Feb 22, 2018

CowanWhile volunteering at the CPS-ECP booth at this year’s Toronto International Boat Show, I had the opportunity to speak with many existing CPS-ECP members and a lot of potential members as well. Being a member of CPS-ECP as well as supervising the pleasure craft insurance program at Cowan Insurance Group, I had a bit of an advantage when it came to discussing member benefits, particularly the insurance aspect.

When looking to purchase insurance for your watercraft, there are a number of things to consider when reviewing coverage. I thought it would be beneficial to share some of the more common inquiries I received here:

1. The best type of loss payout is based on an Agreed Value. This means that your boat is insured to the value you have agreed on with the insurance company, without any deduction for depreciation. Some policies are based on an Actual Cash Value basis, which takes into consideration depreciation. Unless otherwise stated, the Cowan Pleasure Craft policy is always based on an Agreed Value.

2. Insuring a boat under your home insurance policy means that you are missing some key coverage’s that would be found under a Pleasure Craft policy. This includes pollution liability (accidental discharge of fuel or oils), marine environmental damage (damage to marine habitat), and uninsured boater (injuries you incur by someone who does not have insurance).

3. Some policies have a specific lay-up period for when the boat must be on the hard. The Cowan Pleasure Craft policy does not have a specified lay-up period, meaning if the weather co-operates, you can still boat.

4. When heading south, be sure to know when you require an extension to your standard navigation area. It’s just as important to know what coverage, if any, you have for a named storm. Under the Cowan Pleasure Craft policy, you will require extended navigation when operating below 40° North Latitude on the East Coast and 47° North Latitude on the West Coast. While operating below these areas from June 1st to November 30th, coverage for named storms is excluded unless otherwise approved by our office.

Going back to the Cowan Insurance booth later that day, I was eager to promote some of the additional CPS-ECP benefits through Cowan Insurance Group. These include:

• A 15% discount our your boat insurance (you can add an additional 10% if you are claims free for three years)
• Your deductible is reduced by 10% every year you are claims free, up to a maximum of 50%
• A group discount of 10% on both your automobile and home insurance.

The 2018 Toronto International Boat Show was a great opportunity to meet new and old friends. I have committed myself to volunteer again next year at the CPS-ECP booth. Until then, see you on the water.

Craig Worsfold

Supervisor, Broker Services, Cowan Insurance Group

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This summer my husband, Paul, and I bought our fourth offshore cruising boat, a new Southerly 480 built by Discovery Yachts in the UK. It’s a unique boat with a retractable variable-draft swing keel giving you the option of sailing with a deep draft of 3.1 metres when the keel is down or just less than a metre with the keel fully retracted. Southerly Yachts are great for bluewater sailing and also for gunkholing in shallow creeks and inland waterways. You can even dry them out at low tide so they are is the perfect boat for the type of exploring we like to do. Our new boat, Distant Shores III, is the third Southerly Yacht that we’ve owned over 29 years of international cruising to destinations in the Caribbean, Mediterranean, Middle East, UK, Scandinavia and South America. This boat we plan to sail to the South Pacific.

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This is a brand new express cruiser design. With twin Mercury 200 V6 outboards, it delivers impressive performance, a reassuring and comfortable ride, and a level of versatility that will enable this boat to be your vacation partner for all sorts of adventures.

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Ask Andrew: Electrical Installations – Part 1: Electrical Connections - basics and how-to’s

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Winter is a great time to look at some of the hidden spaces on your boat – to take stock of what is aboard, areas of improvement and ways to upgrade.

One of the most common jobs that I’m asked to look at are electrical installations and upgrades. Surprisingly, the majority of these types of jobs are to ‘clean up’ the wiring of years past – when electrical standards were more fluid, and jury-rigged upgrades have been added and adapted over multiple owners and contractors.

Read More about Electrical Installations Basics...