Alberta is a land full of open spaces pushed up against the Rocky Mountains! It’s also filled with many beautiful lakes including Lake Clair, Gull Lake, Buffalo Lake, Pigeon Lake, and Keho Lake as well as great rivers and fishing lodges. With summer just around the corner, it’s time to take advantage of Alberta’s beautiful waterways!
Before you head out motor-boating, paddling, sailing, or angling, you need to take with you more than a life vest – be sure to have the peace of mind that comes from boat insurance. The right boat insurance will protect your boat against insured risks such as collision, theft, and vandalism. It will also protect your personal belongings and protect you financially when it comes to liability claims.
What Does Boat Insurance Cover?
Boat insurance is similar to other types of insurance and provides coverage in the event of unforeseen circumstances such as accidents and damage. When you have insurance coverage for your boat, you can be rest assured that any damage due to collision, theft, and vandalism to your boat, its motor, accessories, and related equipment is taken care of. Additionally, if any apparel, personal items, and sports equipment belonging to you or your passengers is damaged or stolen, this is covered as well.
Most importantly, boat insurance will provide coverage in case you injure someone or cause damage to another person’s property or boat. Known as liability coverage, this will save you financially should any of these events occur.
What Documentation Do I Need?
First of all, in Alberta, you need a Pleasure Craft Operator Card, a boating license that certifies you as a qualified boat operator. This license is required regardless of age, the size of your boat, or engine horsepower. This license is also mandated by law in Canada. If you are operating a watercraft without one you could face a fine of $250.
When it comes to insurance, there are different insurance policies for different-sized watercraft. Boats are considered to be 26 feet and smaller while yachts are 27 feet and larger. Generally speaking, yacht coverage is broader and more specialized because larger boats travel further and have more unique exposures.
In order to personalize your coverage, Capital Insurance needs to know the following:
- Your boat’s length, type, and value
- The condition and market value of the boat
- The frequency and nature of the boat’s usage
- Your chosen mode of storage
We offer boat insurance for boating enthusiasts by providing tailored coverage for:
- Personal watercraft (less than 16 feet long)
- Boats (16 to 25 feet)
- Yachts (26 feet or more in length)
We want you to stay safe while enjoying the peace of mind that effective insurance brings!
What is the Best Coverage For My Boat?
The best coverage for your boat is known as an “All Risk” policy. This type of policy provides coverage for all types of losses – except those specifically excluded in the policy such as:
- Gradual deterioration
- Marring, denting, scratches
- Animal damage
- Manufacturer’s defects
- Defects in design
If you still aren’t sure what’s best for you, our dedicated team of insurance brokers can help tailor a policy unique to your personal needs.
Do I NEED Boat Insurance?
Transport Canada’s Boating Laws and Regulations BOATsmart! website notes that:
“You are not legally required to insure your boat, however, it is highly encouraged. Your homeowner’s insurance will not sufficiently protect your investment. Good recreational boat insurance will cover damage to your boat as well as the liability of others (should you happen to be involved in a collision).”
There are a number of reasons why you need separate boat insurance:
- Marinas, inland waterways, and other storage facilities require insurance before you can launch or moor
- Some of these storage facilities may also require year-round insurance should something happen to your boat in the off-season
- Damage to other boats or property, injury, and legal fees if there is an accident
- Loss or theft of personal possessions on board
- Unexpected damages like striking a submerged rock or recovery costs for events such as sinking
Capital Insurance understands that your boat is a significant financial and emotional investment, which is why we are here to help you protect it with the right boat insurance for your individual needs!
Not only do we want to help you protect your investment, but we want you to protect yourself too! Here are some tips to keep yourself safe while enjoying Alberta’s beautiful waterways:
- Operate and navigate your boat safely and never while impaired
- Never leave any valuable on-board and unattended
- Carry the necessary safety and emergency equipment
- Make sure your boat has proper lighting if out on the waters at night
- Always wear approved Personal Floatation Devices (PFDs) such as life jackets
- Plan your trips and share your plan with a friend or family member
- Follow any markers as well as the rules of the water
- Ensure that you give larger watercraft extra room to maneuver
It’s also important to protect your investment while storing your boat in the off-season and while not in use. Lock all devices to immobilize your boat while it is being stored on a trailer. Be sure to also clear off any snow or ice buildup during the wintertime to prevent damage.
If you want to keep your boat extra safe, consider installing a satellite monitoring system so you can keep track of where your boat is at all times. You can also install an alarm system to deter theft.
Get Boat Insurance From Capital Insurance Today!
The weather is getting warmer and the waters are calling your name! Get in touch with us today to get your boating insurance policy in place so you can enjoy Alberta’s amazing lakes and waterways.
Capital Insurance’s team of dedicated and expert brokers are ready to tailor a boat insurance policy to suit your unique needs and help you make the most of your summer!