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Sailboat InsuranceAustralia · Independent guide

Boat Insurance Excesses Explained

Boat Insurance Excesses Explained. Compare standard and event-specific excesses and percentage excesses and multiple deductions.

By Gabriel1 min readUpdated

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Compare the policy wording, schedule, exclusions and excesses alongside the price.Custom AI illustration featuring our sail mascot · Illustrative, not evidence of cover

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How excesses stack on a single claimA single storm claim can engage more than one excess at the same time: the standard excess, a named-cyclone excess where a cyclone has been declared, and sometimes a further excess attached to a mooring or security condition. They are added together and deducted from the settlement, so the amount the owner bears is the total of all of them rather than the headline standard excess alone.ONE STORM CLAIMStandard excessApplies to the claimNamed cyclone excessEngages in a declared eventMooring or security excessWhere a policy condition appliesTotal borne before anything is paidThe sum of every excess the event engages
Compare quotes on every excess that could apply to one event, not on the headline figure.

Standard and event-specific excesses

  • Standard policy excess
  • Storm or cyclone excess
  • Theft excess
  • Racing excess
  • Young or inexperienced skipper excess
  • Special excess applied by endorsement

Percentage excesses and multiple deductions

  • Check whether multiple excesses can apply
  • Compare percentage excesses with fixed-dollar excesses
  • A higher excess can reduce premium but increase cash needed after a loss
  • Check whether marina-berth claims receive different treatment
  • Total-loss excess treatment can differ

Excesses versus premium savings

Request quotes using the same vessel value, storage location, cruising area and usage assumptions. If one quote is materially cheaper, identify the policy feature creating the difference before assuming it is better value. Save the PDS and certificate that apply to the quote.

Frequently asked questions

Should I choose a higher excess?

Only if you can comfortably self-fund it and the premium saving is worthwhile. Compare the annual saving with the additional amount you would pay in a plausible claim.

Where should I look in the policy?

Start with the cover section, exclusions, definitions, excesses, navigation limits, claim settlement provisions and any endorsements on the certificate of insurance.

General information onlyThe information on sailboatinsurance.com.au is general educational information only. It may be wrong, incomplete or out of date, and you should not rely on it as a substitute for the current policy documents or professional advice. It does not take into account your objectives, financial situation or needs and is not personal financial product advice. Insurance cover depends on the actual policy wording, Product Disclosure Statement, certificate of insurance, endorsements, exclusions, limits, sub-limits and underwriting decisions that apply to your vessel. Always read the current policy documents before buying, renewing or changing cover. For legal, financial or insurance advice about your own circumstances, consider speaking with an appropriately licensed professional.