Marine Insurance

Whether you use your boat for personal use, regatta racing or even charters, SeaFirst has a marine insurance policy for you. We understand that your boat is more than just a pleasure craft, it’s an expensive investment with its own unique risks. Our flexible boat insurance takes the worry out of boating, giving you more freedom to enjoy your time on the water. And with 7 convenient locations across Greater Victoria and the Gulf Islands, we can meet your needs quickly and at competitive prices.

Here are a few features of our marine policies:

  • Most policies are sold on an "agreed value basis" which means the amount of coverage is agreed to at the beginning of the policy, and that amount will be paid out in the event of a total loss
  • Policy coverages are ‘comprehensive’, which means that there are very few exclusions
  • For new boats, we can offer full replacement cost coverage
  • Coverage for the contents of you boat, e.g. your personal belongings
  • Protection and Indemnity Coverage (similar to third party liability) up to $2,000,000
  • Includes coverage for Uninsured and/or Underinsured Boater Protection
  • Coverage for racing sailboats, including sails and running gear
  • Emergency towing expenses due to mechanical failure or if you run out of fuel
  • Coverage available for boathouses
  • Loss of use coverage: you may be able to rent a substitute yacht while yours is being repaired after a claim
  • Local claims adjusting and claims examination
  • 24 hour 365 days claims service: help is always available when you need it
  • Year round policies to ensure your boat is protected in the off season
  • Discounts for boating education, boating experience, higher deductibles, and claims free history

Important! Do not operate your vessel without a CPS Pleasure Craft Operator Card (PCOC) and remember.......Boat safe!

You can find the SeaFirst Marine Application at the bottom of this page.

Boat Insurance FAQ

What are the differences between boat and yacht insurance?

Generally "boats" are considered to be 26 feet and smaller, and "yachts" are 27 feet and larger. Yacht coverage tends to be broader and more specialized because larger boats travel further and have more unique exposures. Boat insurance varies by boat length and type, by the cost of the boat and the level of coverage you want. Consult your insurance broker for quotes or compare rates online. Some smaller boats may be insured as a rider on a homeowner's policy but the coverage may not be as good as what you get with a stand-alone marine policy.

What is Protection & Indemnity?

On a recreational marine policy the liability coverage is called protection and indemnity. In addition to paying for damage you may cause to other boats and properties, it provides coverage for legal costs, wreck removal, salvage fees, and pollution damage caused by the boat.

What should I look for in a yacht policy?

There are two main sections of a yacht policy. HULL INSURANCE is all risk direct damage coverage that creates a very broad insuring agreement. It will include AGREED AMOUNT hull coverage, meaning all parties agree at the time the policy is written on the value of the vessel and that value will be paid in the event of a total loss. A true yacht policy also includes REPLACEMENT COST (new for old) coverage on partial losses, with possible exceptions for sails, canvas, batteries, and outboard motors and sometimes outdrives, which are depreciated. PROTECTION & INDEMNITY insurance is the broadest of all liability coverage, and because maritime law is unique, you will need coverage designed for those exposures. Besides providing payment of judgments against you, P&I also provides for your legal defense in court.

What's not covered?

Exclusions on a yacht policy generally include wear and tear, gradual deterioration, marine life, marring, denting, scratching, animal damage, osmosis, blistering, electrolysis, manufacturer’s defects, defects in design, and ice and freezing,

What is a Warranty?

Yacht policies contain clauses called warranties that are contractual promises. They describe conditions that the boat owner must do, or must not do during the term of the policy. For example, a private pleasure warranty states the boat must not be used for commercial purposes. A fire extinguisher warranty states the boat owner must comply with applicable regulations regarding fire extinguishers on board. Warranties are very important because if they are breached the policy is considered null and void from the moment the breach occurs. In addition to the above warranties the policy will have navigation area limits. It is important to understand the warranties in your policy and to adhere to them at all times.

Is a marine survey required?

Insurance companies ask for a survey once a boat reaches a certain age. These surveys are prepared by independent surveyors and are used to verify the condition, seaworthiness and the value of the boat. Surveys also protect boat owners by identifying safety and maintenance problems. If you are considering a boat over 10 years old, ask your insurance broker if a marine survey is required.

Can I use the boat for charters?

If your policy contains a private pleasure warranty, then hiring the boat for charters invalidates your policy. Some insurance companies will add temporary charter coverage for an additional premium. If the boat is going to be chartered on a regular basis, a commercial policy is recommended.

Please click the .pdf link below to view our SeaFirst Marine Application.

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The service received from SeaFirst, the adjusters, the insurers and the restoration people was great. I highly recommend everybody who was involved. Thanks for the help in a horrible situation.

- Nighean Anderson
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I was satisfied and pleased with the prompt attention with which our claim was handled. Each person I spoke to during this process was very helpful.

- Sue, Intelligent Traffic Equipment
Testimonial

SeaFirst and Garrett have been wonderful to deal with, quick to respond to our needs and questions. Even better is that they saved us a ton of money on our insurance with their adventure tourism specific policy. 

- Breanne and Rick, Spirit of the West Adventures Ltd.