some flexibility. Generally speaking on our Platinum policy any watercraft that is 20 years of age and older and is under 30’ in length AND under $30,000 in value, then photos can be provided in lieu of a survey.

If the boat does not be either requirement then a full out of water marine survey would be required. A list of accredited marine surveyors can be found by clicking the link below.

https://www.marinesurvey.org/

How do I set up a policy?

The first step to setting up an insurance policy with MD Insurance is to obtain a no-obligation quote. This can be done online using the Quick Online Quote feature, or by calling our office toll-free at 1-877-627-4633. Once you are comfortable with the quote and coverage offered, it is time to set up your policy.

For your convenience MD Marine provides 2 easy options. Policies can either be set up by calling into our office or sending us a completed and signed application. With either option you will be provided with assistance along the way from one of our knowledgeable brokers. Our goal is to make the process as easy for our customers as possible.

Do I need to insure my boat?

Boat Insurance is not currently required by law however there are many reasons why it’s most likely the best choice for you. Some examples are:

- To provide coverage if a liability claim arises. This includes injuries to people or their property caused by your boat.
- To cover damage to your boat caused by any of the covered perils. It is important to protect your financial interest.
- To satisfy requirements for your finance company or marina

How can I make a change to my policy?

You can make any type of change to your policy by speaking directly with a boat insurance specialist in our office by calling toll-free 1-877-627-4633. This is the preferred way to make a change as our staff members are able to inform you how the change may alter your coverage or premium, and the change can take effect immediately.

Who can operate my boat?

Under our policies in order for anyone to operate your boat they must meet the following requirements:

1. Be of legal age to operate the boats specific horse power
2. Have a valid boaters licence
3. Have permission from you, the owner

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