Key Terms

Agreed value – the value of a vessel and/or its cargo based on an agreement between the vessel owner and the insurance company at the time an insurance policy is purchased.

Approved marine surveyor – a professional trained to conduct inspections or examinations of the structure, machinery and equipment and general condition of marine vessels to assess its condition and potentially determine an insurable value.

Dock & property damage – damage to a fixed or floating structure such as a pier or wharf that is used to moor a vessel while it is being loaded or unloaded with cargo or passengers.

Hull & machinery damage – damage to the structural framework of a vessel, including decks, deckhouses, and the hull. This also includes engines, masts, spars, rigging, and specific other equipment or machinery items.

Personal effects – possessions or personal items used by a vessel owner or passengers for their own personal enjoyment including food, clothing, electronics, etc.

Pollution liability – coverage against damages or contamination of water, air or land adjacent to water from oil, oil products, hazardous chemicals or effluent from a marine vessel.

Property damage & theft – coverage of an insured's vessel against damage, destruction or loss by a covered peril. Depending on the policy, the peril could be fire, collision, etc.

Protection & indemnity – coverage for third-party liability risks such as a vessel owner’s liability for cargo damage while it’s on board his vessel or a ship’s liability after a collision.

Tender & auxiliary outboard – smaller, secondary vessels used to transport passengers and cargo to/from other vessels or land.

Uninsured/underinsured boaters – protection against damages caused by owners/operators of marine vessels that do not hold adequate insurance or own sufficient assets to pay for those damages.

Let our boat and marine insurance specialists help you assess your coverage needs by contacting us at any of our insurance offices in the Vancouver area.