Your boat is a major purchase, a treasured possession and an asset that you want to look after. Insurance is a major consideration when buying a boat and some lenders will require borrowers to have an insurance policy on their boat.
As professionals in the financial services sector, Jade Boat Loans is across issues around insurance and our consultants are well-placed to assist you with sourcing an appropriate marine insurance policy for your boat.
Selecting a Boat Insurer
Many insurance companies offer marine insurance policies including the big names in the industry. However, marine insurance is a specialist area and dealing with a specialist marine insurance company or broker, such as Club Marine can present advantages.
When selecting an insurer here are a few tips:-
- Ensure the insurer offers particular policies for boats and not a generic ‘property policy’.
- Ask if they have experience in boat insurance.
- Ensure they offer an insurance policy for the waterways you intend to visit on your boat.
- If using the services of an insurance broker, ask if they have experience in marine insurance.
- Insurance brokers with specific marine insurance experience will have contacts with insurers that offer specific boat insurance at the best prices and with the best coverage.
- Club Marine, for example, provides insurance policies for all types of boats and watercraft including cruisers, sailing boats, jet skis, runabouts, trailer boats, luxury cruising yachts and off the beach boats.
- New names seem to appear regularly in the insurance market offering budget and cheap policies. Check the credentials of all companies to ensure they stack up to scrutiny.
Selecting the Right Boat Insurance Policy
With so many purchases in life – you do get what you pay for. And that is true for all types of insurance. Coverage is everything! Cheap, low cost, budget policies may appear appealing, but if they don’t cover the items, conditions and circumstances you want – then they are of no value.
Some lower cost options will stack up against more expensive policies, but you will want to study the fine print closely of all and any policy you consider.
Major considerations in choosing the right policy include:-
- Covers your type of boat. Club Marine have differing policies for different types of vessels.
- Covers the waterways you want – inshore, offshore etc.
- Covers boat only, hull only, boat and motor.
- If a trailer boat, does the policy include the trailer and the boat.
- Coverage only while on the water or does the policy cover damage/theft on land or at mooring.
- Coverage against theft and damage.
- Contents coverage. This is a very important aspect and requires careful consideration. Most insurance policies will only include the permanent equipment on the boat, not the property, possessions and other items you may bring on board.
- Coverage for your gear and equipment for both loss, theft and damage. For example, your costly fishing gear.
- Coverage for boat only or people also. Not all policies will cover the people on board.
- Damage coverage conditions – check if this includes damage by another boat, fire or at the owner’s fault.
- Storage coverage – does the policy cover the boat while at a mooring, at a marina, in dry storage or on the trailer at your own home.
- Insured value. Make sure the value of the policy meets your expectations. Is it full replacement value or agreed value?
- Public and personal liability. Are you covered for any damage that your boat may cause to another boat and/or people?
Read the terms and conditions of the individual policy you are offered and the complete product disclosure statement.
Custom and Specialist Boat Insurance
For peace of mind, it may be advisable to work with a specialist marine insurance broker, such as Club Marine, to tailor an insurance policy for you. An expert in marine insurance, just like Jade is an expert in boat finance, will be working in your best interests to source you the best policy.
A professional marine insurance broker will work with you to understand your requirements and source an appropriate policy through their industry connections with the insurers.
Specialist brokers can tailor a policy that ensures your boat is covered for damage to the boat parts as well as the entire boat. This may include say to a yacht mast or to an engine. Mechanical issues are not usually included in a marine insurance policy.
Cover for yourself, the boat captain and your passengers may be a key concern for you. If that is the Source a policy that includes a level of injury liability to persons, possibly public liability and other damage which may be caused by your boat.
Club Marine: Specialist Marine Insurance
For boat owners looking for a genuine specialist to arrange their boat insurance, you can’t go past the crew at Club Marine. As the largest and leading provider of insurance for boats and recreational watercraft in Australia they know the different types of boats on the water and know how each category has its own specific insurance requirements. With over 50 years of experience in boat insurance, Club Marine was recognised in 2019 as the winner of the Underwriting Agency of the Year award by the Australian insurance industry.
Club Marine is the preferred supplier of boat insurance by Jade Boat Loans and your Jade consultant can provide you with a contact. Alternatively, head to their website for resources including videos which explain the details of boat insurance.
Insurance is important and Jade Boat Loans can assist by introducing you to people who are experts in marine insurance.
To discuss marine insurance, contact Jade Boat Loans and speak with one of our consultants 1300 000 003
DISCLAIMER: THE INFORMATION PROVIDED IS FOR GENERAL CONSIDERATION. ANY REFERENCE TO OFFICIAL GOVERNMENT POLICIES HAS BEEN SOURCED FROM AUSTRALIAN GOVERNMENT AND STATE GOVERNMENT SOURCES. INFORMATION ON INDIVIDUAL VEHICLE SPECS IS SOURCED FROM THE MANUFACTURER WEBSITE. NO LIABILITY IS ACCEPTED FOR ANY ERRORS IN PRESENTATION OR INTERPRETATION OF THE FACTS AS PROVIDED BY THESE SOURCES. WE ADVISE ALL INDIVIDUALS AND BUSINESSES TO REFER TO THEIR ACCOUNTANT OR FINANCIAL ADVISOR FOR PROFESSIONAL ADVICE SPECIFIC TO THEIR INDIVIDUAL CIRCUMSTANCES.