Club Marine has rolled out significant updates to its boat insurance product, aiming to offer policyholders enhanced flexibility and clarity.
Following an extensive review of policy guidelines and terminology, the updates incorporate the latest boating trends and technologies. They acknowledge the evolving needs of boat owners who increasingly seek to travel further and faster.
“In the 65 years that Club Marine has been providing insurance for Australian boaters, this is one of the most important and exciting revamps of our policy document, in keeping with our long-held status as an industry leader,” said Tim Wiles, who recently took on the role of chief executive officer at Club Marine. “The PDS [Product Disclosure Statement] is an important document, but we know it’s not always fully read by members until the event of a claim. So, our goal was to not just provide significantly better cover but to also make it easier and more efficient to interact with our boating customers. It will hopefully provide even more confidence and reassurance.”
Key changes include clearer theft precautions, specifying how owners can secure boats and trailers using chains, locks, and hitch locks. Coverage now extends to electric water sports equipment for fire, theft, and total loss without the need for specification under accessories. Additionally, bow thrusters and power generators, including wind and solar generators, are now covered.
Boat tenders now have automatic coverage for tow sports, and the allowable speed limit for personal watercraft has increased from 65 knots (120 km/h) to 70 knots (129.6 km/h). Yacht owners benefit from the extension of the race distance exclusion limit from 25 nautical miles (46 km) to 150 nautical miles (277 km) and the removal of spinnaker restrictions.
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Furthermore, the policy waives the excess for vessels damaged while at rest in commercial marina berths or private pontoons/jetties, excluding damage from lightning strikes or named cyclones. Liability rules for professional skippers, crews, and transporters have been amended to facilitate easier relocation of crafts.
Policyholders with five years without a claim will have their No Claim Bonus protected as long as the policy remains active and is renewed without interruption. The ability to transfer protection points is unchanged, and limits for accidental pollution, funeral benefits, Club Care, and other benefits have increased.
“These market-leading features and benefits will greatly streamline the process as it’s more about what we do cover than what we don’t,” Wiles adds. “The new policy is up and running now and will naturally filter through our renewals process in coming months.”
Club Marine’s updated PDS has received positive feedback from the boating industry.
“Increasing the racing distance and removing the spinnaker restrictions will get clubs thinking about new events to give sailors more opportunities to compete and improve their skills,” said Southport Yacht Club general manager Brett James. “Also, it’s pleasing to see the excess waiver for boats kept in marina berths as it will further encourage owners to keep their boats safely berthed in a pen rather than on a swing mooring. It helps make boat ownership more affordable and is another sign that Club Marine really is the boat insurance company run by boaties.”
Tom Niederer, general manager of JSW Powersports, added: “Club Marine is to be applauded for listening to dealers and owners as the boating market continues to evolve. Like us, they’re working hard to remove hurdles and make boat ownership more accessible. Our customers want to know they’re covered, and I think the simplification of the policy wording will help them to better understand their policy and minimise their risks.”
