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.

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 section	Page #	Update type	Change in the PDS
Important information	4 - 11
Cancelling your policy	4	Benefit	Cancellation fee reduced to $22, with clarity on when this will apply.
What if I have a complaint?	5	Clarification	Updated details regarding our complaints process.
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”.
Your responsibilities	6 - 7	Clarification	Improved transparency with expanded section on the requirement to maintain a valid email address.
Your responsibilities	7	Clarification	Responsibility 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
Contents	8	Clarification	Definition updated to specify that 'portable' fish finders and depth sounders are included in contents.
Earthquake	9	Reduction	Earthquake definition changed, no longer includes landslip.
Hull	9	Clarification	Definition updated to include accessories and modifications.
Modifications	10	Clarification	New definition added.
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.
Social sailboat racing	10	Benefit	Definition updated with the removal of spinnakers and extending the race limit to 100 nautical miles.
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."
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.
About your cover	12 - 20
Theft	13	Clarification	Examples provided for what "reasonable precautions" are required when the watercraft is being test driven.
Legal Liability	13 - 14	Reduction	Removed cover for substitute tender.
Legal Liability	13 - 14	Clarification	Increased clarity about who is covered for legal liability.
Towing, Salvage and Loss Prevention	14	Benefit	Increased the limit to $150,000 per claim.
Locks and Keys	15	Benefit	Cover has been changed to $1,000 after excess.
Contents	15	Benefit	Increased total limit to $1000 and removed $150 item limit.
Temporary Replacement Cover	16	Benefit	Previously Immediate Replacement Watercraft or Tender; includes cover for when the watercraft is given away.
Temporary Replacement Cover	16	Reduction	Removed cover for tender.
Counselling Services	16	Benefit	Removed 6-month limit to commence counselling.
Accidental Personal Injury or Death	16 - 17	Reduction	Updated to specify 'accidental' injury or death.
Accidental Personal Injury or Death	17	Benefit	Increased period for injury or death from 90 days to 12 months after the insured event.
Sea Rescue Donation	17	Benefit	Broader cover to include payments to any Australian rescue service.
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.
	-	Clarification	Removal of exclusion relating to unregistered watercraft.
	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.
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.
How we settle your claim	22 - 24	Clarification	Updated section providing clarity on how we settle claims.
Excess	24 - 25	Clarification	Clarification of how and when an excess applies.
Actions of others	25	Benefit	New section describing circumstances where cover may not be limited by the actions of other people.