Boat Insurance for a Canadian resident

[Scaramanga F25]

Originally Posted by wannacat

Things have changed drastically since the 80's, then again recently a lot!!! Try getting insurance like that now if your Canadian registered and leaving boat in the US. Boat US would cover us but at unbelievable prices!!! Even for a 22 foot powerboat they just quoted me almost $10,000 US!!! 1/2 the price of the boat! You did it in the good old days and that ain't happening anymore!

I have been sailing for 47 years. Still insured. Today's boats cost more so insurance is proportional. You cannot quote insane powerboat insurance to slow sailboat insurance. Most serious body harm accidents and boat losses happen with power boats.

[macieknan]

Originally Posted by scargo

You are not alone in this situation. A lot of Canadians are struggling to get their sailboat insured. There's even a Facebook group dedicated to this subject (Canadian sailboats in need of insurances!)

In my opinion, you have two options:

1. Register your boat with UK ship register part 1. As a Canadian you are allowed. all you need is UK address. Some companies offer this service for a fee. That's what Distant shores did for their latest distant shores III. Their boat is registered in Jersey. But all their previous boats were registered in Canada.
2. You register your boat with transport Canada and you keep changing underwriters/insurance every time you move from the med to the Atlantic to the Caribbean, etc. Once in the Bahamas or the US east coast, Aviva or others will accept to insure you.

Good luck. And please keep us posted

Thanks for the tip! I have not considered before registering under another flag, but this might make sense.. I have tried to locate this Facebook group you have suggeated, but to no avail.. would you be able to send me a link or confirm the name? Also which insurance provider would be my best bet for Canadian citizen owned but UK flagged vessel? Thank you so kindly

[goboatingnow]

In my opinion reflagging will have little effect. Once it’s clear what the sailing ground is and the address of the beneficial owner the flag is largely irrelevant for insurances purposes.

[bgallinger]

I use Aviva Insurance on my Canadian boat: https://www.aviva.ca/en/find-insuran...oat-insurance/

[macieknan]

Originally Posted by bgallinger

I use Aviva Insurance on my Canadian boat: https://www.aviva.ca/en/find-insuran...oat-insurance/

Thanks! I have called one of their brokers and since i was not intending to bring the boat to Canada they suggested i look for a US insurance provider instead

[Lexy]

Originally Posted by Rumrace

Just to clarify permanent resident status is a big jump from visitors visa.
So a PR or a citizen can get insurance in an hour on anything. Everyone else is approached with caution and yup boats docked far away especially in the Caribbean make them mumble.
As a Canadian of either status Free Trade Union with Japan and Europe has had a dramatic impact. Zero tariff on French German Italian ... boats. Products brought exclusively through a US distributor have dropped. Like the biggest names in the industry. Hidden benefit of not playing the exchange game too. If you bought the same boat through a US broker add 9% tariff and what ever for exchange.
The fleets being sold off with repaired hurricane damage and 1800 k miles from it’s insured port would you return the call?

If this is any help to you, I am Canadian as well and running into issues, different cruising area.

Try insurers on the west coast of Canada, Dolphin based in Vancouver (talk to Sean Thompson) and Navis in Vancouver as well (talk to Lauralei).
Hopefully they can help and if not guide you in the process.

They've been helpful to us.

Good luck to you

[Snwmn]

I don't intend to bring my boat back to Canada either. I am currently keeping it in the Chesapeake Bay. Has anyone had any luck insuring?

[Lexy]

Dolphin insurance from Vancouver BC
Sean Thompson, give him a call.

[zippy]

I am Canadian and keep my Canadian registered sailboat based in Martinique full time. My insurance is through Skippers Plan in Toronto. The premium is roughly 2.5% of boat value. I have never had the boat in Canada. Definitely make insurance coverage a condition of sale. We were almost stuck when the insurance companies imposed a temporary freeze on new policies after a large hurricane.

[Montanan]

Note if financing the boat is required to be able to purchase, obtaining insurance acceptable to the financing company will be a requirement to be provided the loan and of course, the lien holder will be a named additional insured party at least as to the insured property value.

[Quetico]

We were very satisfied with Dolphin Insurance out of Vancouver when we were cruising the Caribbean and US. Our cruise ended 4 years ago however. Our contact at Dolphin was Sean Thompson.

[RiffRaff]

Last year, I also purchased a boat outside of canada and bought home. Dolphin insurance was able to insure me - I believe they placed with British underwriter. Can recommend they know what they are doing. Good luck.
Expect to pay premium for foreign coverage. Approx cost $1,100 per $100,000 of boat value (in cdn funds) if you need a ballpark cost.

[BuoyCall]

Been off Line a cpl weeks. If you would like I offer marine/yacht insurance as a producer. I got into this industry in anticipation of moving aboard in a few years. Feel free to email me at frank@spacecoastinsurance.com good luck!

[Rimica]

We have a boat bought in France and registered in Canada. We are insured by a subsidiary of Munich Re through the UFan agency in Burlington. The boat sailed from aGreece to French Polynesia but never in Canada. The only downside is the cost which is quite high. On the other hand the insurance company is as solid as it gets.

[macieknan]

I got a quote for 2.3% of hull value, so quite a steep premium, but it covers several cruising grounds, i.e. med, canaries, caribbean and a crossing to it. Pleasure craft insurance industry seems a bit nieche and opaque. It seems there are only a handful of underwriters and a case could be made for a comparison site that could help navigate exclusions, prices as well as some indications of reputability - legal mindfield and a topic deserving its own thread, i am sure...