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  1. #31
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    This is a good question.... Liability Insurance covers you for bodily injury or property damage caused by your negligence to a third party.

    If someone gets hurt in your boat they would or their family would most likely sue you for compensation. We see it all the time that even best friends and family members are forced down this road as cost start to mount. Things like costs for medical care (There is a ton that isn't covered here in Canada) Lost earning potential.(what if your passanger or who ever you hit makes $500 000/year gets a brain injury and now can only flip burgers a Mc D's?)...Family support...... it goes on and on. This would also apply to anyone you hit..

    If you cause property damage the Liability would cover you as well. If you hit a dock or another boat and get sued for the damage it will pay out.

    People that don't Have Liability are taking their entire financial future into their hands. Could you afford to pay $1 000 000 to some one and still be able to live a good life? Most people can't. I think if Most of us had our boat was stolen or destroyed it would suck but it wouldn't permanently change for your financial well being.

    The big thing I hear from people all the time is it will never happen to me....I am careful. I only go out on the lake when everyone else is gone.......

    Bodily Injury and property damage can also be caused by you if you have an equipment failure..... for example

    You are running along and your steering fails and the you hit another boat/swimmers/Docks whatever it is. I know what you are thinking right now....that was an accident and I did nothing to cause it..... Sure but the Lawyers are going to argue that you were negligent because you failed to maintain the boat properly....or you failed to inspect your equipment.... god help you if you did the work yourself.....now you are negligent because you are not a qualified marine mechanic. The list will go on forever and the Lawyers are great at coming up with anything.






    Quote Originally Posted by InjectorService View Post
    Thanks for all the info Jason! Really interesting stuff here. So what exactly is the process if you don't have liability insurance for instance. Let's say someone gets hurt and is in the hospital for an extended period and is on lifetime medication. So who exactly is coming after you? The person themselves? The Canadian government for hospital fees? I really don't know very much about the liability side of insurance. I guess that is because I've never needed to, thank goodness.

    (sorry for this sidebar, I'm not intending on derailing the thread, maybe just looking for info on WHY someone should be insured regardless of their boats value. There are LOTS of people out here without ANY sort of insurance on the water)
    Last edited by HIMAGAIN; 01-16-2020 at 01:41 PM.
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

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  3. #32
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    Thanks for answering my question Jason. (Just to be clear I have always, and will always buy enough liability insurance). Hopefully someone without insurance will read this and get some!


    www.InjectorService.com
    Call/Text - 204-326-0390



  4. #33
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    since I have gone this far I might aswell continue...

    Things to watch out for in all boat insurance policy's

    Navagational limits: Every policy will have an area of acceptable operation. Using your boat outside that requires permission of the insurance company and an extension to be added. For my Ontario peopole that means that most policies we have will limit you to in land water only Meaning, Lake and rivers including the great lakes and St Lawrance. Watch this one .... Some Ontario polices won't let you go east of Montreal and some will allow to Quebec City
    Some polices won't provide coverage for the US most will go as far south as Tennessee before you need to extend coverage. Its up to you to check this.

    Hull Coverage: There are 3 types of hull coverage, This all has to do with how you get paid out at the time of a Claim

    1. ACV ( Actual cash value) This will be the most common. This is the depreciated cash value of the boat. What would it be worth on the open market at the time off the loss. So you may have the boat Listed for $100 000 but ten years later you have a claim you will get the depreciated value of the boat.

    2. Replacement cost; The cost to replace the boat with like kind and quality of the limit on the policy which ever is less.

    3. Gaurnteed replacement cost: This is the undepreciated value listed on the policy. ie...Buy a new boat fore $100 000 ten years later it gets stolen .....they pay the $100 000 limit on the policy (this is also the most expensive and will require proof of condition bills of sale and marine survey's)


