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.
Cover types
Comp: Comprehensive
TPFT: Third Party Fire & Theft
TPPO: Third Party Property Only
| PDS section | Cover | Page # | Update type | Change in the PDS | PDS Effective Date |
|---|---|---|---|---|---|
| Important information | 4 - 15 | ||||
| Your responsibilities: 2. Notify us of changes | Comp TPFT TPPO | 8 | Clarification | The terms ‘charged with’ and ‘wilful damage’ have been added to this condition. During your contract period you must notify us as soon as practically possible if:
| 03 Jul 2024 |
| What do these words mean? Contents | Comp TPFT | 12 | Reduction | Items which can be exchanged for cash, smartcards and phone cards are now also excluded from this definition. Contents also excludes:
| 03 Jul 2024 |
| About your cover | 16 - 26 | ||||
| General exclusions | Comp TPFT | 24 | Clarification | We will not pay for: | 03 Jul 2024 |
| Claiming | 27 - 33 | ||||
| Responsibilities when you make a claim | Comp TPFT TPPO | 29 | Clarification | Syndicate owners, authorised persons, and operators have been added to this condition. 9. You, any syndicate owner or authorised person, and any person who was operating the watercraft or tender with your permission at the time of the incident that you are claiming for, must give us full co-operation and comply with all our requests in relation to your claim; | 03 Jul 2024 |
| How we settle your claim: 4. Contribution to repairs | Comp TPFT | 31 | Clarification | New section explaining how we will settle your claim where we are unable to carry out repairs due to the condition of the watercraft or tender prior to the incident. This can involve you making a financial contribution to the repairs. | 03 Jul 2024 |
| Excess | Comp TPFT TPPO | 32 | Clarification | The single excess benefit when claiming on more than one Youi policy for the same incident extends only to a spouse’s or defacto partner’s policy where the policyholders are not the same person or legal entity. | 03 Jul 2024 |
| PDS section | Cover | Page # | Update type | Change in the PDS | PDS Effective Date |
|---|---|---|---|---|---|
| Important Information | 3-13 | ||||
| More than one insured | Comp TPFT TPPO | 6 | Clarification | States the authority multiple policyholders and/or syndicate owners have on the policy. | 05 Jul 2023 |
| Your responsibilities: 2. Notify us of any changes | Comp TPFT TPPO | 7 | Clarification | You must notify us as soon as practically possible if any of the specified changes listed under ‘Notify us of any changes’ occur. | 05 Jul 2023 |
| Your responsibilities: 9. Treat our people with respect | Comp TPFT TPPO | 8 | Clarification | If this requirement is not met, we can cancel any policy you have with us and, where relevant, we can remove you as an authorised person from any other Youi policy. | 05 Jul 2023 |
| About your cover | 13-22 | ||||
| Earthquake | TPFT | 14 | Reduction | Cover removed from Third Party, Fire and Theft policies only. Earthquake cover still applies to Comprehensive policies. | 05 Jul 2023 |
| Temporary Replacement Cover | Comp | 17 - 18 | Benefit | Comprehensive policies: Removed the additional $1,000 excess payable if you made a claim during the 14 days after you sold or gave away the watercraft, if you had not informed us of the replacement watercraft. | 05 Jul 2023 |
| General exclusions | Comp TPFT TPPO | 20 | Reduction | 15. Leaving the scene of an accident: exclusion extended to the operator of the watercraft. | 05 Jul 2023 |
Comp TPFT TPPO | 22 | Reduction | 44. Wear and tear, rust, corrosion, or deterioration exclusion extended to structural fatigue or structural failure. Exclusion also applies to hull seals. | 05 Jul 2023 |
| PDS section | Page # | Update type | Change in the PDS | PDS Effective Date |
|---|---|---|---|---|
| Important information | 4 - 11 | |||
| Cancelling your policy | 4 | Benefit | Cancellation fee reduced to $22, with clarity on when this will apply. | 05 Apr 2021 |
| What if I have a complaint? | 5 | Clarification | Updated details regarding our complaints process. | 04 Sep 2021 |
| 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”. | 05 Apr 2021 |
| Your responsibilities | 6 - 7 | Clarification | Improved transparency with expanded section on the requirement to maintain a valid email address. | 05 Apr 2021 |
| 7 | Clarification | Responsibility to ‘Maintain the watercraft, tender and trailer’ changed to ‘Keep the watercraft in a good and safe condition’. | 05 Apr 2021 | |
| 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. | 05 Apr 2021 |
| Earthquake | 9 | Reduction | Earthquake definition changed, no longer includes landslip. | 05 Apr 2021 |
| Hull | 9 | Clarification | Definition updated to include accessories and modifications. | 05 Apr 2021 |
| Modifications | 10 | Clarification | New definition added. | 05 Apr 2021 |
| 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. | 04 Sep 2021 |
| Social sailboat racing | 10 | Benefit | Definition updated with the removal of spinnakers and extending the race limit to 100 nautical miles. | 05 Apr 2021 |
| 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." | 05 Apr 2021 |
| 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. | 05 Apr 2021 |
| About your cover | 12 - 20 | |||
| Theft | 13 | Clarification | Examples provided for what "reasonable precautions" are required when the watercraft is being test driven. | 05 Apr 2021 |
| Legal Liability | 13 - 14 | Reduction | Removed cover for substitute tender. | 05 Apr 2021 |
| 13 - 14 | Clarification | Increased clarity about who is covered for legal liability. | 05 Apr 2021 | |
| Towing, Salvage and Loss Prevention | 14 | Benefit | Increased the limit to $150,000 per claim. | 05 Apr 2021 |
| Locks and Keys | 15 | Benefit | Cover has been changed to $1,000 after excess. | 05 Apr 2021 |
| Contents | 15 | Benefit | Increased total limit to $1000 and removed $150 item limit. | 05 Apr 2021 |
| Temporary Replacement Cover | 16 | Benefit | Previously Immediate Replacement Watercraft or Tender; includes cover for when the watercraft is given away. | 05 Apr 2021 |
| 16 | Reduction | Removed cover for tender. | 05 Apr 2021 | |
| Counselling Services | 16 | Benefit | Removed 6-month limit to commence counselling. | 05 Apr 2021 |
| Accidental Personal Injury or Death | 16 - 17 | Reduction | Updated to specify 'accidental' injury or death. | 05 Apr 2021 |
| 17 | Benefit | Increased period for injury or death from 90 days to 12 months after the insured event. | 05 Apr 2021 | |
| Sea Rescue Donation | 17 | Benefit | Broader cover to include payments to any Australian rescue service. | 05 Apr 2021 |
| 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. | 05 Apr 2021 |
| - | Clarification | Removal of exclusion relating to unregistered watercraft. | 04 Sep 2021 | |
| 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. | 04 Sep 2021 | |
| 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. | 05 Apr 2021 |
| How we settle your claim | 22 - 24 | Clarification | Updated section providing clarity on how we settle claims. | 05 Apr 2021 |
| Excess | 24 - 25 | Clarification | Clarification of how and when an excess applies. | 05 Apr 2021 |
| Actions of others | 25 | Benefit | New section describing circumstances where cover may not be limited by the actions of other people. | 05 Apr 2021 |