Boat insurance – what does it cover?

Boat insurance – what does it cover?

If you’re looking for boat insurance, then understanding what kind of cover you require is essential to choosing the right product. This article is designed to guide you towards marine cover that matches your boating needs.

Here’s what you need to know.


What does boat insurance cover?

Boats come in all shapes and sizes and the same is true of insurance policies. This is why we encourage you to talk to your insurance provider or broker about your boat. They will need to understand what your boat will be used for, including your plans for the future, to make sure you and your potential insurance policy are a good fit for each other.

Below is an overview of the different covers most good insurers offer, as well as a brief rundown of what they involve. Head here for more detailed information on each of the products explained below.

Types of boat insurance

Pleasure craft or Personal Water Craft

A pleasure craft is any boat used for pleasure, rather than for commercial gain. A Personal Water Craft is a jet ski that is being used privately.

Comprehensive private vessel insurance should cover you for:

  • Loss or damage to your vessel – including accidental damage, fire, theft, malicious damage and sinking.
  • Third party legal liability – covers you in the event of accidental death or bodily injury to a person other than you, as well as accidental damage to another person’s property, Berth Holder’s Liability and property damage due to the accidental discharge of pollutants arising directly from the use of your vessel.
  • Personal accident – cover in the event of death or bodily injury to you, arising directly from the use of your vessel for private pleasure or in the course of voluntary rescue work.

Each of the sections explained above are not exhaustive, and may include additional extras cover if you require it. We recommend checking out this PDF, which provides more detail on Pleasure Craft and PWC insurance, or contact us for more information.

* Please ensure you always read the Product Disclosure Statement and Target Market Determination to ensure the insurance product is right for you and your individual needs. For example, a vessel may only be covered if operating within a specific geographical area. These details may be noted on your Policy Schedule so we encourage discussions around this during your decision-making process.

Get started

For more information on what marine cover includes, head here. Our marine underwriters can then prepare an obligation-free quote for you to review.

Contact us to get started.

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