Ownership
Starting cover at new boat handover
A dealer's stock policy covers their inventory, not your ownership. It will typically end at handover, and the commissioning period — while the boat is in the yard being fitted out, rigged and tested — sits in an ambiguous zone worth asking about directly. Arrange your own cover to start at handover and confirm in writing who carries the risk before that.
New boat value and settlement terms
| Basis | What it means | Typical availability |
|---|---|---|
| Agreed value | The schedule figure is paid on a total loss | Common on new boats |
| New-for-old replacement | Replacement with an equivalent new vessel | Often for an initial period after purchase |
| Market value | Assessed value immediately before the loss | Less common on a new boat, and worse for you |
| Depreciating sub-limits | Electronics, sails and covers depreciated separately | Check — the hull basis may not extend to gear |
Declaring fitted options and equipment
- Factory options and dealer-fitted extras that are not in the base specification price.
- Electronics packages, which on a modern boat can be a large share of the value.
- The tender and outboard, if supplied with the boat.
- Sails beyond the standard inventory.
- Any lithium battery system and who installed it.
- The delivery passage from the dealer to your berth.
Insurance changes during the first year
- Check the certificate at handover for vessel identity, sum insured and inception.
- Photograph the boat, the electronics and the engine bay while everything is new — your pre-loss baseline.
- Record serial numbers for machinery, electronics and the outboard.
- Start the maintenance log from the first service, not from when problems appear.
- Diarise when any new-for-old period ends.
- Review the sum insured at first renewal against what replacement now costs.
Condition is what decides marine claims
Almost every declined marine claim is an argument that a failure was gradual rather than sudden. The records you keep are what answers it.
Related guides
- Boat Insurance for New Owners in Australia
- Agreed Value vs Market Value Boat Insurance
- Marine Electronics Insurance Australia
- Tender and Outboard Insurance Australia
- How To/Buying And Selling
- Boat Insurance Sum Insured: Choosing Your Vessel Value
- Boat Insurance Underwriting: Surveys, Age and Maintenance
- Jeanneau, Hanse and Bavaria Model Insurance Guides
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.