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 3-13
More than one insured
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
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
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
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
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
20 Reduction 15. Leaving the scene of an accident: exclusion extended to the operator of the watercraft. 05 Jul 2023
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