Insurance - possible policy (for Canucks)

[wnethercote]

The Nova Ice Yacht Club is a member of the Nova Scotia Yachting Association, one of the Canadian Yachting Association's affiliates.  At the recent CYA AGM I was talking to a represesentative of the CYA's insurer, and asked about the possibility of liability coverage for DNs while racing.  I subsequently supplied details of our club's fleet and he took the information to the insurance market.

We have received an informal proposal from an insurer who is now preparing a detailled policy proposal based on the standard 'Eastern Canada' yacht policy.  Coverage would extend to 40N latitude, so it would cover the frozen bits in the US.  The informal policy includes both liability and collision coverage (among other things) and we have asked about the possibility of a liability-only option, because the premium is $300CDN per year.  But it is explicitly racing coverage.  One of my local colleagues has a $130CDN rider on his house insurance, and even then wonders what would REALLY happen in the event of a claim.

I imagine that this policy, if we are successful, would be limited to Canadians, but the approach might equally be feasible for the US, through a US insurer.  I think the key to progress in this case was being a representative of a club, so that I could offer the prospect of more business than me alone.

I will update this string as things progress.

Warren Nethercote, DN 3786 (Halifax, NS)

[DN 805]

Warren....
In the past the DN Class has considered becoming a member of US Sailing with  the purpose of being able to access the insurance program of U.S. Sailing.   However, because iceboating follows the Rules of the National Iceboat Authority which differ from the Racing Rules of Sailing, the protections under the insurance policy offered by US Saiing were not available to iceboaters.

It will be important for you Canadians to be certain that the proposed policy based on the standard Eastern Canada yacht policy allows racing according to the Rules of the National Iceboat Authority and does not require racing, and the governing of racing events, to follow the Racing Rules of Sailing or other commonly accepted rules that apply to the operation of boats.

In the US liability insurance is frequently included under  homeowners or renters insurance because DNs are ony 12 ft. long.   Some homeowners policies also include property damage to boats (soft water and hard water) while sailing and racing.   That coverage is unique, however, and is not offered by all insurance companies.

...Jane

[wnethercote]

Jane,

Thank you.

I once had a no-cost rider on my household policy that explicitly included racing my DN, but when we bought an older house we had to change insurers to get equivalent household coverage - but there was no way they would give me that racing DN rider.

Finally, we're not actually exploiting the CYA's insurance offering here, but their insurance agent, who went to market for a distinct product.  the insurance company is simply using a yacht policy as a starting point.  I will be sure to check that we aren't stuck with ISAF rules.

Warren

[wnethercote]

An Update:

As of Friday we had agreement on a policy structure and the formal documentation is being written.

The navigation area will allow racing across Canada and anywhere in US where lakes freeze.  The wording will be:    “Coverage only applies while your iceboat is operated within the navigational limits of the inland waters of Canada and the USA not south of 40° North.”

The definition of inland waters is “Canals, lakes, rivers, water courses, inlets, and bays that are nearest to the shores of a nation and subject to its complete sovereignty.”    As opposed to coastal waters outside the 12 mile territorial limit.
   
Racing is permitted and there will be nothing in the wording concerning any racing rules.

The insurer will offer a policy for $250 that includes physical damage coverage up to $6000 with a $500 deductible.  Liability only policy would be $200.   This is higher than what is being offered on home policies but a lot of home policies don’t provide cover while racing.   After a year (the agent) might be able to negotiate these (prices) even lower but that is (the insurer's) final offer for this year.   The more that sign up the better (the agent) can do with price.

There is one outstanding question: I started this process on behalf of the Nova IceYacht Club, and I have asked the agent to determine whether the insurer was licensed to offer the product in all Provinces.  I will advise when this is known, and more important, the details of the agent when we have a policy that can be sold.

Warren

[wnethercote]

As of 16 December 2011 this policy is available in all provinces except NL and SK.  To purchase coverage contact

Andrew Robertson
Robertson & Robertson Yacht Insurance Ltd.
120 South Town Centre Blvd
Markham ON  L6G 1C3
1-800-661-7211
905-752-8735 tel
905-948-2055 fax
Andrew Robertson [Andrew.Robertson@cgbgroup.com]

Warren Nethercote, DN 3786

[Skippers Plan Insurance]

Thank you Warren for the introduction and announcement on this forum about our new insurance policy for iceboats.

Our Skippers Plan policy for iceboats provides coverage across Canada and the US but not south of 40 N latitude.  You can purchase a policy with coverage up to $6000 for the iceboat including  $1 million liability for $250 or go with liability only for $200.    The liability coverage pays for damage you may cause to other boats or injury to third parties.

This is not available in Newfoundland and Saskatchewan right now due to Provincial regulatory issues but I hope to have those Provinces added very soon. 

My contact information is provided in the earlier post.   I am also happy to answer any questions about insurance on this open forum. 

Andrew Robertson
www.skippersplan.com         

[DN 5449]

This is great to know that there is an option to insure our boats.Only draw back is the $500 deductible.Had a talk with Andrew about this policy and it is totally understandable the higher rates and deductable limit as they are venturing into uncharted teritory.Thanks to all for making this insurance policy an option.

[dnus4925]

I'm at 40.9. Does this mean I can get the policy?