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

Related Articles

 

 

2022 Sea-Doo SwitchSea-Doo’s all-new Switch marries the performance of a personal watercraft with the versatility of a pontoon boat to create what might just be the perfect entry-level watercraft for young families.

If there’s one thing that’s been a constant throughout BRP’s colourful history, it’s a penchant for stepping outside the box and coming up with what turn out to be ground-breaking innovations. The company that was created around the invention of the snowmobile – and furthered by the invention of the jet-propelled personal watercraft – has never been afraid to adopt revolutionary approaches to what it sees as new opportunities. 

Read More

Horizon GregSt Vincent and the Grenadines is open to tourists and Horizon Yacht Charters are looking forward to welcoming our Canadian friends, old and new! You can fly from various locations in Canada via Barbados and then to St Vincent on InterCaribbean Airways or FlyOne and there are direct flights from Toronto with Air Canada on Mondays. With no quarantine for vaccinated visitors, it is easy to come and sail in the stunning Grenadines Island chain.

Horizon reports “We have new yachts joining our fleet in St Vincent this season including the stunning Fountaine Pajot Elba 45 Batamaran and a handsome Jeanneau 591 Molly Too”...

Read More

Volvo Penta 130 and 150 SaildrivesOnce our boat comes out of the water, I take the annual fall tour of the hull so I can determine what to worry about all winter. The first thing I note is that the sacrificial anode I had intended to replace prior to launch last spring remains un-replaced.


I recall, as I look blankly at it, that my plan was to attach a brand new anode that I got from the previous owner many years ago, but when I removed it from its packaging, it was clear it wasn’t the correct match for my drive. Perhaps that’s why he hadn’t installed it. And why I went no further.

Read More

 

  

Burrard Yacht ClubNorth Vancouver’s Burrard Yacht Club and West Vancouver’s Hollyburn Sailing Club are the newest certified members of Clean Marine BC, Georgia Strait Alliance’s eco-certification program that supports recreational boating facilities to reduce the impact of their operations on Burrard Inlet, the Salish Sea and beyond.


Clean Marine BC works with boating facilities to implement and improve environmental best practices for marinas, boat yards, yacht and sailing clubs, fuel docks and harbour authorities, and recognizes them for these efforts. 

Read More