What different types of cover can I choose from, and what is the difference
between them?
What does "geographic limit" mean?
What do I need to do to make sure my boat and its contents are secured against theft?
What does 'market value' really mean?
I have a sailing boat, what optional cover can I choose for when I participate in race?
If I use my power 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?
Is Suncorp a signatory to the General Insurance Code of Practice?
What different types of cover can I choose from, and what is the difference between
them?
We offer Third Party Cover and Comprehensive Cover. Third Party Cover provides cover for your legal liability to pay compensation 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, that results from an incident arising out of your ownership or operation of your boat during the period of insurance and within the geographic limits. Third Party Cover does not cover any loss or damage caused to your boat.
Comprehensive Cover provides cover for your boat for theft and accidental loss and damage including cover for incidents such as fire, storm & hail, malicious damage, sinking, running aground, hitting an object such as another boat, a jetty or a submerged log, where the incident happens in the period of insurance and within the geographic limits. It also includes the cover provided under Third Party Cover.
What does 'geographic limit' mean?
This means that your insurance provides cover when you are using your boat up to
200 nautical miles off the coast of the Australian mainland, or the coast of Tasmania. If you use your boat beyond this limit, you will not be covered.
What do I need to do to make sure my boat and its contents are secured against theft?
You must take the following minimum security precautions to prevent theft when your boat is not in use. Otherwise we can refuse your claim.
| Boat type |
Minimum security precautions |
| Boats on trailers |
- Keep inside a fully enclosed garage allocated for your personal use only or
- When in the open air (eg in carport, backyard, on the street) secure the trailer with an anti-theft device such as a tow bar lock, trailer wheel clamp or a chain or cable with a padlock and secured to a fixed object.
|
| Portable boats not on trailers |
Keep on your property (eg. in and around your home or inside storage areas of units and flats). |
| Moored boats |
Lock all external cabin doors, hatches and windows if you have them. |
For securing your boat contents you must take the following minimum security precautions to prevent theft of your boat contents when your boat is in the circumstances described below. Otherwise we can refuse your claim.
| Circumstance |
Minimum security precautions |
| When your boat is not in use |
Locked inside either:
- A fully enclosed room, shed or garage or
- A cabin or compartment on your boat (not under or behind a canopy or tarpaulin).
|
When your boat is anywhere else and unattended.
(eg. you are away from your boat buying bait or supplies)
|
EPIRB’s, fishing rods, fishing gear and diving equipment must be
locked inside either:
- A cabin or compartment on your boat (not under or behind a canopy or tarpaulin)
- Your vehicle or
- The house, unit or caravan where you are staying.
|
Market value is the value of your boat in your local market, for example, the amount it costs to buy your boat (including GST) from a reputable boat dealer in your area. Market value is generally based on:
- Boat type
- Manufacturer or builder
- Model
- Specifications
- The age and condition of your boat including wear, tear and maintenance history
- Modifications made to the boat.
We take into account the market value of your boat in assessing your application for insurance and assessing your premium. We will use an industry guide to estimate your boat’s market value. If the market value is not published in an industry guide, we will ask you for your estimate of your boat’s current market value. We may ask you to obtain an expert opinion on the market value of your boat at your own expense.
Market value typically fluctuates so at claim time, we will need to re-establish the market value of your boat if you lodge a claim that may result in a write-off. We will pay the cost of obtaining your boat’s current market value at the time of the claim.
You can ask us to add the optional cover for sailing boats when racing 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 up to 100 nautical miles in total distance. If you do not have this optional cover listed on your Certificate of Insurance, then any incidents that may occur when racing will not be covered.
If you have Comprehensive Cover, you can ask us to add the water-skiers liability optional cover for an extra premium. This option provides cover for your legal liability to pay compensation up to $10 million for death or injury to a person being towed by your boat or death or injury to other people or damage to their property caused by a person or object being towed by your boat. There must be an observer on your boat for this cover to operate.
If you do not have this optional cover listed on your Certificate of Insurance, then any incidents that may occur when participating in water-skiing activities will not be covered.
We do not cover the cost of fixing mechanical or electrical breakdown or failure of a motor including seizing or overheating.
But we do provide cover if this is caused by:
- Your boat sinking, stranding or colliding with something outside your boat, other than a wave or water
- Fire damage that results from a failed component – but we will not cover the failed component itself
- Thieves or vandals
Due to the age of your boat and the fact it is moored, we need a marine survey on your boat 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.
Is Suncorp a signatory to the General Insurance Code of Practice?
Yes. We support and adhere to the General Insurance Code of Practice. By incorporating these standards into our business, we fulfil our commitment to provide the highest level of service to our customers, every time. Access a copy of the Code at the General Insurance Code of Practice web site, or alternatively, contact the Insurance Council of Australia by visiting www.ica.com.au or phoning (02) 9253 5100.
