Insuring your Watercraft

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Whether you’re in the market for a new watercraft, or you already own a boat and you’re looking to get it insured for use this summer, we thought some information on watercraft insurance would be helpful.

Summer is just around the corner and soon the lakes will be filled with swimmers and boaters! 

Types of Watercraft

As an Insurance Broker, we represent several different Insurance Companies that provide watercraft insurance and can assist you in insuring any of the following:

  • small runabout
  • ski/wake boat
  • jet boat
  • bass boat
  • fishing boat
  • high performance boat
  • pontoon boat
  • sailboat
  • large yachts (valued up to $50,000,000)
  • seadoos/jet skis

Common Coverage

Most watercraft insurance policies are relatively inexpensive (minimum premiums starting as low as $135/year) and provide a range of coverage:

  • Insured Vessel (based on the value of the watercraft)
  • Personal Property
  • Emergency Towing
  • Protection & Indemnity (including waterski liability)
  • Pollution and Spill Liability
  • Loss of Use
  • Watercraft Trailer
  • Uninsured Boater

Features and Benefits

In addition, one of our Insurance Company partners also offers the following features and benefits:

  • Consequential Property Damage Protection
  • Vessel may be trailered within an expanded 2,000km radius
  • Freezing Coverage
  • No Vermin Exclusion
  • Increased Emergency Towing Limit available
  • Coverage automatically included for newly acquired vessel

Additional Information

Most watercraft insurance policies will include a layup warranty (typically from December 1st – March 31st) where the vessel is expected to be laid up for winter. 

The policy also includes navigational limits which apply to where the vessel may be used.  Extended navigational limits can be tailored to suit the needs of the insured, including providing coverage for Florida, the Caribbean and Mexico.

Depending on the age of the watercraft, a Marine Survey (which is a full appraisal) may be required.

For more information or to obtain a quote, please do not hesitate to contact our Office!

Thank you,

The Costen Insurance Team

  • small runabout
  • ski/wake boat
  • jet boat
  • bass boat
  • fishing boat
  • high performance boat
  • pontoon boat
  • sailboat
  • large yachts (valued up to $50,000,000)
  • sea doos/jet skis