Yacht insurance provides financial protection if your yacht is accidentally damaged, satisfies marina requirements for proof of insurance before docking or off-season storage, and applies on water, on land, docked, and in storage throughout the year.
Optional add-on coverages can extend your yacht protection beyond the standard policy.
Claims Protection
First-claim forgiveness; prevents insurance record bump
Guaranteed Replacement Cost
Total-loss protection for vessels up to 3 years old
Machinery and Hull Coverage
Indemnity for legal fees plus medical payment coverage following an accident
|
YACHT |
VALUE |
AVERAGE PREMIUM (per year) |
|
Crescent 120' (1992) |
$5,000,000 |
$20,000 - $30,000 |
|
Sunseeker 64' (2011) |
$1,000,000 |
$6,000 - $9,000 |
|
Sunseeker 68’ (2006) |
$550,000 |
$3,000 - $5,000 |
|
Cobalt 28’ (2022) |
$250,000 |
$1,500 - $2,200 |
Tell us about your insurance needs and current coverage.
We shop multiple trusted insurers to find coverage that fits your needs and budget.
Review your options, choose what fits your needs, and get your policy started, often the same day.
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Our licensed brokers help clients throughout Ontario — virtually, by phone, or in person.
Is Yacht Insurance Mandatory?
No, there is no law in Ontario requiring owners to insure their yachts. However, given the risks of boating, yacht insurance is highly recommended to protect the owner, their luxury watercraft, and their financial investment. It is also important to note that most lenders will require proof of insurance if you are financing your yacht.
How Much Yacht Insurance Should I Have?
We recommend yacht insurance that protects your luxury watercraft to its value and provides $2 million in liability protection. A broker will explain different coverages, advise on protection, covered perils, and exclusions. Broker information required: type/brand/age, size, condition, value, use/frequency, who uses it, rented out, storage location, experience, claims history. Most luxury watercraft policies are all-risk agreed value coverage.
Can My Yacht Be Protected Under My Home Insurance Policy?
Smaller boats can be insured under a home insurance policy. However, larger vessels such as yachts require a separate stand-alone policy — home policies provide limited coverage insufficient for yachts.
Should I Insure My Yacht Year-Round?
Yes. Policies provide year-round coverage for when the yacht is in water and/or winterized or stored. On- and off-season coverage is built into the policy. Do not reduce coverage while in storage.
Should I Insure My Yacht When It Is In Storage?
Yes. Policy covers theft, vandalism, rodent damage, fire, and other risks in storage. Example: fire spreading from adjacent stored boats — insurance responds as per policy.
