Boat Insurance

Frequently Asked Questions

Q. What different types of cover can I choose from, and what is the difference between them?

We offer Third Party Cover and Comprehensive Cover. Third Party Cover provides cover for your legal liability to pay compensation for up to $10 million for death or injury to other people, or loss or damage to their property resulting from an incident that arises out of your ownership or operation of your boat during the period of insurance and within the geographic limits. Third Party Cover does not cover any loss or damage caused to your boat.

Comprehensive Cover provides cover for your boat for theft and accidental loss and damage (which includes cover for incidents such as fire, storm & hail, malicious damage, sinking, running aground, accidentally hitting an object such as another boat, a jetty or a submerged log) where the incident happens in the period of insurance and within the geographic limits. It also includes the cover provided under Third Party Cover.

Q. What options do you offer as part of Suncorp Comprehensive Boat Insurance cover?

We offer the following Optional covers:

  • Water Skiers Liability;
  • Cover for sailing boats when racing

New options now available are:

  • Lay-up period cover
  • Additional cover for boat contents.

Any option you choose, and we agree to give you, will be shown on your certificate of insurance. Depending on the optional cover you choose, an additional premium may apply.  Refer to the PDS for more details.

Q. What does 'geographic limit' mean?

This means that your insurance provides cover when you are using your boat anywhere on the land and waterways of Australia and up to 200 nautical miles off the coast of the Australian mainland, or the coast of Tasmania. If you use your boat beyond the geographic limit, you will not be covered.

Q. Why does Suncorp now offer ‘amount covered’ instead of market value on my boat?

We have introduced cover on an ‘Amount Covered’ basis for all Suncorp Comprehensive Boat Insurance policies. ’Amount Covered’ is our way of saying ‘Agreed Value’. Our policies are now designed this way so that customers have a clear understanding of what they are covered for at the start of each period of insurance.  You should always check that the amount covered for your boat meets your needs as it may change at each renewal (for example taking into account depreciation).

Q. I have a sailing boat, what optional cover can I choose when I participate in a race?

You can ask us to add the optional cover for sailing boats when racing for an extra premium if you have Comprehensive Cover on your trailer sailer or sailing dinghy. This option provides cover for insured incidents that happen when you are participating in a race up to 100 nautical miles in total distance. Other than the cover provided under this option, we do not provide any cover for loss, damage or liability arising from incidents that occur while you are participating in a race.

Q. I use my power boat to tow a water-skier, will I have cover under my insurance?

If you have Comprehensive Cover, you can ask us to add the water-skiers liability optional cover for an extra premium. This option provides cover for your legal liability to pay compensation up to $10 million for death or injury to a person being towed by your boat or death or injury to other people or damage to their property caused by a person or object being towed by your boat during water skiing activities. There must be a competent observer on your boat for this cover to operate. Other conditions also apply. Other than the cover provided under this optional cover, we do not provide cover for any loss, damage or liability arising from water-skiing related activities.

Q. Will I be covered if my boat motor breaks down?

We do not cover the cost of fixing a mechanical breakdown (including seizing or overheating) of your boat motor but we will cover your boat motor if it is damaged as a result of impact, fire, malicious damage, sinking or grounding.  

Q. How does Lay-up actually work?

Lay-up is a new feature for Suncorp Comprehensive Boat Insurance and it allows you to lay up your boat for up to 6 months in the year when you will not be using it, for example in winter. If you have this optional cover shown on your certificate of insurance, your premium will be reduced but it means your Comprehensive cover is limited such that we do not cover any loss, damage or liability if the boat is used on the water during the time it is in lay-up.  Under this optional cover, you are only covered for accidental loss or damage that can happen at home such as theft, fire, malicious damage and storm, when your boat is in commercial storage or in transit to a repairer for repairs after a claim has been approved by us (or when you are taking your boat to be serviced) but at no other time.

Should you choose this feature your ‘lay-up’ period will be shown on your certificate of insurance and your premium will be reduced based on the length of the lay-up period.  Refer to the PDS for more details.

Q. Am I covered if I am towing my boat and I hit another car, or reverse into a parked car causing damage?

Your boat insurance does not cover this. When the boat trailer is attached to a vehicle of any description, the legal liability for incidents arising from the towing of your boat trailer falls to the driver or operator of the towing vehicle. So if there is any damage caused to another party’s vehicle, this would usually be covered under the car insurance of the towing vehicle and not the boat insurance policy. If your boat has Suncorp Comprehensive Boat Insurance, we would in this situation cover your boat to the extent it is damaged in the incident (assuming no exclusions apply) but not any damage to a third party’s vehicle or the towing vehicle.

Q. What are the additional items now covered under my boat “contents”?

These include clothing, wet weather gear, maps & charts. For full details refer to the PDS.

Cover for your boat contents is only available with Comprehensive cover.

Q: What are the additional items now covered under my “hull”?

These include fixed entertainment items, fixed solar panels and limited sign writing. For full details refer to the PDS. Cover for your boat hull is only available with Comprehensive cover.

Q. What new features are now available as part of my comprehensive cover?

We now offer cover for the reasonable costs associated with inspecting your boat hull after it has run aground. The most we will pay for any one insured incident is $1,000.

Q   Why will Suncorp no longer insure my moored boat?

We have developed a new product that now caters specifically for trailered boats which are the most common boat types that are sold in the market. As moored boats require much tighter underwriting guidelines in relation to the age of the boat and the maintenance of it as it ages, we believe these boats are much better suited to be covered by a more specialist insurer.

Q. Why has Suncorp taken away my Boat Club discount?

The boat club scheme has been in place for a number of years and Suncorp over recent years has simply maintained the discount for those customers who already enjoyed it.  Although the discount has been withdrawn we are working to keep our premiums competitive.

 


The features and benefits described apply to new customers from November 26 2012 and existing customers on renewal from November 26 2012. Insurance issued by Suncorp Metway Insurance Ltd. ABN 83 075 695 966. Approved applicants only. Exclusions apply. Please read the relevant Product Disclosure Statement before you make any decisions regarding this product. Ask us for a copy .