Get the right coverage for your yacht, watercraft, sail boat, or motor boat.
Intergroupe USA will tailor your coverage based on the type of boat you own, your area of navigation and if it’s used for personal or business purpose.
Intergroupe USA focuses on ensuring that you properly understand your coverage. A perusal of your policy paperwork and a quick call to our experts will set you in the right direction. We will happily provide you with a quote adapted to your specific situation and according to your unique needs.
Valuation in the event of a claim
There are three types of indemnity calculations that may apply according to the policy available or chosen for your unique situation. The first is based on the replacement cost of your hull and equipment, the second is based on its actual cash value, or depreciated value, and the third is based on an agreed value set at the very moment you put your policy in force.
Perils insured
Most policies are known as « all risk » policies, meaning they cover your boat against all perils, except for the list of items found in the exclusions section! So this type of policy is also much easier to read and understand.
Always excluded are damages arising from wear and tear as well as damages caused by animals.
Deductible
As with all insurance policies, boat insurance has applicable deductibles. This is the amount you are to assume in the event of a loss. The higher your deductible, the lower your premium! But make sure to choose a deductible you are comfortable with. Your policy will usually include a separate deductible in the event of a hurricane (Named Storm Deductible – NSD). It’s also good to be aware of the warranties that might be included in your policy i.e. contingency plan in case of a windstorm alert.
Use of your boat
It is very important that you declare the use of the boat when shopping for and purchasing your insurance. Most policies will cover you for personal pleasure use and will exclude racing and professional activities such as charging passengers a fee to sail with you. Let us know if you plan to occasionally or regularly have clients on your boat, as it might impact your pricing and coverage.
Liability
The liability section of the policy is called Protection and Indemnity (P&I) and provides coverage for any property damage or bodily injury you are responsible for up to the policy limits. It also provides for legal defense costs according to the policy stipulations if you are sued by a third party.
Good to know
On the declarations page of your policy, you will find the list of your coverage and the limits that apply. The premium will vary per the coverage limits, your boat’s type and speed, the cruising area and your experience as an operator!