What is the difference between Agreed Value and Market Value?
Agreed Value means you are insured for that set sum insured, in the event of a total loss. Market Value means you nominate your sum insured, and in the event of a total loss you will be paid out, either the sum insured you have nominated or the current market value of your vessel, whichever is the lesser.
How do I obtain an Agreed Value?
By obtaining a valuation from a recognised marine dealer that sells vessels of a similar type. This will assist Us in supporting the Agreed Value for your vessel. In many cases, Agreed Value will be applied as settlement basis for new vessels insured with Us, at the purchase price.
Am I covered for towing a water skier?
Yes, our policy automatically extends to cover waterskiers (being professionally designed & manufactured equipment for the sole purpose of water skiing/aquaplaning or Wakeboarding, excluding flyboards or other aerial devices).
Do I have contents cover under my policy?
Contents cover is automatically included under your policy. For definitions of Contents, cover and limits please refer to the relevant PDS via the link below:
https://www.nautilusinsurance.com.au/pds/ and/or as described in your Certificate of Insurance.
What is lay-up?
Lay-up is provided for trailered runabouts & PWC’s and provides a reduced premium for selected months, where the vessel is not used and stored at the home address on its trailer.
Am I covered if a friend or family member uses and operates my vessel?
Yes, as long as they have the relevant licence & skills to operate the boat, and whilst under operation, are adhering to all obligations of the skipper, including regulatory, licence and operational requirements.
What types of security should I add to my vessel when it is not in use?
Some items you could consider including are wheel clamps / trailer locks.
What is an inspection report?
These reports can be either an Out of Water Survey (for moored craft) or condition report and are used to determine the insurable condition of the vessel.
How do I access important documents such as Nautilus Marine Insurance’s Product Disclosure Statements, Financial Services Guide, Target Market Determinations (TMD’s) and Privacy Policy?
Our ‘Important Documents’ page via the link below will provide you with more information.
https://www.nautilusinsurance.com.au/documents/
What do I do in the event I have had an accident or need to lodge a claim.
Our claims information page via the link below will provide you with more information.
https://www.nautilusinsurance.com.au/claims/