- What different types of cover can I choose from, and what is the difference between them?
- What does the 'sea navigation limit' mean?
- What do I need to do to make sure my boat is secured against theft?
- What does 'market value' really mean?
- I have a sailing boat, what extra cover can I choose for when I participate in club racing?
- If I use my speed boat to tow a water-skier, will I be covered under my insurance?
- Will I be covered if my motor breaks down?
- My sailing boat is 20 years old and I keep it moored. Why do I have to get a survey done?
What different types of cover can I choose from, and what is the difference between them?
We offer Third Party Property Damage Cover (Essential Cover) or Comprehensive Cover. Essential Cover provides cover for legal liability that may arise when you use your boat. With Essential Cover you will be covered for up to $10 million (unless a different limit is shown on your certificate of insurance) for death or injury to other people, or loss or damage to their property, resulting from an incident caused by your boat during the period of insurance and within sea navigation limits. Under Essential Cover we do not cover any loss or damage caused to your boat.
Comprehensive Cover includes cover for your boat for incidents such as theft, fire, storm & hail, malicious damage, sinking, running aground, hitting an object such as another boat, jetty or submerged log, which happens during the period of insurance and within sea navigation limits. It also includes the cover provided under Third Party Property Damage Cover.
What does the 'sea navigation limit' mean?
This means that your insurance will cover you when you are using your boat up to 200 nautical miles off the coast of the Australian mainland, or the coast of Tasmania, unless a different limit is shown on your Certificate pf Insurance. If you use your boat beyond this limit, you will not be covered. Refer to your Product Disclosure Statement for full details.
What do I need to do to make sure my boat is secured against theft?
If you do not take reasonable precautions against theft we might not pay your claims for theft.
If you have a boat on a trailer, it must be kept within the boundaries of your home address, or other address where the boat can be safely stored. We recommend that a trailer lock or wheel locking anti-theft device is used as well, to ensure that it cannot be hooked up to a motor vehicle and driven away. If a trailer locking anti-theft device is not practical, then the trailer must be chained and padlocked to a permanent fixture, such as a house, fence or tree. If you have an outboard motor, this can be padlocked to the transom. All unfixed accessories should be removed from the boat when not in use.
If the boat is moored, it must be kept in a secure mooring and the cabin key-locked to prevent theft. Ensure the boat is securely fastened to the mooring, and all unfixed accessories and boat equipment should be removed from the boat when not in use and locked inside a building.
Refer to your Product Disclosure Statement for full details.
What does 'market value' really mean?
Market value is the amount we pay when you make a claim and the boat is not economical to repair. Market value is the amount we calculate the market would pay for your boat. It takes into account the make, model, age and condition of your boat immediately before the insured incident occurs. We might use recognised industry publications as a guide. When we settle a claim for your boat, we pay market value or the sum insured shown on your Certificate of Insurance, whichever is less.
I have a sailing boat, what extra cover can I choose for when I participate in club racing?
You can choose the Racing Cover option for an extra premium if you have Comprehensive Cover on your yacht or sailing boat. This option provides cover for incidents that happen when participating in a race, or sailing to or from a race. There are some limits that apply to the types of races we cover. If you do not have this option, then any incidents that may occur when racing will not be covered.
If I use my speed boat to tow a water-skier, will I be covered under my insurance?
If you have Comprehensive Cover, you can choose the Water-skiers Liability option for an extra premium. This option covers you for incidents that occur within the sea navigation limits while towing a skier, such as the skier causing damage to someone else’s property, or injuring another person. Cover is also provided for any injury caused to the water-skier.
If you do not observe the rules of safe water-skiing and have a competent observer on board your boat, as well as the driver, we will not provide cover under this option. If you do not have this option on your Certificate of Insurance, then any incidents that occur while participating in water-skiing activities will not be covered.
Will I be covered if my motor breaks down?
We do not cover any mechanical, electrical or electronic failure of a motor, including seizing or overheating. We provide cover if your motor is damaged as a result of an insured event or when your boat is run aground, sunk or burnt and your claim otherwise falls within the terms of the policy. Lack of maintenance or the use of contaminated fuel is not covered, as these are considered to be maintenance issues.
My sailing boat is 20 years old and I keep it moored. Why do I have to get a survey done?
Due to the age of your boat and the fact it is moored, we need a survey done to confirm that it is seaworthy and in good condition. Moored boats deteriorate at a faster rate than boats kept on trailers, so this will assist us in confirming the condition of your boat. If this survey is satisfactory and we are prepared to offer insurance, we will require a follow-up survey every 5 years after that.