Understanding Our New Suncorp Boat Insurance PDS
Introducing the new Suncorp Boat Insurance Product Disclosure Statement (PDS) for policies renewing on or after 25 March 2021. The PDS is an important legal document that contains details of the product you purchase so you need to read it carefully.
The purpose of this page is to advise you of some changes that we have made to the Suncorp Boat Insurance PDS.
We’ve changed the layout of the PDS to help make it easier to understand. We have also made other changes to the policy – we have updated the wording to make it clearer and we have added and changed some covers, conditions and exclusions.
Below are some of the sections in the PDS where we have made changes (some section names have changed):
Sometimes your circumstances might mean you need additional support or assistance in dealing with us. If you are comfortable, you can tell us about your situation, and we will work with you to arrange support.
We have updated this section. Some new inclusions are:
- when your boat is attached to an unattended vehicle, keep that vehicle locked;
- do not behave in a way that is abusive, dangerous, hostile, improper or threatening when engaging with us and our service providers.
When you need to contact us
We have added more situations when you must contact us. These include if:
- you or anyone likely to operate your boat has their licence cancelled, suspended, disqualified or restricted;
- you or anyone likely to operate your boat has been charged with or convicted of a criminal offence;
- you had another insurer cancel or decline an insurance policy, impose specific conditions on a policy or refuse a claim;
- you keep your boat at a mooring when not in use.
Excesses that apply to your claim
You can now choose how to pay your excess(es) from the options we offer. We have also removed the requirement for you to pay your excess(es) upfront when a claim is lodged.
General Exclusions are now called ‘Things we don’t cover’.
Things we don’t cover include some new and updated exclusions such as:
- Alcohol, drugs, medication
- Confiscation or repossession
- Extra costs or other losses following an incident covered by your policy
- Faults, defects and repairs
- Intentional or deliberate acts
- Reckless acts
- Sale of your boat or boat contents
- Unattended boat
- Unrelated damage
We have removed the term ‘Additional features’ and combined all additional covers under ‘Additional cover that comes with your policy’.
New boat after a total loss for boats less than 2 years old
This additional cover has been updated and is available if you are the first registered owner of your boat or boat trailer or you purchased your boat or boat trailer as an ‘ex-demonstration’ model from a licensed dealer who was the first owner. The loss or damage to your boat hull, motor(s) or trailer must occur less than 2 years from the date of original registration or date of purchase. Anyone who financed your boat hull, motor(s) or trailer must also provide their written consent for replacement. When replacing your boat, we will pay the registration costs for the first 12 months and delivery charges applicable.
The maximum period you can lay-up your boat in any one period of insurance is 6 months. There is no extra cost for this optional cover.
How we settle your claim
We’ve made a range of changes to this section to better explain how we settle your claim including the use of assessed quotes. That is, if you choose not to accept the repair/replacement method and request a cash settlement we will pay you the amount of the assessed quote. Refer to this section of the PDS for more details.
We have replaced the section ‘Obsolete items and parts’ with ‘Unavailable parts’. Where a damaged part is no longer available, we will pay you the last known market price of that part. If a part is unavailable in Australia, we will pay the cost of surface freight (not airfreight) from the nearest reasonable source of supply.
Our right to recover from those who are responsible
To promote transparency, we have added examples of the assistance that may be required if we take action against a party for the recovery of your loss.
Change when there are joint policyholders
During the period of insurance, we might ask all joint policyholders first before we action a request or direction in relation to your policy (e.g. before we cancel your policy, reduce your cover or remove another policyholder). This way we can help protect the interests of all policyholders.
New section - Conduct of others
When we consider a claim, we will have regard to prejudice suffered by you due to conduct of others and may meet the claim when we are not legally required to do so.
Removed - Cancellation fee
If you decide to cancel this insurance cover with Suncorp, you will no longer be charged a cancellation fee.
For full details, please refer to your PDS.
The information above is not a complete list of the changes to your Suncorp Boat Insurance. For full details of what is and isn’t covered, please read the Suncorp Boat Insurance Product Disclosure Statement (PDS). Consider the PDS before making a decision about this insurance.