Boat Insurance 101

New to boating? You’ve come to the right place. 

We’re boat insurance experts. 

At Orbit, we're excited to help you understand the ins and outs of how a customized marine insurance policy can protect your investment. Our in-house experts can help you with all your boat insurance needs. You pick the boat, and we’ll help find the coverage that meets your needs.

Let’s get started with some basics:

Marine insurance policies are designed to protect you no matter where your boating takes you. If you’re on a grand cruising adventure, at a cottage that has a runabout, pontoon or ski boat tied to your dock, or a fishing boat owner chasing that big catch, we understand what you need to help protect you, your family and your investment. 

We offer marine insurance for all types and sizes of boats, from a PWC to 60-foot yachts and everything in between. Visit our Boat & Marine Insurance page to learn more.

Boat insurance coverage details:

Physical Damage coverage protects the boat. 

Liability coverage protects you, should you cause injury or property damage to a third party.

Whether your boat is in storage, on the water, or being towed down the highway, a marine insurance policy from Orbit will cover:

• theft,
• fire,
• sinking,
• collision,
• explosion,
• windstorm,
• hail,
• vandalism,
• lightning,
• and animal damage

Liability protection is also included in your policy when using your watercraft. If you were to cause injury or property damage to a third party, you could be liable for damages.

A standalone boat insurance policy will offer enhanced coverage, providing better liability protection than a standard homeowners insurance policy. Our marine policy will cover watersports liability if you use the boat for waterskiing or tubing and are subsequently sued by an injured third party.

Accidental pollution liability – If the boat is involved in a collision that causes it to sink and release gas/oil, we will cover the cost of wreck removal and cleanup.

Uninsured Boat Coverage – Covers you if you’re in an accident with an uninsured boater.

Medical Payments – Covers medical expenses if you, a family member, or another individual is injured (up to a maximum of your policy limits).

Emergency Towing – Pays for the costs of emergency assistance on the water to tow your boat back to shore.

Loss of Use – You rent a replacement watercraft while your boat is being repaired after an approved claim.

Coverage Conditions:

Every boat insurance policy sold in Canada has coverage limitations, which include a lay-up period and territorial navigational limits. 

It's important to understand your policy's limits because if you don't abide by the rules, the policy becomes void. 

As you continue your search for an insurance broker who can help you with your boat insurance coverage, remember that it is important to find a knowledgeable professional who can explain your coverage choices.

Contact an Orbit watercraft insurance expert who can help you get out on the water with the right protection.