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Yacht Insurance Ontario

Ensure your superior watercraft is properly protected with yacht insurance. 
  • Receive guidance from our yacht insurance experts
  • Customized insurance coverages tailored to your luxury watercraft
  • Peace of mind knowing your yacht is properly protected
Complete the form or call 1-800-463-8074 to speak with a licensed broker about Yacht Insurance today.

Yacht Insurance Ontario

You know luxury and peace of mind if you are a yacht owner. You are familiar with the pleasures of cruising: fresh breezes, open water, blue sky, sunshine, tranquillity, independence, and so, so much more. Whether your yacht is for sailing, cruising, or being used for water sports, you will want to be sure you and your superior watercraft are protected with the right yacht insurance. Ontario yacht insurance can cover you and your watercraft in case of losses or claims such as damage in an accident, theft, fire, liability issues, and more. We are here to explain important considerations when insuring your luxury yacht. Having the right yacht insurance can vastly improve a rough day on the water when problems arise.

What Is Yacht Insurance?

Yacht insurance is protection for your superior watercraft. It can include physical or property damage and liability coverage protection on your boat, whether on the water, docked or on land. It is also insurance in case of collision, theft, fire, and other risks. Yacht insurance is a boat insurance policy tailored to your luxury watercraft.

When you contact an expert insurance broker about yacht insurance, you will be asked about your watercraft, including its size, value, condition, use, and how often you use it. These details, and others, enable the broker to get you a yacht insurance quote that is tailored to your specific needs. 

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. 

Why do I need yacht insurance?

There are numerous risks associated with boating, whether you are out on the water or the yacht is docked or stored in a marina. With yacht insurance, you are not only protecting yourself, your passengers, and your watercraft. You are also protecting your financial investment in your yacht.

  1. Financial protection for you. Yacht insurance is financial protection in case of an insured loss. For example, if your yacht is accidentally damaged - such as if you hit a submerged object - the insurance company will compensate you for the damage incurred.
  2. Protection for lenders. If you are financing your yacht, most lenders will require proof of insurance in case of a loss.
  3. Protection while your yacht is docked or stored in a marina. Most marinas will require you to have yacht insurance before you dock your watercraft or store it for the off-season. Year-round insurance with an annual yacht insurance policy is good protection when a boat is stored for the winter. When your watercraft is in storage, the policy covers theft, vandalism, damage caused by rodents, fire and other risks.
  4. Protection for your watercraft, your trailer, motors and more. Yacht insurance covers more than your boat. It also covers your personal property, trailers, devices such as fish finders, engines and more.
  5. Protection on water and land. Yacht insurance protects your yacht when on water or land, docked or cruising, stored or operational.
  6. Protection is 365-24-7. Yacht insurance provides 365-day, 24-hour-a-day protection, 7 days a week. 

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. Assistance from an insurance broker can be very helpful in getting the proper yacht insurance. The broker will explain different coverages and advise you on the protection you may want to have, covered perils and exclusions. Some details that the broker will ask include:

  • The type, brand, and age of the yacht
  • The size of the yacht
  • The yachts condition
  • The value of the yacht
  • How you use your watercraft and how often it is used
  • Who uses the yacht
  • If the watercraft is rented out
  • Where the yacht is stored
  • Owner and operator boating experience
  • Insurance history of the owner and operators, such as claims history

The broker will then get numerous yacht insurance quotes so you can select the best policy for you. In many cases, luxury watercraft insurance policies are based on all-risk agreed value coverage, meaning the policy would cover everything - all perils - except exclusions listed on the policy. 

What does Yacht Insurance cover?

Yacht insurance policies protect you financially in case of losses or claims. It covers you and the yacht and includes property, liability and risk protection. Some scenarios that are typically covered by yacht insurance include:

  • If your yacht is stolen
  • If it capsizes
  • If your yacht suffers a fire
  • If it is damaged in a boating accident
  • If there is a collision
  • If someone is injured while on your boat
  • If you accidentally damage the property of others with your watercraft
  • Parts of your boat may also be covered, such as anchors, furnishings and equipment permanently attached to the watercraft

Speak with an insurance broker who will provide you with the exact coverages of your yacht insurance policy to ensure you have the proper protection.

Are there additional coverages I should have to ensure I am properly protected?