    Other things to watch out for
    1. Exclusion of coverage for underwater running gear ( some polices won't cover your lower unit or props if you hit something)
    2. Operator exclusions.....Some policy's will limit who can drive the boat to only people listed on the policy.
    3. Legal requirements....In Ontario you are required to have a pleasure craft operators card....if someone drives the boat that doesn't have one the insurance is VOID
    4. Lay up requirements for people that live where the water gets hard check your policy......there is a Lay up time that the insurance company expects the boat to be stored and not used normaly from NOV 1st to April 1st.....THIS CAN BE CHANGED BUT YOU NEED TO REQUEST IT
    5. Limits for personal effects and electronic: There is more and more tech being put into boats Big screen GPS units, FLIR, big stereo's....... Most policy's will have an electronic and personal effect limit of $1500- $2500 Again this can be changed but you have to ask
    6. Theft exclusions: Check your policy for things like prop lock, Drive lock, Trailer lock and GPS tracking requirements..... If the policy requires it and it gets stolen with out any of it you will be **** out of luck
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

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  6. #34
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    I should have chimed in earlier, though my experience is in the US and what I have to say relates to the US, but I think this is blossoming into a general insurance thread. I have an old fast pod tunnel hull. It was probably worth bout $8,000 when last running (it has been laid up for 4 years--another story). When I first insured it in 2005 or so, there was realy only company that would insure it- Markel. If it had been a $100,000 boat, generating that big premium for the hull insurance (boat repair or replacement insurance) they would have considered me, but where the primary risk was liability for a 90 mph tunnel hull, no way. Then Markel decided to stop writing boat insurance in Florida. By then, I wasn't using the boat, thought ony temporary, so I did a big search that is somewhere on here in a thread from maybe 2015 give or take a couple of years. No way I could buy hull insurance from anyone. Found one outfit that would sell me liability only--AND BELIEVE ME, THAT IS THE ONE COVERAGE YOU MUST HAVE--for about $2400/year. Never bought it because the boat is still laid up. My old computer crashed, but I might have the name of the company on my work computer--I will come back on with the name if I find it.

    Let me make another point too--I am an attorney who works for an insurance company. We don't insure boats, but I can tell you generally that if you provide any piece of wrong information in the application and end up with a big claim they will deny you. Lots of threads on here have advised to put down that your STV with a 280 only runs 65--you can do that, but your premium money is going into the trash.

    Himagain put the need for liability coverage very well above. I just want to add one comment. I defend lots of people who get sued for something they absolutely are not responsible for. Their insurance company pays my fees and all of the costs. If you get sued for something you are absolutely not responsible for, then your case is unlikely to settle and will got to trial. At my rates, which are lowball insurance company rates, a simple personal injury case can cost $30,000 to take to trial. Kil someone or worse make them a quadriplegic or brain damaged (according to some whore doctor who determines that everyone she sees is brain damaged) and it could cost well north of $300,000. And if you can't pay it, eventually the judge will likely default you and then legally you are at fault even if actually you have no fault. You need liability insurance unless you are like some of our brothers who have absolutely nothing other than their fancy boat and maybe a fancy truck, and they could take those.\

    sorry--end of rant
    Per Rock:

    "Once I bought my first Hydrostream boating changed forever for me."

    Per my hero Instigator:

    "I try not to let common sense interfere w/my boat buying decisions."


    Pat Gent
    cell 954-249-3246
    '78 Hydrostream Vandal (being rebuilt)
    '86 21' Eliminator Daytona, 300 OMC V-8 (Li'l Toy III)

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  8. #35
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    its still ridiculous, no matter how logically you look at it. just companies taking more of my money...... gonna have release forms in the boat to fill out prior to going on plane.

  9. #36
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    don’t bother they aren’t worth the paper they are written on and won’t do squat for you if anything happens

    Quote Originally Posted by derpid View Post
    its still ridiculous, no matter how logically you look at it. just companies taking more of my money...... gonna have release forms in the boat to fill out prior to going on plane.
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

  10. #37
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    Quote Originally Posted by Li'l Toy View Post
    You need liability insurance unless you are like some of our brothers who have absolutely nothing other than their fancy boat and maybe a fancy truck, and they could take those.\
    this is why you own absolutely nothing. nothing is in your name. example: look at the bottom of wildmans posts.

