Chubb announces availability of a new form of boat insurance

Marine Insurance

Boat InsuranceNew and enhanced watercraft coverage now offered with several potential advantages.

Chubb Insurance Company of Canada has now released its new and enhanced boat insurance policy which includes a number of different opportunities for watercraft owners, such as a special discount, broadened navigational coverage, improved options for deductibles, larger coverage against damage, and travel-sized policy certificates.

The new policy now offers a discount of 5 percent if Chubb Canada is also the homeowners policy provider.

Multiple policies with the company means a significant savings to watercraft owners, who will also see a 0.5 percent deductible option if their hull values are greater than $50,000. Moreover, the insurer has also recognized that many individuals with these vehicles live close to the American boarder, and has widened its navigational limits with greater West Coast navigation, and a trip charge for the Port of New York that is more cost effective.

This enhanced boat insurance also offers a number of additional or expanded coverages.

For example, where there had previously been a 10 percent limit on coverage for personal effects, that cap has now been removed. The coverage limit for environmental damage has also been increased to $100,000. Moreover, the coverage for uninsured boaters protection has been upped to $1 million, and there is now an option to purchase additional protection of up to $2 million.

The Chubb vice president, Tanya Eyram, explained that “Chubb understands that increased protection is required in many areas to reflect changes in the economy and our legal environment.” She also went on to say that “We respect that our customers make use of their watercraft not just in Canada but also in US waters and need this enhanced coverage.”

The insurer maintains a strong rating among its consumers as having one of the best for claims satisfaction among all Canadian carriers. The company has offices across the country, including in Toronto, Montreal, Vancouver, and Calgary, and offers property and casualty coverage for both personal and commercial customers, in addition to the boat insurance that it is also selling. Its network includes more than 200 brokers throughout the nation.


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