Boat Insurance Overview | Bush ‘n Beach Fishing Magazine

Insurance is not the time for fairy tales Nautilus Marine Insurance

Getting your vessel description absolutely correct is essential when it comes to completing an insurance claim form. Nautilus Marine Insurance

All those questions about the brand of the vessel, the model, the length, the width, the year of manufacture, etc. are there to help establish exactly what you are looking to insure and, therefore, what its insurable value might be. Nautilus Marine Insurance

With branded models such as a Stacer Wild Rider, Quintrex Renegade, Cruise Craft Explorer or Seafarer Viking, it’s a pretty straightforward exercise.

But once you start getting into the realm of flop molded fiberglass boats – let’s call them “copycats” – as well as “special builds” and “modifications”, where, for example, a pod of transom may have been added to a pre-existing design, things can get a bit tricky.

What boat is it now?

The original?

An adaptation ?

A new brand or a completely new model?

And what about big boats?

Insurers have seen vessels that have been described as “multihull cruisers”, which on closer inspection were not a Scimitar or a Perry, but rather an uninsurable single outboard motor barge from a very debatable kind.

Being “cute” only has one outcome once things get pear-shaped.

This original description of the vessel now resembles something written by Hans Christian Andersen and your insurer’s correspondence will indeed say: “You have given us false information or at the very least you have totally misrepresented your vessel and we’re not going to cover you. ”

This is why it is so important to insure your boat with a specialist marine insurer such as Nautilus Marine.

A business that includes boats that are staffed by people who sail.

You can talk to them.

Be upfront and tell them exactly what your ship is.

Provide a photo portfolio that will show it clearly and help them make an accurate assessment of its insurability.

Provide any additional information you have, such as who performed the post-production installation of the module.

Include a statement from them outlining their boat building expertise, boat building qualifications, any certifications that may have been requested and granted.
Provide their contact information.

Accurate vessel descriptions are required under a number of clauses in an insurance application, but primarily fall under the overall “duty of disclosure”.

Withhold information, give inaccurate information or misrepresent the truth and you are heading for trouble when trying to advance an insurance claim.

Along the same lines, be very specific about the ship’s equipment inventory – especially electronics, which tend to be upgraded fairly regularly as new plotters, sounders, transducers, radios and radars are launched.

If you don’t get a complete and accurate description, you’re going to lose – perhaps by not getting the value of your new electronics or by not getting that Minn Kota electric trolling motor recognized in a claim. .

Likewise, if you say your ship is kept “on a private mooring in Raby Bay”, you are going to be in trouble if it turns out to be a revolving mooring in the bay itself.

In terms of valuing your vessel, consider getting a formal description and valuation from a recognized marine surveyor, boat dealer or yacht broker.

Some policies require it as mandatory for vessels older than a certain vintage.

Ultimately, what is covered and what may not be will be interpreted in accordance with the terms of insurance as set out in the product disclosure statement of your insurance policy.

Similarly, any special conditions and deductibles must always be clearly explained in the DVP of your insurance contract.

If you need more information, you can contact Nautilus Marine Insurance on 1300 780 533 for any boat insurance.

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