Marine Comprehensive Insurance

When you finance the purchase of your boat, it is usually a requirement of the loan contract to have the security comprehensively insured at all times during the contract term. As a consequence, you must organise insurance before delivery of the boat by transferring your current insurance or organising new cover. UFS is able to provide a competitive insurance quote which may streamline the process for you.

In general, Comprehensive insurance provides cover for:

  • Accidental Loss or Damage to the insured vessel up to an agreed value (ie. a set amount the insurer agrees to with the insured) or market value (ie. the cost to replace the vessel with a vessel of the same make, model, age and condition immediately prior to the loss or damage). Today, most comprehensive policies are market value policies.
  • Your legal liability for damage to another person's property as a result of an accident which is your fault up to a predefined limit for each event (including certain legal defence costs),
  • A number of other additional benefits which are automatically incorporated into the policy such as towing costs, emergency travel & accommodation costs, personal property.
  • Certain optional covers (where agreed) such as protected no claim bonus and restricted driver cover.

Benefits of Comprehensive Insurance

  • Protects your finances in the event your vessel is damaged, involved in an accident, or stolen.
  • Comprehensive Insurance can be easily financed into most loans.
  • Comprehensive Insurance is fully transferable.
  • Comprehensive Insurance needs to be renewed every twelve months so it provides you with the opportunity to shop around for the best quote.
  • Some comprehensive insurance policies also provide additional benefits should you need to claim.
  • Comprehensive Insurance can be cancelled and the premium rebated on a pro-rata basis.
  • The cost of comprehensive insurance is largely priced based on the type of vessel you are purchasing and your insurance history.