How Much Cargo Insurance should a Boat Transport Company Have?
In Canada, boat transport companies are required to meet specific regulatory insurance thresholds to operate legally and safely. The amount of coverage is typically broken down into two main categories:
- General Liability Insurance: Standard coverage for licensed carriers usually ranges between $1 million and $2 million. This protects against third-party injuries or property damage that may occur during the hauling process.
- Cargo Liability Insurance: This coverage specifically protects the vessel while it is in the hauler’s care. While Transport Canada sets safety standards, the specific per-incident limits for cargo policies can vary between carriers. This insurance provides protection during road transport as well as the loading and unloading process.
It is strongly recommended that boat owners verify a hauler’s Certificate of Insurance before booking. You should ensure that the carrier’s cargo liability limit is at least equal to the total value of your vessel.
Additionally, because the hauler’s cargo liability may be limited based on the boat’s weight or a specific declared value, owners should also contact their own marine insurer to obtain an overland transit endorsement. This ensures your hull insurance remains active for the full value of the boat during the move.
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