The Role of Boat Security Systems in Insurance
Featuring Sean Thompson, President of Dolphin Insurance Services
Boating is a fun and exciting activity, but it also comes with some risks. Theft, damage from storms, and potential safety hazards are just a few of the challenges that you might face while on the water or at the dock.
You might have considered investing in a boat security and monitoring system to protect your vessel, but did you know it can help you save money on insurance in more ways than one?
To understand the role of a security and monitoring system in your insurance, we sat down with Sean Thompson, President of Dolphin Insurance Services in Vancouver, Canada. Dolphin Insurance is a specialized provider of marine insurance known for its commitment to securing the best rates for clients.
In this article, we combine insights from Sean with our own firsthand experiences to highlight three benefits of having a reliable security system in place, including staying insured and saving money.
By providing protection and reducing the likelihood of a claim, a security system can help you qualify for lower insurance premiums on your boat. It makes sense, given that it’s an innovation that reduces your exposure to risk.
These discounts range from 3-12%, and can even end up covering the cost of your security system.
While we’ve been in contact with a number of insurance companies and underwriters to confirm that discounts are available, Sean points out that not every insurance company has come to realize the benefits of boat security and monitoring systems.
His advice? Ask your broker! Say “I’m thinking about getting a BRNKL remote security and monitoring system, are you aware of it? If I install it, are there discounts available?” Ask the broker if there is a better option with the system installed before making any assumptions. It’s possible that the discounts may not be widely advertised or be on a case-by-case basis.
To make this more widely recognized among underwriters, Sean emphasizes that there needs to be more advocacy from boat owners to push for recognition of the benefits of security and monitoring systems like BRNKL. As more boat owners adopt these technologies and demand discounts from their insurers, more insurance companies will offer incentives as standard practice.
Boat insurance is recommended for any boat owner, but investing in a security and monitoring system provides an extra layer of protection. By helping to prevent accidents before they happen, a boat security system reduces your chance of needing to file a claim in the first place.
As Sean puts it, “A boat security system clearly shows a reduction in exposure to accidents and damage. It lowers the risk of something becoming a total loss.”
A system like BRNKL reduces your risk in three key ways:
1 – Protects Against Theft: Boat theft is a significant concern for boat owners, especially during the off-season when boats are stored in marinas or on trailers. With door/window sensors, motion sensors, and sirens, a boat security system deters would-be thieves, while the built-in GPS tracker provides a means of recovering the vessel if it is stolen.
2 – Prevents Damage: Boat monitoring systems can help prevent damage caused by environmental factors such as high winds, waves, and storms by detecting changes in the boat’s position and alerting you to potential issues. By allowing you to take proactive measures, you can avoid costly repairs and insurance claims.
3 – Detects Safety Issues Early: A boat monitoring system can also detect early signs of safety issues such as fire, carbon monoxide, or water intrusion, which could put you, your vessel, and your passengers at risk. With real-time alerts, boat monitoring systems empower you to take swift action and ensure the safety of both your passengers and your vessel.
From Sean’s experience, many marine insurance claims that brokers see are for events that could have been avoided with alerts or early detection. By reducing your exposure to these risks from the get-go, you’re saving the money you’d need for any sort of deductible.
In the unfortunate event of loss or damage, a boat security system can provide important data to support your insurance claim.
For example, if your boat is stolen, a GPS tracking system can help law enforcement locate and recover it quickly. Similarly, if your boat is damaged in a storm, a monitoring system will record data on the severity of the storm and the boat’s position at a given time. By providing this data, you can potentially speed up the claims process and ensure that you are adequately compensated for your losses.
At BRNKL, we’ve had multiple customers recount incidents when their boat drifted due to circumstances beyond their control, or was physically impacted by an external force. Without a clear, objective record of what happened and when it occurred, it would have been difficult to prove the event to the insurance provider.
When insuring your boat, having a security and monitoring system is a win-win for both you and your insurance provider. It helps reduce your risk exposure and lowers your out-of-pocket expenses, whether from your premium or future deductible.
To ensure you receive the maximum discounts available, we recommend speaking with your broker to better understand the options available to you. They can also identify any risk-reducing measures you have already implemented, and work with the underwriter to fully understand your position. By doing so, you can have greater confidence in the coverage you receive and potentially reduce your overall insurance costs.
Special thanks to Sean from Dolphin Insurance Services for his insights on how boat security systems can impact boat insurance. For more information on Dolphin’s extensive partnerships with top-rated insurers in the industry, please visit their website.
We would be happy to walk you through the BRNKL app, the installation process, and help build a system suited for your boat. Fill out the contact form below and we’ll reach out to you to schedule a 15-minute video call or phone call.