BoatCover – Peer to Peer Boat Rental Insurance FAQs
We know that your peace of mind is paramount to our users during a boat rental. That’s why we have partnered with ShareCover to provide cover for loss or damage to an owner’s boat while it is being rented out on BookMyBoat. ShareCover BoatCover insurance is underwritten by Insurance Australia Limited which is part of Insurance Australia Group, the largest general insurer in Australia and New Zealand. BookMyBoat rentals can be covered through ShareCover’s purpose built BoatCover policy.
This coverage summary only sets out some of the events covered by the BoatCover policy and other information you should consider. It does not provide a complete statement of the cover offered, exclusions, conditions and limits that apply under the policy. You should carefully read the BoatCover Insurance Policy Product Disclosure Statement (PDS) and all relevant policy documentation for more details.
What types of boats are covered?
The following boats are covered: dinghys, runabouts, cuddy cabin, cruisers, ski-boats, sail boats and pontoon boats, that are all less than 12 metres in length.
What types of boats are not covered?
The following boats are not covered: canoes, hydroplanes, kayaks, kit boats, houseboats, pontoons, porta botes, rowing sculls, jet skis, sailing trimarans, sailing skiffs, sailboards, surf skis, dragon boats, hovercrafts, racing yachts or any boats or vessels that are 12 metres or more in length.
What is the boat covered for?
ShareCover BoatCover insurance covers:
- Loss or damage to an owner’s boat caused by an insured event occurring in Australia whilst the boat is rented through BookMyBoat that is directly or indirectly caused by an act or omission of the boat rentersubject to the cover limit; and
- All amounts up to $10,000,000 the owner of the boat is legally liable to pay as compensation (including the legal costs and expenses of any claimant) in respect of death, personal injury or property damage happening whilst the boat is rented through BookMyBoat.
The following summary gives you an overview of what each booking is covered for under the ShareCover BoatCover insurance policy.
The excess payable is $500 per claim which is payable by the owner for each claim.
What is not covered for?
- Loss and damage to the boat by weather events is not covered – The policy does not cover any loss or damage caused directly by a natural peril or disaster, including but not limited to storm, tempest, lightning, thunderbolt, hail, earthquake, flood, cyclones, tidal surge, tsunami, action of the sea, high water, erosion, landslide, subsidence, bushfires and other catastrophic weather events. Events that occur due to the actions of the Renter and indirectly by a weather event is covered.
- Loss or damaged caused by the owner is not covered.
- Deterioration, wear and tear are not covered – The policy does not cover deterioration, wear and tear that have occurred over time, by using the boat and exposing the boat to the elements.
- Diving and fishing equipment are not covered.
When is the boat insured?
The policy is only valid during the period the renter has rented the boat through BookMyBoat.
How much is the boat insured for?
The maximum amount we will pay for loss or damage to a boat that is covered is the market value of the boat up to a maximum of $250,000 per claim. The market value is what it would cost to replace the boat using factors such as local market prices and the age and condition of the boat.
Does this policy replace the need for regular boat insurance?
No. This policy will only cover the boat during a period of rental through BookMyBoat and only covers loss or damage to the boat by specific insured events directly or indirectly caused by an act or omission of a renter. It is expected and recommended that the owner will hold comprehensive insurance for the boat.
Where is the boat covered?
The policy will provide cover within Australian territorial waters if the boat:
- Complies with Marine Safety Exemption 2 or has a full AMSA Survey, National Standard for Commercial Vessels Part G and any other relevant rules and regulations;
- Has a unique vessel identifier or certificate of operation;
- Operating within sheltered waters as classified as Areas D and E by the Australian Maritime Safety Authority; or
- within 50 nautical miles of the Australian coast.
What other rules apply to the insurance cover?
The boat must comply with the following to be covered under the ShareCover BoatCover insurance policy:
- Be less than 12 metres in length;
- Have a hull made of composite, fibreglass, steel, aluminium or timber;
- Have three or less motors attached that are capable of speeds of 60 knots or less;
- Be 50 years or less since manufacture or construction;
- Be 25 years or less since manufacture or construction if made of wood.
- Only operate during daylight hours or during locally published times of sunset and sunrise;
- Not be used for commercial charters;
- Not be rented with captains or as piloted boats;
- Not be owned by a commercial rental company or be owned by a person or entity that owns more than three boats or other vessels that are hired, rented or leased for use;
If an incident has occurred during the rental of your boat, you can make a claim by contacting us at firstname.lastname@example.org with the following information:
- Your customer ID
- Date of incident
- Time of incident
- Details of incident
- Any evidence of the incident/damage (pictures, correspondence with the renter etc)
Once we receive this notice of claim from you, we will lodge the claim with ShareCover. A member of the ShareCover claim team will be in contact with you within 48 hours.
To download the full Product Disclosure Statement
To view and download the full PDS please click here:
BoatCover Product Disclosure Statement – 6 April 2021