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.
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. |