How much is your yacht, boat, or tender worth? Now much is that Canadian dollars today?
If you bought your craft more than 2 years ago, you should probably have its value reassessed, and make sure that you’re actually insured for the correct amount in Canadian dollars.
Since most boats are sourced from the United States, when you first insured it, its value in US currency would have been much more on par with its equivalent in Canadian currency.
However, with the falling value of the Canadian dollar since January 2013, that amount is now significantly out of whack.
Here’s an example: If you purchased a Novurania tender for $50,000 in January 2013 and you insured it in Canada, Your boat is actually only insured for 39,000.00 USD—far short of replacement value. And, we recommend you insure your boat for the current retail value for boats less than 5 years old.
What you should do: Have your boat reappraised
Have your vessel reappraised at today’s values. Appraisers suggest that you make sure your assessment reflects both the rate of inflation and current exchange rates in country of origin.
If you need help finding a marine insurance assessor, contact us and we can help.