Owning a boat or yacht in Canada means enjoying open water, summer adventures, and coastal living—but it also comes with unique insurance risks that standard home or auto policies don’t cover. From freshwater lakes to ocean cruising, proper marine insurance is essential.

Why Boat & Yacht Insurance Matters

Watercraft face risks such as:

• Collisions with other vessels or docks
• Storm, wind, and wave damage
• Fire or explosion onboard
• Theft or vandalism at marinas
• Mechanical failure or sinking

Key Coverages to Consider

• Hull & Machinery Coverage – Protects the vessel itself
• Marine Liability – Covers injuries and property damage to others
• Agreed Value or Replacement Cost – Critical for high-value yachts
• Pollution Liability – Covers fuel spills and environmental damage
• Salvage & Wreck Removal – Often expensive without coverage

Storage & Seasonal Considerations

• Coverage may change during winter lay-up
• Transport and storage risks should be disclosed
• Surveys may be required for older or high-value vessels

Final Thought

Whether cruising lakes or open seas, personal boats and yachts need specialized marine insurance. A Canadian broker experienced in marine risks can help keep your investment—and your time on the water—smooth sailing. 🇨🇦

Brokers can contact Total Risk Managers to discuss a risk.

This article is general information for insurance brokers. It is not advice, and it is not a quote or an offer of coverage. Policy wording decides what is covered. Coverage is arranged through a licensed insurance broker.