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Get reliable marine coverage that is tailored for you by BrokerLink.
Coverage from bow to stern, designed for Canada's marine industry. Whether you're out on the open ocean or managing operations on shore, you need insurance coverage you can count on to protect you from unforeseen marine risks. Marine insurance is specifically designed to safeguard Canadian businesses and professionals against unpredictable weather conditions, cargo loss, liability claims, and more. Whether you own a marina, transport cargo loads, or operate a shipyard, BrokerLink has got you covered. Get a customized quote for a licensed broker today.
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Marine insurance is designed to protect businesses involved in marine operations, from vessel owners and boat dealers to cargo transporters and fishing businesses. Canada’s extensive coastline means our marine industry is diverse. Different organizations will have different insurance needs, which is why it’s so important to have an expert in your corner.
This insurance package includes numerous policies, including:
Cargo protection for goods being transported by sea, if they're lost or damaged due to a severe storm.
Ship coverage for the ship itself from damage, like from bad weather, accidents, theft, and vandalism.
Liability, which covers legal costs if the ship causes harm to others or their property.
Crew protection covers injuries or losses the crew may have while on the ship.
Running a business is hard work, but BrokerLink simplifies insurance, letting you focus on your business with coverage tailored for any size or industry. Secure your business with us today.
With Canada’s marine insurance market valued at USD 1.21 billion in 2024 and growing steadily at a 2.5% CAGR, the demand for comprehensive coverage continues to grow for all professionals working in the industry.
Fishers
Marinas
Boatyards
Shipowners
Marine cargo
Shipbuilders
Repair shops
Vessel operators
Docking business
Storage business
Marine surveyors
Marine operators
Cargo ship owners
Marine engineers
Cruise operators
Marine contractors
Freight forwarders
Maintenance services
Commercial fishermen
Charter boat operators
Dock and pier builders
Maritime transportation companies
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The marine industry faces complex, high-stakes risks every day. From sudden storms to legal claims, businesses operate in an unpredictable environment that could impact their finances, interests, and reputation. In 2024, the Transportation Safety Board of Canada recorded 213 marine accidents, with 34% caused by collisions, 26% by groundings, and 20% by fire or explosions. Even a small mishap can lead to expensive claims and delays.
Marine insurance coverage entails numerous policies that can be specifically designed to meet your needs and legal requirements. While some policies may be mandatory, others are optional and intended to supplement your standard coverage even further.
Hull insurance
Cargo insurance coverage
Protection and indemnity (P&I)
Crew liability insurance policy
Freight insurance
Pollution insurance
Loss of hire insurance
War risk insurance
Hull insurance covers physical damage to your vessel as a result of accidents, storms, or other perils. For example, if a ship collides with another vessel or hits a reef, hull insurance would kick in and help pay for repairs. This marine insurance policy ensures your vessel can get back to work quickly, without substantial financial losses.
Cargo insurance policies protect goods being transported via water against damage or loss. If your cargo gets lost or damaged during shipment, this insurance helps pay for the loss. For example, if goods are damaged or lost during transportation due to sinking or piracy, cargo insurance compensates the owner.
Protection and indemnity offers coverage for legal liability arising from bodily injury or death of crew, passengers or others, and property damage. For example, if someone gets hurt on your vessel or if the ship damages someone else's property, this insurance helps cover the costs. It takes care of medical bills, legal fees, and compensation claims.
Crew insurance covers injuries or death of crew members while working on board your watercraft. In the event a crew member gets hurt or passes away while on the job, this insurance helps pay for medical expenses or compensation. It ensures that the crew and their families are supported if something unfortunate happens. With crew insurance, ship owners can show they care about their crew's safety and well-being.
Freight protection insurance provides coverage for loss or damage to the freight during shipping. For example, if your goods get lost or damaged while in transit, this insurance helps pay for the loss. It makes sure you don’t lose money because your products don’t arrive safely.
Pollution insurance protects marine professionals from paying costs associated with the cleanup of oil spills or other environmental hazards out of their own pocket. For example, if your ship accidentally leaks oil or harmful material, this marine insurance helps pay for the cleanup. It covers the costs, so you don’t have to pay big bills on your own.
