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Actual Cash Value Coverage

The settlement of a claim will take into account such things as the cost of replacement less any depreciation and in determined the depreciation the insurance company will consider the condition immediately before the damage, the resale value and the normal life expectancy.

Agreed Value Coverage

The settlement of a claim will not take into account depreciation. The insurance company agrees to settle your claim for the amount of insurance listed on your policy without the application of depreciation.

Emergency Towing

If the insured boat becomes disabled for any reason the insurance company will cover any reasonable expenses for the following services up to the limit on your policy:

  • Towing from the site of disablement to the nearest repair facility
  • The delivery of fuel or repair parts to the site of disablement, including the cost of the fuel delivered
  • The cost of emergency labour performed at the site of disablement

Loss of Use

In the event that loss or damage from an Insured Peril results in the loss of use of the watercraft described on your declarations page, the insurance company agrees to reimburse you for reasonable expenses incurred for the rental of a substitute vessel up to the limits on your policy.  If the loss or damage interrupts your trip, vacation or holiday the insurance company will also reimburse you for reasonable additional expenses incurred for accommodations, meals or alternate means of transportation such as taxis or public transportation.

Lay-Up Period

The insured watercraft must be laid up on land and duly winterized during the lay-up period specified on your policy.  The watercraft must not be used or inhabited during this period of time.

Personal Effects

Personal effects are defined as the wearing apparel, personal items and sports equipment of the insured and their guests or volunteer crew while they are on board the insured vessel. Limits apply.

Marine Survey

A inspection carried out by a qualified marine surveyors who inspects the interior, exteriors and engines of a boat.

Declaration Page

The page of your watercraft insurance policy stating your boat information, the coverages, and the premium.

Guaranteed Replacement Cost Coverage

If there is a total loss of the vessel within the first three years, the applicable time frame for this endorsement, the insured will be entitled to the amount of insurance shown under Section A of the declaration page plus the amount required to replace the vessel with a current model year vessel of like kind and quality.  This endorsement is added at the option of the insured and serves as an ‘inflation protection’.  It is not automatically included.   *Conditions apply

Navigation Equipment

The electronic equipment attached to the hull of the boat.  The electronic equipment is included in the value of the hull and the amount of insurance should reflect this.

Equipment on Shore

The equipment normally used with the watercraft that is not currently on the watercraft.


Small vessel like a dingy or inflatable which accompanies a larger vessel and is used for the operation of the larger vessel.  For example, a cruiser may have a zodiac scheduled separately on the watercraft insurance policy.

Auxiliary Engine

A secondary engine on the insured vessel or on the tender listed on the policy.

Federal Longshoreman’s and Harbour Workers’ Compensation Insurance

This refers to the policy’s provision for providing coverages as required by the US Federal Longshoreman’s and Harbour Worker’s Compensation Insurance.

Accidental Pollution Liability

This refers to the sudden and accidental release of engine fluids and/or wreck removal that you have been found legally liable for.  The insurance company will pay any reasonable expenses incurred for the salvage and environmental cleanup up to the liability limit stated on your policy.

Medical Expenses

Reasonable expenses incurred for necessary medical, surgical, ambulance, hospital and professional nursing services.  These expenses must have been incurred as a result of bodily injury caused by an accident while in or upon, boarding or disembarking from, the Insured Watercraft.

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Northstar Marine Insurance Inc.
270-92 Caplan Ave, Barrie, ON, L4N 9J2
Phone 1-866-717-9295, Fax 1-866-354-7337