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Heritage Insurance

Greg discusses essential boat insurance coverage options in this episode of Ask The Expert. 800 CHAB radio presents Ask the Expert with Greg Marcyniuk of Heritage Insurance located in Moose Jaw.

Here's a full transcript of the episode.

Rob Carnie: 800 C-H-A-B's Ask the Expert on the air today with Greg Marcyniuk from Heritage Insurance.

And today, we're talking about boats and boat insurance. Greg, it seems when it comes to boats, people kind of throw caution to the wind. But we shouldn't do that. We can't do that. We've got to follow the rules. And you should also know that there are various ways to insure boats — from your canoes and kayaks to your motorboats out on the lake.

Greg Marcyniuk: That's correct, Rob. But first of all, when it comes to typical canoes and kayaks, unless they're a specialty one, those are typically covered on your homeowner's policy. So, you don't have to extend it. But again, you'd want to check and make sure that you meet the limits if you have a specialty type of a craft. The biggest thing that I think, Rob, is that boats are getting bigger. They're getting faster. They're getting a lot more expensive. And you can't purchase insurance on them just like you do for a vehicle.

And there's two ways in which purchasing boat insurance. There's first of all, you can just have it as an add-on for your existing homeowner's policy. There are a couple of disadvantages in that. If you do have a boat claim that goes against your house for a claim and then you get charged extra for a claims-free discount, you won't receive your claims-free discount, unfortunately, after that.

So, what we do recommend is that you have a standalone policy. And with that standalone policy, you do have complete physical damage and that covers you for your boat, as well as any of the boat equipment such as the trailer, any fuel tanks, life jackets, dinghies, any of those types of things. So, they are covered under that type of policy, I know. As well as accidental loss or damage.

And then when it comes to liability, there are two forms. There's the personal liability. So a boat owner policy will provide for legal liability and pays up to the limit of what you'd have on there. In the event you get in an accident, you are found negligent and resulting from either damage or physical damage to other persons.

And as well, there's medical payments. So that if someone was injured, or something along those lines, that it does just provide that extra coverages. As well, there's additional coverage options that are available when you have a standalone policy. They have what they call, "reasonable repairs." So that if you do get some damage, they will do immediate damage to mitigate any other future damages on the boat.

As well, emergency services. If you do have a breakdown or something along those lines, it will pay for reasonable cost that you incur, resulting from the specified emergency service.

The other thing that is big is wreck removal. So, if something happens where you actually sink the boat or anywhere they have to go out and actually raise it, not a removal of destruction wreck of the watercraft, that is additionally covered as well.

So, it's a good idea if you have a very good boat to sit down with a broker and review these coverages with them, and make sure that you are covered. Because again, with the speed and people out there, and the extra number of boats out on the lake, accidents do happen.

Rob: Yeah. And for a few extra dollars, you can rest assured that you have all the coverage. And we can come in and discuss this with you.

Greg: You can. Just come on down at the corner of Fairford and First, and either talk to myself or any of our fine people here at Heritage Insurance .

Rob: Greg Marcyniuk, Heritage Insurance on 800 C-H-A-B's Ask the Expert. By the way, I'll have you know. I'll have you know he knows his stuff. You didn't refer to your notes once there. Way to go.

(Video transcription by Speechpad)

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