Loss of hire insurance covers income loss if your vessel cannot operate due to damage or an accident. For example, if your ship is damaged in a storm and can't operate for a month, this insurance helps cover the money you would have made. This support means you can still pay bills, take care of other costs and keep your business going even when your ship is out of commission.
War risk marine insurance provides coverage for damage caused by acts of war, terrorism, or piracy. It helps protect your vessel if you travel through hazardous regions or get caught in dangerous situations involving conflict over the course of your trip.
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No two businesses in the marine industry are the same. When working with an insurance company, they'll look at numerous factors before determining how much you'll pay for marine insurance products. The more of a risk you are to insure, the more your insurance premium will be. Common factors include:
Larger, more expensive vessels will cost more to insure than a smaller watercraft, due to their high repair and replacement costs.
Marine insurance policies for businesses operating outside of Canada and in high-risk waters will cost more than a smaller marine business operating marine adventures in a Canadian lake.
Newer, well-maintained vessels often qualify for lower marine insurance rates due to higher safety ratings compared to older vessels that are deteriorating.
The more valuable the tools and equipment are on your vessel, the more your marine insurance rates will be, given that you'll need higher coverage limits in case you need to file a claim for repairs or replacements.
The more crew you have and their relative training levels, will impact how much you pay for your marine insurance products. Crew members with lower training levels are more of a liability risk than more experienced crews, which can increase your risk exposure.
An insurance company will also look at how many times you've gone through the claims process. Marine businesses with more claims on their file are more of a risk to provide insurance coverage to than those with little to no claims.
The type of cargo you transport also matters. For example, transporting hazardous or high-value goods increases liability to marine risks and premiums.
Finding the right insurance policies at an affordable price can seem difficult, but it doesn't have to be. Here are some ways you can lower your marine insurance premium without sacrificing your level of coverage:
Combining your marine insurance coverage with other policies like home insurance or car insurance with the same provider can qualify you for a discount of up to 15% on your premium.
Insurance companies add a monthly service fee to your premium total as it costs them money to process your payments. To avoid these surcharges, consider paying your premium upfront.
Avoid filing claims under your boat insurance coverage by providing extensive crew training and implementing risk management practices to decrease your marine risk exposure.
Installing safety and security devices like GPS tracking, fire suppression equipment, and advanced navigation tools can reduce your risk and qualify you for lower premiums with your insurance provider.
Routine inspections and documented compliance with Canadian Marine Safety Standards will show your insurers that your vessel and operations are committed to being low-risk.
As your business needs evolve, so should your insurance coverage. To ensure you are paying for marine insurance you don't need, make sure to review your policies each year you are up for a renewal.
Working with a marine insurance broker with industry expertise, like BrokerLink, can help you customize a plan while saving on your premiums.
In Canada, marine insurance policies are often subject to international conventions and treaties, including the International Maritime Organization (IMO) regulations and the Montreal Convention for liability.
For international shipping, the Institute Cargo Clauses (ICC) are often used to standardize marine cargo insurance coverage.
Stay afloat and protect your marine business with the help of BrokerLink. Our brokers have years of industry expertise working with marine businesses and professionals across Canada. With access to numerous policies from top providers, our brokers can help you customize your plan to fit your needs and business, including:
Seasonal boat insurance coverage
Fishing boat insurance
And more
Contact BrokerLink over the phone to speak with an insurance expert or get a free marine insurance quote within minutes using our online quote tool.
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Marine insurance generally covers physical damage to your vessels, loss or damage to cargo, third-party liability incidents, crew injuries, salvage costs, and legal expenses. You also have the option of add-ons for things like piracy, war risks, and business interruption.
Hull insurance protects the physical boat, including machinery and equipment. Cargo insurance, on the other hand, covers goods being transported.
P&I insurance provides liability coverage for third-party claims, such as passenger injuries, environmental damage, or collisions with other vessels.
It depends on the nature of your operations and services. While not all marine insurance coverage is mandatory, Transport Canada mandates liability insurance for certain commercial vessels, such as passenger carriers or oil tankers. You may also require insurance as a marine professional for certain contracts.
Marine insurance costs can vary widely. While a small marina may pay $1,500 annually for coverage, larger operations may pay tens of thousands.
Yes, most marine insurance coverage offers protection against pollution and environmental damages.
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