Insurance &
Risk Experts

The risk associated with this would extend to both pleasure craft or commercial craft owned by the business and would include two main areas of exposure:

• Physical loss or damage to the watercraft
• Navigational ability referred to as P & I Cover. This includes passenger and third-party insurance arising from the operation of the craft.

Although the builder’s risk is covered by the market in terms of the period during the construction of the watercraft, note should be taken that it only extends to the craft and not the premises. Hence this is not a substitute for the property and general liability cover.

The market offers two main types of insurance:

• Insurance based around Institute Clauses – Used for larger/specialist commercial craft.
• Plain Language Wordings – Used for smaller craft/pleasure craft in private or commercial use in Australian waters.