Purchasing a new boat: power or sail; big or small; new or pre-owned; is an exhilarating journey. Whether you’re a seasoned boater or setting out on-the-water for the first time, selecting the right boat is just the beginning of the adventure.

An equally important step is ensuring your investment is properly protected with the right insurance. At Gallagher Skippers’ Plan, we understand the unique needs of boaters by offering customized boat insurance coverage.

KEY CONSIDERATIONS WHEN BUYING A BOAT:

1. DEFINE YOUR GOALS: Before you dive into the boat market, consider how you plan to use your boat. Are you cruising coastal waters, exploring inland lakes, or setting your sights on offshore passages? Your intended use will influence the type, size, and features of the boat you purchase.

2. SET A BUDGET: Beyond the purchase price, factor in costs such as maintenance, marina fees, and insurance premiums. Remember, a well-maintained boat retains its value better over time.

3. USE A YACHT BROKER: Engaging a marine broker, such as North South Yacht Sales, brings invaluable expertise and peace of mind to the complex process of buying or selling a boat. Brokers act as professional intermediaries, leveraging market knowledge and industry connections to ensure you get the best value and avoid common pitfalls.

4. INSPECT BEFORE YOU BUY: A qualified surveyor will assess the condition of the boat, ensuring there are no hidden issues that could cost you down the line. For a new boat, a surveyor may even find warranty related issues that need addressing.

5. RESEARCH INSURANCE REQUIREMENTS: Many insurers require a marine survey, photos or a purchase agreement depending on the vessel. Ensure you meet these requirements early in order to streamline the process.

 

Have a specific boat insurance question?
Stop by the Gallagher Skippers’ Plan booth
at the Toronto Boat Show | Booth 1537,
and chat with one of our marine insurance specialists.

 

 

 

INSURANCE ESSENTIALS FOR YOUR BOAT:
Boats come with unique risks and coverage needs. Here are some factors to consider when selecting a boat insurance policy:

1. AGREED VALUE VS. ACTUAL CASH VALUE: Gallagher Skippers’ Plan offers agreed value coverage, meaning your boat is insured for a predetermined amount, protecting you from depreciation. Older boats receive actual cash value coverage, which means claims are settled based on the insured value less depreciation at the time of loss.

2. NAVIGATION: Whether you’re exploring local waters or planning the adventure of a lifetime, such as cruising the Great Loop or venturing to the Caribbean, ensure your policy covers those extended cruising areas.

3. LIABILITY PROTECTION: Liability coverage protects you against damages or injuries you may cause to others. Marine Liability is different than liability coverage found on your home or auto policies. A marine insurance specialist can explain the difference.

4. ALL RISK POLICY: A typical marine provides coverage for all risks of direct physical loss or physical damage (unless excluded) such as: Fire, lightning or explosion, Storm damage, vandalism and theft, collision, upset or impact and sinking or stranding.

5. MARINE POLICY BENEFITS: Look for a policy with vermin coverage, marine assistance, emergency towing, personal effects, and newly acquired boat coverage.

 

WHY CHOOSE GALLAGHER SKIPPERS’ PLAN? 
Gallagher Skippers’ Plan is Canada’s trusted leader in marine insurance. For over 70 years we have been providing comprehensive coverage designed specifically for boaters.

Here’s why boaters across Canada choose us:

• SPECIALIZED EXPERTISE: With decades of experience insuring recreational marine risks, our team of marine insurance specialists understands the unique needs of boaters.

• CUSTOMIZABLE POLICIES: We tailor your policy to your needs, whether you’re a weekend boater or an ocean voyager.

• EXCEPTIONAL CLAIMS SUPPORT: Our claims team is ready to assist when you need us most, ensuring a smooth and stress-free process.

GET A QUOTE TODAY! 

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CALL US FOR A QUOTE TODAY!

Don’t let the excitement of buying your new boat
be overshadowed by the complexities of insurance.

Contact Gallagher Skippers’ Plan today!
Skippersplan.com | 1-800-661-7211

Come see us at the Toronto Boat Show | Booth 1537

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