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Yes. You aren't covered when your boat is exceeding 60 knots or its maximum design speed, whichever is less. 

Insurance issued by AAI Limited ABN 48 005 297 807 trading as GIO. Registered Office, Level 28, 266 George St, Brisbane QLD 4000.  Please read and consider the relevant Product Disclosure Statement before you make any decisions about this product. In accessing the GIO site you agree to the Online terms and Conditions and our Cookie & Data Policy.