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 sectionPage #Update typeChange in the PDS
Important information4 - 11
Cancelling your policy4BenefitCancellation fee reduced to $22, with clarity on when this will apply.
What if I have a complaint?5ClarificationUpdated details regarding our complaints process.
Your duty of disclosure / When answering our questions6ClarificationThe 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 responsibilities6 - 7ClarificationImproved transparency with expanded section on the requirement to maintain a valid email address.
7ClarificationResponsibility 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
Contents8ClarificationDefinition updated to specify that 'portable' fish finders and depth sounders are included in contents.
Earthquake9ReductionEarthquake definition changed, no longer includes landslip.
Hull9ClarificationDefinition updated to include accessories and modifications.
Modifications10ClarificationNew definition added.
Roadworthy10ClarificationUpdated to clarify compliance with the roadworthy requirements of the state in which a trailer used to tow a watercraft is being used.
Social sailboat racing10BenefitDefinition updated with the removal of spinnakers and extending the race limit to 100 nautical miles.
You / your / yours11ClarificationRemoved reference to "operator/s, employee/s and household member/s or any person acting for the policyholder, business or for a household member."
Insured value11 - 12ClarificationDefinition 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 cover12 - 20
Theft13ClarificationExamples provided for what "reasonable precautions" are required when the watercraft is being test driven.
Legal Liability13 - 14ReductionRemoved cover for substitute tender.
13 - 14ClarificationIncreased clarity about who is covered for legal liability.
Towing, Salvage and Loss Prevention14BenefitIncreased the limit to $150,000 per claim.
Locks and Keys15BenefitCover has been changed to $1,000 after excess.
Contents15BenefitIncreased total limit to $1000 and removed $150 item limit.
Temporary Replacement Cover16BenefitPreviously Immediate Replacement Watercraft or Tender; includes cover for when the watercraft is given away.
16ReductionRemoved cover for tender.
Counselling Services16BenefitRemoved 6-month limit to commence counselling.
Accidental Personal Injury or Death16 - 17ReductionUpdated to specify 'accidental' injury or death.
17BenefitIncreased period for injury or death from 90 days to 12 months after the insured event.
Sea Rescue Donation17BenefitBroader cover to include payments to any Australian rescue service.
General exclusions18BenefitExclusion relating to poor or faulty design specifications, material, planning or workmanship, or a defect have been updated to improve transparency.
-ClarificationRemoval of exclusion relating to unregistered watercraft.
20BenefitNo 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.
Claiming21 - 25
Authorised persons on your claim21ClarificationUpdated section describing (1) how to add an authorised person and (2) conflict of interest.
How we settle your claim22 - 24ClarificationUpdated section providing clarity on how we settle claims.
Excess24 - 25ClarificationClarification of how and when an excess applies.
Actions of others25BenefitNew section describing circumstances where cover may not be limited by the actions of other people.