Watercraft Design and Distribution Obligations

Watercraft insurance updates

We’ve been busy making updates to our watercraft insurance cover to help make things a little clearer for you.

Read the Watercraft insurance PDS

See what's changed

This table is a guide and lists the main changes to the Watercraft Insurance Product Disclosure Statement (PDS). The information in the table does not replace or vary our PDS so please read the entire PDS for details of features and benefits and to ensure that this product is right for you.

PDS section Page # Update type Change in the PDS
Important information 4 - 11
Cancelling your policy 4 Benefit Cancellation fee reduced to $22, with clarity on when this will apply.
What if I have a complaint? 5 Clarification Updated details regarding our complaints process.
Your duty of disclosure / When answering our questions 6 Clarification The Duty of Disclosure has been replaced with the duty of an insured “to take reasonable care not to make a misrepresentation when answering our questions”.
Your responsibilities 6 - 7 Clarification Improved transparency with expanded section on the requirement to maintain a valid email address.
7 Clarification Responsibility to ‘Maintain the watercraft, tender and trailer’ changed to ‘Keep the watercraft in a good and safe condition’.
What do these words mean? 8 - 11
Contents 8 Clarification Definition updated to specify that 'portable' fish finders and depth sounders are included in contents.
Earthquake 9 Reduction Earthquake definition changed, no longer includes landslip.
Hull 9 Clarification Definition updated to include accessories and modifications.
Modifications 10 Clarification New definition added.
Roadworthy 10 Clarification Updated to clarify compliance with the roadworthy requirements of the state in which a trailer used to tow a watercraft is being used.
Social sailboat racing 10 Benefit Definition updated with the removal of spinnakers and extending the race limit to 100 nautical miles.
You / your / yours 11 Clarification Removed reference to "operator/s, employee/s and household member/s or any person acting for the policyholder, business or for a household member."
Insured value 11 - 12 Clarification Definition of the insured value and how to select the insured value. Removed tender from Extra Cover section and included it in the Insured Value section.
About your cover 12 - 20
Theft 13 Clarification Examples provided for what "reasonable precautions" are required when the watercraft is being test driven.
Legal Liability 13 - 14 Reduction Removed cover for substitute tender.
13 - 14 Clarification Increased clarity about who is covered for legal liability.
Towing, Salvage and Loss Prevention 14 Benefit Increased the limit to $150,000 per claim.
Locks and Keys 15 Benefit Cover has been changed to $1,000 after excess.
Contents 15 Benefit Increased total limit to $1000 and removed $150 item limit.
Temporary Replacement Cover 16 Benefit Previously Immediate Replacement Watercraft or Tender; includes cover for when the watercraft is given away.
16 Reduction Removed cover for tender.
Counselling Services 16 Benefit Removed 6-month limit to commence counselling.
Accidental Personal Injury or Death 16 - 17 Reduction Updated to specify 'accidental' injury or death.
17 Benefit Increased period for injury or death from 90 days to 12 months after the insured event.
Sea Rescue Donation 17 Benefit Broader cover to include payments to any Australian rescue service.
General exclusions 18 Benefit Exclusion relating to poor or faulty design specifications, material, planning or workmanship, or a defect have been updated to improve transparency.
- Clarification Removal of exclusion relating to unregistered watercraft.
20 Benefit No longer excludes appropriate action by a government authority or emergency service in respect of legal repossession, confiscation or lawful destruction of any insured item or insured property.
Claiming 21 - 25
Authorised persons on your claim 21 Clarification Updated section describing (1) how to add an authorised person and (2) conflict of interest.
How we settle your claim 22 - 24 Clarification Updated section providing clarity on how we settle claims.
Excess 24 - 25 Clarification Clarification of how and when an excess applies.
Actions of others 25 Benefit New section describing circumstances where cover may not be limited by the actions of other people.