A broker is your best bet to advise on additional coverages for your proper protection. Additional coverages to consider include claims protection, guaranteed replacement cost, and machinery and hull coverage. 

  • Claims protection, which some insurance companies offer, is an additional coverage that forgives your first claim so it will not appear on your insurance record and possibly bump up your insurance costs.
  • Guaranteed replacement cost coverage is good protection to have for vessels up to three years old in case of a total loss.
  • Machinery and hull coverage is indemnity protection to assist with legal fees if you have a loss or claim and medical payment coverage to help you pay for medical expenses following an accident on your luxury watercraft.

One of our experienced insurance brokers can help determine if any additional coverages should be added to your yacht insurance policy to ensure you have the best insurance coverage tailored to your specific needs.

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 to ensure proper protection. A home policy provides limited coverage that would not be sufficient for larger boats, such as yachts. Speak to an insurance broker who knows yacht insurance for more details on proper coverages for your luxury watercraft.

How much does yacht insurance cost?

The cost of yacht insurance depends on numerous factors, such as the type, size and value of the yacht and motor, if you have had prior claims, your boating experience, how you store your boat, and more.

We have included a chart below to provide some insights into the approximate cost of yacht insurance.

To receive an accurate yacht insurance quote, speak with our top-rated brokers. We know yacht insurance and will help ensure you receive the best protection at a competitive rate. 




Crescent 120' (1992)


$20,000 - $30,000

Sunseeker 64' (2011)


$6,000 - $9,000

Sunseeker 68’ (2006)


$3,000 - $5,000

Cobalt 28’ (2022)


$1,500 - $2,200

*The prices above were provided with the assumption that the operator has a minimum of 5 years of boating experience and no claims. 

How can I save on my yacht insurance?

There are several ways to save on your yacht insurance premium. Here are some suggestions:

  • Increase your deductible. This is the amount of money you agree to pay toward a loss. Increasing your deductible means the insurance company will pay less in the event of a claim. This helps to lower your insurance price.
  • Keep a claims-free record.
  • Limit the maximum speed on your watercraft to 55 miles per hour.
  • Boats less than 15 years old will usually be offered lower insurance rates.
  • You may be offered better rates if you have five-plus years of experience.
  • Use an insurance broker. Yacht insurance brokers will compare quotes and pricing from multiple insurance companies to ensure you receive the best coverage at a competitive rate. 

Should I insure my yacht year-round?

Yacht insurance policies provide year-round coverage for when your yacht is in water and/or winterized or stored. On and off-season coverage is built into your yacht insurance policy. You should not change your yacht insurance coverage while in storage to ensure it is covered in case of losses during the off-season.

Should I insure my yacht when it is in storage?

Yes, your yacht should be insured while in storage. When your watercraft is in storage, the yacht policy will cover theft, vandalism, damage by rodents, fire and other risks. Suppose, for example, your yacht is stored with other boats, and there’s a fire where one boat catches on fire and, in a chain reaction, others catch on fire, and your watercraft is badly damaged. In this situation, your insurance will respond to protect you as detailed in your policy.

Where can I find yacht insurance experts?

Our broker experts at Morison Insurance know yacht insurance. We will help you receive protection at a preferred rate every step of the way. When you contact us, you speak directly to our yacht experts. We insure all types of watercraft and provide many kinds of marine policies. We will ask about your yacht, discuss your insurance needs and coverage options, and get a luxury yacht insurance quote from several Canadian insurance companies. Our experts will also suggest ways to save on your yacht insurance. The boating season in Ontario is short but very, very sweet. We'll get you properly insured promptly and professionally. We also provide year-round personal person-to-person service whenever you need us. Our in-house claims specialist will also assist with the speedy resolution of insurance claims if needed. Our Morison brokers' goal is your enjoyment on the water with peace of mind protection.

Where can I buy yacht insurance?

You can buy yacht insurance from Morison Insurance. We are yacht insurance experts and will review the details of your luxury watercraft, ask about your coverage needs, explain coverages, and get you competitive quotes. You can also rely on our broker advisors to ensure you compare apples to apples when reviewing quotes. This will ensure you get the best protection and value. Get started today by calling 1-800-463-8074 or by filling out the form on our website. 


This content is written by our Morison Insurance team. It is provided for general information only. Insurance needs differ from person to person, and this article is therefore not a substitute for professional advice about your individual insurance needs which can be obtained by speaking to one of our brokers.

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