  11. #38
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    in Canada you can never get away from a judgement.... if you have nothing or try and go bankrupt it doesn’t go away. They will be on you and garnish your wages for life

    Quote Originally Posted by FUJIMO View Post
    this is why you own absolutely nothing. nothing is in your name. example: look at the bottom of wildmans posts.
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

  12. #39
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    Himagain--actually, in Florida a properly written waiver can protect you. I have watched this law ever since I was treasurer of the club that put on OPC races in the Miami Marine Stadium. If you have the guts to ask someone to sign one before you go out, and they are an adult (not a parent signing for a minor) they will stick.

    But derpid--waiver only protects you (if it is enforceable where you boat) against an adult passenger who signs it. Does you no good for the people in the canoe you did not see until too late, or the idiot in the JetSki who has no idea how fast you are, or no concept that you are there, and turns right in front of you
    Per Rock:

    "Once I bought my first Hydrostream boating changed forever for me."

    Per my hero Instigator:

    "I try not to let common sense interfere w/my boat buying decisions."


    Pat Gent
    cell 954-249-3246
    '78 Hydrostream Vandal (being rebuilt)
    '86 21' Eliminator Daytona, 300 OMC V-8 (Li'l Toy III)

  13. #40
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    Li'l Toy

    I agree that a waiver will protect (to a point) a race organizer. Iam the past president of the OPBRA and a former board Member of the Canadian Boating Federation, But under the Liability Laws (here anyway) There is a difference between a paid participant in an event that is fully aware of the risk and it able through informed consent sign the waiver. Case Law in Canada has tossed out waivers for third parties that couldn't possibly understand the risks. If you had someone in your 120mph boat who had never been in a boat they can not consent to signing away their rights....becasue they cannot fully understand the risk....



    Quote Originally Posted by Li'l Toy View Post
    Himagain--actually, in Florida a properly written waiver can protect you. I have watched this law ever since I was treasurer of the club that put on OPC races in the Miami Marine Stadium. If you have the guts to ask someone to sign one before you go out, and they are an adult (not a parent signing for a minor) they will stick.

    But derpid--waiver only protects you (if it is enforceable where you boat) against an adult passenger who signs it. Does you no good for the people in the canoe you did not see until too late, or the idiot in the JetSki who has no idea how fast you are, or no concept that you are there, and turns right in front of you
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

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  15. #41
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    i wasnt really serious about the waiver, just anoyed at the cost of insurance. i paid it but i didnt enjoy it, probably would of never done it but the break ins lately have been on a steady rise so i caved. my home body of water is not populated by rogue canoes and its not narow and the shoreline isnt riddled with docks to hit. Propensity of risk to others is low as you choose the time and bays in which you run. yes its smart to have it all covered but I don't like it! lol

  16. #42
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    Good choice! If your insured fully, nothing would ever happen, if you weren't insured something definitely would happen. Murphy's Law.


    www.InjectorService.com
    Call/Text - 204-326-0390



  17. #43
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    I have an STV Pro Comp w/2.5 offshore. I get my insurance through state farm/desjardins. I think my premium is around 600/yr with enough coverage to easily replace it. Long time customer with them and have clean record. One interesting point to note is that by allowing them to run a credit bureau check it got me a much cheaper premium

  18. #44
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    Have fun with that... State Farm/ Desjardins DO NOT COVER AIR ENTRAPMENT hulls . It is stated in their Manual, I am sure the Agent has no Idea as I have seen lots of STV's insured through them. If you ever have a Major issue to won't have to pay.




    Quote Originally Posted by chokingthemerc View Post
    I have an STV Pro Comp w/2.5 offshore. I get my insurance through state farm/desjardins. I think my premium is around 600/yr with enough coverage to easily replace it. Long time customer with them and have clean record. One interesting point to note is that by allowing them to run a credit bureau check it got me a much cheaper premium
    Jason
    18 Talon SOLD
    XR 2002 SOLD
    2011 STV RR 300pm SOld
    24 Skater 300xs

  19. #45
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    Quote Originally Posted by InjectorService View Post
    Good choice! If your insured fully, nothing would ever happen, if you weren't insured something definitely would happen. Murphy's Law.
    I mean probably, but I was insurance free before and life was good for a looong time. oh well its done, I am now 2k poorer and still haven't driven the damn thing lol.

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