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Watercraft insurance

Young couple on sailboat covered with boating insurance provided by their Desjardins Insurance agent.

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At Desjardins Insurance, we know that when you’re out on the water, you want to focus on your ride, not worry about your insurance policy.

Our watercraft insurance policy can insure you against most risks of owning and operating your watercraft, including coverage for its motor trailer.

Our policy can also protect against liability lawsuits and provide you with additional coverages such as medical payments or indemnity.

Talk to your Desjardins Agent to learn more and get a quote.

Insured perils

Our watercraft insurance policy will provide you with the best coverages (all-risks with some exclusions) for your watercraft and its motor, such as:

  • Sinking
  • Fire
  • Storms
  • Theft
  • Capsizing
  • Stranding
  • Collision
  • Explosion

Property coverages

  • Equipment permanently attached to the watercraft
  • Anchors
  • Oars
  • Electric trolling motors
  • Extra fuel tanks
  • Tools
  • Detachable canopies
  • Seat cushions
  • Life preservers
  • Dinghies

Liability coverages

Watercraft insurance can also protect you if, while using or operating your watercraft, you injure someone or damage their property.

Watercraft liability coverage provides protection for legal liability because of an accident resulting from ownership, maintenance or use of your watercraft, including bodily injury, property damage and legal defence.

Additional coverages

Medical and funeral payments

Medical payments coverage pays medical expenses up to the limit for this coverage in the policy for you, your resident relatives and other occupants of the watercraft injured by an accident while operating, boarding or leaving your watercraft.

We will pay, even if you are not legally liable, medical expenses incurred within one year of the date of the accident by or on behalf of any person (including the insured) injured or killed while operating, boarding, leaving or being a passenger on an insured watercraft.

Accidental death

This coverage pays up to the limit in the policy if you, your spouse or your dependent children suffer an accidental death arising from the use or operation of your watercraft.

If the named insured shown on the coverage summary page, their spouse or their dependent children suffer an accidental death arising from the use or operation of the insured watercraft while this policy is in effect, and provided that the death occurs within 12 months of the date of the accident, we will compensate the estate of the deceased person as follows:

  • the amount shown on the coverage summary page for the death of the named insured
  • 50% of this amount for the death of the spouse
  • 10% of this amount for the death of each dependent child

Extensions of coverage and other advantages

Newly acquired watercraft

Your newly acquired watercraft or motor is covered for damage caused by an insured loss but only for a limited period (30 days). The new watercraft or motor must be replacing the existing insured watercraft and be a new acquisition.

Emergency service

Pays up to $500 for reasonable costs that you incur resulting from specified emergency service to your watercraft, its motor or trailer.

Additional expenses

Pays up to $1,500 (maximum of $250 per day) for additional expenses, including travel expenses and the cost of renting a replacement watercraft similar to your watercraft, if your watercraft cannot be used as a result of an insured peril.

Wreck removal

Pays, up to the limit in the policy, the reasonable expenses you incur for any attempted or actual raising, removal or destruction of the wreck of your watercraft when damage is caused by an insured loss and removal, or destruction is required by law.

Questions you should ask your agent

  • Are my trailer and boating supplies covered?
  • Do I get discounts for completing boating safety courses?
  • Am I covered for both inland and ocean boating?
  • Are there any unique exclusions or exceptions in my province/area?
  • Are younger operators covered?
  • Will I receive the actual cash value or replacement cost if my watercraft and its motor are totalled?
  • What payment options are available?
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