The Insurance Brokers Association of Ontario (IBAO) recently hosted a webinar to provide an introduction to watercraft insurance. The webinar, which took place on June 10, aimed to educate insurance professionals on the basics of watercraft insurance and how to effectively serve clients in this area.
The webinar was led by industry experts, including IBAO’s Director of Education, Kathy Hays, and Vice President of Underwriting at Aviva Canada, Paul Gagnon. The speakers covered a range of topics, including the different types of watercraft, coverage options, and common misconceptions about watercraft insurance.
One key takeaway from the webinar was the importance of understanding the different types of watercraft and their unique insurance needs. This includes everything from personal watercraft, such as jet skis, to larger vessels like yachts and sailboats. Each type of watercraft has its own set of risks and coverage requirements, making it crucial for insurance professionals to have a thorough understanding of these distinctions.
Another important aspect discussed during the webinar was the various coverage options available for watercraft insurance. This includes liability coverage, which protects against damages or injuries caused by the insured’s watercraft, as well as physical damage coverage for the watercraft itself. The speakers also emphasized the importance of understanding the limitations and exclusions of these coverages to ensure clients have adequate protection.
The webinar also addressed common misconceptions about watercraft insurance, such as the belief that it is only necessary for larger, more expensive vessels. In reality, even smaller watercraft can pose significant risks and require proper insurance coverage. The speakers also stressed the importance of regularly reviewing and updating insurance policies to ensure they accurately reflect any changes in the client’s watercraft or usage.
Overall, the IBAO webinar provided valuable insights and information for insurance professionals looking to expand their knowledge and expertise in the area of watercraft insurance. With the summer season in full swing, this knowledge will be crucial in helping clients protect their watercraft and enjoy their time on the water with peace of mind.
