I thought I’d pick Boating and look at the types of Boat insurance you can get to protect not only the owner but the asset as well.
Boat/Personal watercraft (Jetski) Insurance
Similar to Vehicle insurance you can obtain Boat Insurance with two types of cover Comprehensive cover and Third Party Only cover for your boat. Full comprehensive cover will cover the vessel for a set sum insured/Market value for damage and theft. You can also add optional extensions to the cover, such as water skiers liability – which particularly important if your boat is capable of towing a skier or donut behind it. It’s always recommended to take Boat Insurance cover with Waters skiers Liability. In the off chance you may decide to tow the kids/family/friends behind your boat during summer. This extension will protect you in the event that someone is hurt and sustains injuries.
Boat Insurance Comprehensive cover will even cover sailing boats, and will include cover for masts, spars and rigging. The cover can be extended to cover, whilst they are racing in Yacht Races, at an extra cost. Boat insurance also allows you to elect to insure your accessories such as sounders, GPS, and Radio’s, fishing equipment. If your boat lives on a trailer you also need to insure the trailer and nominate a value to insure it against damage too.
Third party only Boat Insurance only covers the boat owner for any property damage and personal injury claims caused to other parties. So there is NO cover for the damage to your boat in the event of an accident.
So next time you go out on your boat for a spot of fishing or fun Water-skiing, make sure your boat Insurance has adequate cover and is up to date.
Please be aware that any advice offered is General Advice only and has been prepared without taking into consideration your objectives, financial situation or needs. Before deciding to acquire a financial product please consider the Product Disclosure Statement and whether the product is appropriate for your individual objectives, financial situation and needs.