Financial Insurance FAQs

Agreed Value coverage means if your boat is a total loss, the insurance company pays the specific amount listed on your policy without depreciation. Actual Cash Value (ACV) only pays what the boat is worth at the time of the accident. At W.B. White, we highly recommend Agreed Value for newer and high-performance vessels.

While some homeowners’ policies offer a “rider” for small boats with low horsepower, they rarely provide adequate protection for modern watercraft. Stand-alone marine insurance offers specialized coverage for things like fuel spills, wreckage removal, and high-limit liability that home insurance typically excludes.

In most cases, any person who is legally eligible to operate a watercraft (holding a valid PCOC) and has your explicit permission is covered. However, some high-performance policies may have specific “named pilot” restrictions. Always check with your broker before letting someone else take the helm.

Generally, your marine insurance policy covers physical damage to the boat and trailer while in transit. However, the liability portion (damage you cause to others while driving) is typically covered by your Ontario auto insurance policy. We recommend coordinating both policies through W.B. White for seamless protection.

The 2026 reforms primarily impact the “Optional Accident Benefits” on auto-related policies. If your watercraft is insured under a multi-policy bundle or a specific marine-auto endorsement, you may have new choices regarding medical and rehabilitation limits. Our team can help you navigate these changes to ensure your family remains fully protected.

P&I is the specialized maritime term for liability insurance. It is much broader than standard liability and covers unique marine risks like wreck removal, legal defense in maritime court, and accidental pollution caused by your vessel.

For older vessels (typically 15–20 years or older), insurance companies often require a professional marine survey. This ensures the boat is seaworthy and helps establish an accurate “Agreed Value.” If you’re buying a used boat in the Peterborough area, we can recommend local surveyors to help with this process.

A business typically needs several types of insurance coverage to protect against various risks. Some common types of insurance that businesses may need include property insurance to protect physical assets such as buildings and equipment, liability insurance to cover legal claims against the business, business interruption insurance to cover financial losses due to a disruption in operations, and workers’ compensation insurance to protect employees in case of injury or illness on the job. Additionally, depending on the specific industry and nature of the business, there may be other types of insurance needed as well. It is advisable for businesses to consult with an insurance professional to determine the best coverage options for their specific needs.

Commercial insurance premiums for businesses in Ontario are determined based on several factors such as the size of your business, the industry you operate in, the number of employees, the location of your business, the type of coverage you need, the risks associated with your business, past claims history, and other information provided by you during the underwriting process. Insurers will assess all these factors to determine the level of risk your business presents and calculate your premium accordingly. It is recommended to shop around and compare quotes from different insurance companies to find the best coverage for your business at a competitive price.