F.A.Q.
- How do I set up a policy?
The first step to setting up an insurance policy with MD Marine Insurance is to obtain a no-obligation quote. This can be done online using the Quick Online Quote feature, or by calling our office toll-free at 1-877-627-4633. Once you are comfortable with the quote and coverage offered, all that is needed to activate the policy is the effective date, the hull identification number of the boat, finance information, if applicable, and payment method (monthly, one pay or three pay).
- Do I need to insure my boat?
You are not required to carry marine insurance by law; however, it is a good idea to carry at least liability insurance to minimize the chance that you will be held personally liable for damage or injury to another person or their property. In the event that you are financing your boat purchase, most finance companies will require you to insure the boat before they will approve the loan.
- How can I make a change to my policy?
You can make any type of change to your policy by speaking directly with a marine insurance specialist in our office by calling toll-free 1-877-627-4633. This is the preferred way to make a change as our staff members are able to inform you how the change may alter your coverage or premium, and the change can take effect immediately. Otherwise, changes can be requested in writing by submitting the details of the change by fax to 1-705-325-9974 or by mail to 390 Laclie Street, P.O. Box 308, Orillia, ON, L3V 6J6.
- Why have you changed from Marine Expert to MD Marine Insurance? How will this change affect my policy?
The switch to MD Marine Insurance is one that was made with you, our valued client, in mind. MD Marine Insurance still provides the best coverage, price and service available in the market today. The change has allowed us to bring forward many new benefits that you will undoubtedly embrace such as monthly payment options, no issuing fees, industry-leading claims service, broadened coverage and stabilized rates.
Some things that will remain the same are the level of customer service you have come to expect from the knowledgeable staff, as well as fast claims service and turnaround time on policy changes. Otherwise, any changes specifically to your coverage will be noted when you receive your next renewal notice. If you have any questions or concerns regarding any of these changes, a staff member would be more than happy to walk you through what it means to you.
- What does “Agreed Value” and “Actual Cash Value” mean?
Agreed Value means that the amount paid in the event of a total loss is the amount shown on your policy without any deduction for depreciation. Partial loss claims are also settled without deduction for depreciation. Actual Cash Value means that depreciation is deducted from all claims, so the amount you receive is the current market value of the boat or damaged equipment at the time of the loss.
- Does an “all-risk” policy cover my boat for any kind of damage?
Not always. An “all-risk” policy covers accidental damage unless it is excluded on the policy (mechanical breakdown, wear and tear, etc). With any all-risk policy, you must check the exclusions to know what is not covered. A “named perils” policy covers only against damage from specific perils (fire, theft, etc).
- What’s covered in the watercraft value of my policy?
The watercraft value indicated on your policy includes the machinery, equipment and electronics used to operate and maintain the watercraft. It does not include additional equipment you may have on board like downriggers, fishing tackle, trailers, etc. These additional items can be covered under separate sections of the policy.
- Am I covered for hurricanes, tornadoes or windstorm?
Yes, there are no exclusions for hurricanes, tornadoes or windstorms. However, companies control their exposure to these types of claims by excluding areas that are prone to this type of weather. It is important to know the navigation limits of your policy as it will not respond to any claims that occur outside of this area. Extensions can be granted to cover the boat outside of the navigation area upon request by you.
- How can I reduce my premium?
Reviewing the policy with your broker is the first step to getting the best value. They can identify any optional coverage on your policy that can be remove, which may result in a premium decrease. They can also explain the value in keeping the optional coverage, which you may not have been aware of. Another option is to choose the deductible amount that is right for you. In many cases, increasing a deductible can result in a lower premium.
- Does my policy provide coverage for towing?
If your vessel is disabled for any reason there is coverage up to $5,000 for the cost of being towed to the nearest repair facility, having fuel delivered to you or the cost of emergency labour performed at the site of disablement. Use of the Emergency Towing coverage does not affect your insurance premiums and no deductible applies.
- Why are surveys required?
Surveys are a very important tool used by insurance companies to identify potential safety and maintenance issues the boat may have. It can also provide an up to date value of your boat which is helpful in determining whether or not it is over insured or under insured. Surveys are a standard requirement in the marine insurance industry on older vessels, and can provide buyers of older model boats peace of mind that they are making a good investment prior to purchase.
