Australians love affair with water is legendary. With over 90% of us living within 100km from the ocean, it was inevitable that boat ownership would be high on the agenda with a considerable amount of people. Protecting this asset and the potential liability claims that can be made against you, is an affordable expense and should be looked at by boat owners as being just as important as lifejackets and safety equipment.
There are two sections to a standard boat policy...
- Sails, masts, spars, standing & running rigging
- Listed boat accessories and safety gear
- Personal effects (limited cover generally provided)
Details of each of these will need to be provided to your broker, with registration numbers, serial numbers, values etc. all listed individually. Cover will be for accidental damage, theft, malicious damage, transit damage, recovery of wreck etc.
Policies should be extended to include 'skiers liability' to cover damages caused by a person being towed
Third Party Property Damage
Insures you, and any person allowed by you, to control your boat against liability claims for:
- Accidental death or bodily injury to other people
- Accidental damage to other peoples property
- Accidental death or injury to an aqua planer or water skier being towed by your boat (optional cover)
- Accidental death or injury to any person caused by an aqua planer or water skier being towed by your boat (optional cover)
- Accidental damage to another persons property caused by an aqua planer or water skier being towed by your boat (optional cover)
On some polices the option is available to reduce your premium by electing ‘lay up’ cover. This means that during the selected months your boat will only be covered whilst it is at a designated location (in storage), no on road or on water cover is given during this period.
Additional things you should tell your broker
You should always let your broker know if your boat will be involved in any form of racing or operating in waters beyond 100 nautical miles from mainland Australia. If your boat is beyond an age threshold set by the insurer you may be asked to take your boat to an inspection point for a report to be completed prior to acceptance of cover.