For many West Australians, a boat, jet ski or yacht is more than a purchase – it is a lifestyle investment. But time on the water also brings a mix of risks: collisions, theft, storm damage, injury to passengers and even pollution if there is a fuel or oil leak. Pleasure craft insurance is designed to help protect both the vessel and its owner from the financial consequences of these events, yet many policies are not reviewed regularly as boats are upgraded, modified or moved between moorings.

Most comprehensive pleasure craft policies will cover accidental damage, theft, fire, malicious damage, sinking and certain weather events, along with third‑party liability if your vessel causes injury or property damage to others. Many also include benefits for removal of wreck, accidental pollution liability, and cover for motors, trailers, tenders and accessories, sometimes on a “new for old” basis up to a set age. However, sub‑limits often apply to items such as fishing gear, diving equipment, electronics and personal effects on board, so it is important to check that the sums insured reflect what you actually carry.

Common coverage gaps arise around where and how the vessel is used. Some policies limit offshore distances, racing activities, personal watercraft or participation in certain events, while others may restrict cover while the vessel is on a mooring, in transit or undergoing repairs. There may also be specific requirements around security, licensing and maintenance, and breaches of these can affect claims. Owners who occasionally use their craft for charter, lessons or other income‑earning activities should disclose this, as it may require a different type of policy.

Working with a broker who understands marine and pleasure craft risks can help you select a policy that matches your vessel, usage and cruising grounds. A review before each summer – or when you change moorings, upgrade engines or add equipment – can help you avoid underinsurance and unpleasant surprises at claim time. Documenting your fit‑out with photos, valuations and service records will also assist if you ever need to make a claim.