PLEASURE CRAFT

Our pleasure craft insurance covers any vessel having a maximum designed speed of 100kph comprising the hull, superstructure, fittings, machinery, engines, motors, boats, gear and equipment such as would normally be sold as one unit, excluding the trailer. 

COMPREHENSIVE COVER 
Covers you against loss of or damage to the vessel or part thereof following an insured event. 

Insured events 
The insured events are
Accident.
Fire, lightning, explosion,earthquake or volcanic eruption.
Malicious acts.
Loss of or damage to outboard motor(s) provided that it is securely attached to the vessel.
Latent defect in the vessel or her machinery.
Negligence of any person.
Theft or attempted theft including machinery, outboard motors, gear or equipment if stolen with the vessel or following forcible and violent entry into or exit from the vessel or place of storage. 

Included in the policy is the following 

Credit shortfall
If any vehicle comprehensively insured under this section is stolen or hijacked (and not physically returned to us) or damaged and the assessed cost of repairs exceeds 70% of the reasonable retail value we will pay to the registered finance company that financed the purchase of the vehicle any difference between the reasonable retail value and the settlement balance outstanding under a valid credit agreement subject to the total payment not exceeding the limit of indemnity shown in the schedule less the First Amount Payable. 

The settlement balance outstanding is defined as the payment due at any specified date that would settle the actual debt owing to the finance company but excluding payments and or interest in arrears, any additional finance charges, early settlement penalties, any other amounts refundable to you or any legal costs owing to the finance company by you. 
 
If any total loss settlement is less than the amount owing to the financier under a current installment sale or lease agreement, we will pay you an additional amount equal to the shortfall but excluding any arrear installments or rentals including interest on such arrears, all refunds of premium for cancellation of any insurance cover relating to your vessel, the increased installments or rentals that would have been paid had there been no residual capital value at the end of the finance period, calculated to the month in which the claim is settled and the first amount payable. 

LIABILITY TO THIRD PARTIES 
We will indemnify you or any person using the vessel with your permission or any water skier being towed or preparing to be towed by the insured vessel against all sums including claimants’ costs and expenses which you shall become legally liable to pay in respect of death of or bodily injury to any person other than yourself or other than as specified in the schedule, loss of or damage to property not belonging to you or the permitted user, attempted or actual raising, removal or destruction of the wreck of the vessel or any neglect or failure to raise, remove or destroy the wreck expenses incurred by you with our prior written consent in connection with official enquiries and coroners inquests legal costs, incurred with our prior written consent in defending any action or contesting liability whether or not such action proceeds in the criminal or civil court. 

Our liability in respect of this section is limited to R1 000 000 in respect of any one claim or series of claims arising from one event. 

We will pay for:

SIGHTING EXPENSES 
The expense of sighting the underwater section of the hull after grounding, if reasonably incurred specially for that purpose, even if no damage is found. 

EMERGENCY AND SALVAGE CHARGES 
All charges and expenses (up to the sum insured for the item concerned) reasonably and necessarily incurred in minimising or averting a loss which would be covered by this policy. 

TRANSIT RISKS 
Any loss or damage following transit by land (including loading and unloading) but excluding scratching and denting and liability to third parties.  This section also extends to include claims made by third parties for death, injury or damage arising out of such loading or unloading operations. 

YACHT RACING RISK 
The cost of repairing or replacing sails, masts, spars, standing and running rigging lost or damaged by an insured event whilst the vessel is racing, but we will only pay a minimum of two-thirds of the sum insured specified in the schedule (as applicable to such items). 

MEDICAL EXPENSES 
Medical expenses incurred and paid for as a result of bodily injury sustained by any person on board the vessel arising out of an accident up to a maximum of R5 000 any one occurrence, if not otherwise insured. 

USE BY OTHER PERSONS 
Any person other than the operator or an employee of an operator of a shipyard, repair yard, slipway, yacht club, marina or vessel sales service or similar operation using the vessel with your permission will be regarded as the insured provided he complies with and is subject to the terms of the policy.