Statutory Liability Limits of your Marine Insurance . New requirements 3 million is the new 2 Million
- Thread starter Bill 310
- Start date
pescador
Well-Known Member
Isn’t your trailer insured by ICBC? Why include in this policy?
kaelc
Crew Member
I believe it’s cheaper through boat insurance? Tough to keep a half dozen CIBC, toy and vehicle insurances straight.
pescador
Well-Known Member
Think it’s the reverse. I took mine off my boat policy and left with icbc. No reason to be double insured. Save a few bucks.
kaelc
Crew Member
Thanks, I’ll double check. My new insurance place is a lot better, got me a little further offshore insurance should I get a good tuna weather window
pescador
Well-Known Member
My marina still asking for $2M. At least it was a month back.
ab1752
Crew Member
Mine as well, but one is a ticking time bomb and they don't gaf about much at all.
Reed Point is a well run marina. They require a copy of your current 2 Million Dollar Liability policy annually. That is a condition of moorage.
Their communication is quite clear.
They will let people renew with 2 million but are recommending that people increase their coverage to 3 million this year.
As April 1st 2025 they will require folks to have 3 million. All annual moorage renews on April 1st , so administratively this simplifies their system.
Liability coverage is quite inexpensive. An umbrella policy that covers your home, cabin vehicles above a certain limit is generally a cost effective way to manage / increase coverage. I am not sure how this would work with with these new marine regs.
The best thing will be to ask your insurance agent.
When you think about these insurance requirements one wonders how many boats on the water are not insured and operating
without liability coverage.
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Captain PartyMarty
Crew Member
I think icbc only covers the trailer on the road. Your boat insurance covers it if it’s stolen. But I might be wrong
I just heard back from our agent. She is getting me a quote for 3 million.
Of course, all of this is in many ways a complete waste of time until Marine Safety checks require you to produce a copy of your current insurance.
I sent this notice change to some of my friends back east who are on freshwater lakes. It seems that not everyone even have marine insurance.
And that is why having an Umbrella policy is important.
Of course, all of this is in many ways a complete waste of time until Marine Safety checks require you to produce a copy of your current insurance.
I sent this notice change to some of my friends back east who are on freshwater lakes. It seems that not everyone even have marine insurance.
And that is why having an Umbrella policy is important.
There is currently no legislation requiring you to have insurance (either liability or "replacement" ) Many Marinas now require any vessel moored to have proof of insurance (Liability) . This is a growing trend and I believe we will see more and more boats unable to get moorage as they are in such poor condition that no one would cover them.
CR Greg
Aces
Well-Known Member
3 years ago an uninsured boat caught fire in our marina and took 2 others with it. After they proof of insurance was required
Do you know the outcome was of that? What happened with uninsured owner?
The statutory limits of liability have been increased. i.e . the potential amount of financial risk that a boat owner is exposed to.
The cost of liability insurance is quite small for the amount of financial protection it provides.
Marinas who request copies of their moorage customers, are being both smart and prudent.
There is a valid reason why Reed Point prohibits people staying overnight on their boats.
wildmanyeah
Crew Member
I suspect the insurance company of the two other boats probably named the marina as a third party.
