Page 164 - Policy Wording - Hollard Business Binder (2020-08-26)

Watercraft
1. GENERAL
WATERCRAFT
1.1 Cover is only available with supporting business, at least Domestic Building or Household Contents.
1.2 This Section indemnifies the Insured against loss of or damage to the insured vessel, trailer and/or launching trolley, specified property and also the Insured’s liability to third parties.
1.3 The boat is insured without any spares or equipment attached to it. If any, it should be specified separately and be included in the value.
2. UNDERSTAND THE RISK
2.1 Geographical limits
2.1.1 Either inland or coastal waters.
2.1.2 Extension of geographical limits (limited in this section to a cruising range of 50 (fifty) nautical miles from the coasts of the Republic of South Africa, Namibia and Mozambique).
2.1.3 The geographic limits follow the Motor section.
2.2 Hull
2.2.1 material is important as it impacts on the rating;
2.2.2 rubber ducks are less attractive;
2.2.3 glitter paintwork increases repair cost.
2.3 Use
2.3.1 private use only;
2.3.2 commercial use not allowed and should be underwritten by a Marine specialist.
2.4 Storage and protection
2.4.1 ensure storage takes place at an identifiable address;
2.4.2 make sure necessary protection against theft is in place;
2.4.3 no rates for mooring or laid up periods, the risk is still there.
2.5 Values
2.5.1 ensure values represent replacement values;
2.5.2 repair costs are by no means cheaper than for motor vehicles and therefore the values are important.
3. UNDERWRITE THE RISK
3.1 Information required
3.1.1 Registered owner
3.1.1.1 owner details;
3.1.1.2 storage details;
3.1.1.3 protection measures.
3.1.2 Hull
3.1.2.1 manufacturer, class and vessel name;
3.1.2.2 material of hull;
3.1.2.3 length of hull (not to exceed 10 (ten) metres);
Commercial Underwriting Mandates and Guidelines – Binder – Version 2 2020 163