Boat insurance
Owning a boat is a unique and exhilarating experience, epitomising the freedom and adventure of the open sea. For boat owners in New Zealand, safeguarding their maritime investments with the right marine insurance is not just a choice – it’s a necessity. This comprehensive guide explores the essence of boat insurance, the key considerations and the broader landscape of protecting vessels against the unpredictable nature of the sea.

Understanding The Importance Of Marine Insurance

Marine insurance is a specialised form of coverage designed to protect boats, yachts and other craft from various risks. Unlike other types of insurance, marine insurance acknowledges the distinct challenges and exposures associated with maritime activities. From small boats to luxury yachts, having the right marine insurance ensures boat owners can navigate the waters with peace of mind. While it comes with plenty of incredible benefits that can enrich your life, boat ownership also comes with its inherent risks. The unpredictability of weather, potential accidents, theft and other events can pose significant threats to a boat owner’s investment. Boat insurance serves as a financial safety net, offering protection against many types of risks such as:
  • Accidental Damage: Coverage extends to damages caused by collisions, grounding or other accidental incidents that may occur during the use of the vessel.
  • Theft And Vandalism: Marine insurance protects against the theft or malicious damage of the insured boat, providing compensation for the loss.
  • Liability Coverage: In the unforeseen event of an accident that causes harm to others or other property, liability coverage ensures that the boat owner is protected from legal and financial repercussions.
  • Natural Disasters: Coverage may extend to damages caused by uncontrollable natural disasters such as storms or earthquakes.
Without the safety net of boat insurance, boat owners may be in serious financial hot water in case something occurs to their vessel.

Various Factors That Could Influence Your Marine Insurance Premiums

Several factors contribute to determining the cost of marine insurance premiums. Understanding these many factors can help boat owners make informed decisions and ensure they receive appropriate coverage at reasonable rates. Key considerations include:
  • Vessel Type and Value: The type, size and value of the boat can significantly impact insurance premiums. High-value vessels generally entail higher premiums.
  • Usage: The intended use of the vessel, whether for personal recreation or commercial purposes, affects insurance rates.
  • Claim History: A boat owner’s claims history and experience on the water can influence insurance premiums. If you have a good history of safe maritime activities, you’ll likely have an easier time finding a good insurance deal.

Navigating The Claims Process

In the event of an incident, understanding the claims process is crucial. It’s recommended that you fully research and understand the claims process with your specific insurance provider before you agree to any insurance plans. Boat owners should promptly report any damages to their insurance provider and follow these general steps:
  • Notify The Authorities: In the case of an accident, contact the right authorities and report the incident.
  • Document The Damage: Take detailed photographs of the damages, make note of any relevant details, and gather relevant information, including the names and required contact details of involved parties. Having detailed visual proof can aid you in the future.
  • Contact Your Boat Insurance Provider: Notify your insurance provider as soon as possible. Provide them with the necessary information and documentation to initiate the claims process.
  • Coordinate Repairs: Work with the insurance provider to coordinate repairs. Ensure that repairs are conducted by reputable and qualified professionals.

The Importance Of An Insurance Advisor

While navigating the complex waters of marine insurance, boat owners may find invaluable support in the form of an insurance advisor. An experienced advisor can provide guidance on policy selection, coverage customisation and claims processes. Particularly in the ever-changing landscape of insurance regulations, having an advisor ensures that boat owners stay informed and make decisions aligned with the latest industry developments. If you want the best deal possible, it’s essential that you work with a professional insurance advisor. After all, marine insurance is not just a financial safeguard; it’s a fundamental aspect of responsible boat ownership. By understanding the intricacies of marine insurance, boat owners in New Zealand can confidently explore the seas, knowing that their vessels are protected against the uncertainties that come with their favourite maritime adventures. To stay protected, we encourage you to contact us at Baileys Insurance. We offer services pertaining to business insurance, maritime insurance, life and health insurance and more. If you have any questions for us, or if you’d like to discuss your specific situation, please don’t hesitate to contact us on 09 444 8860 or use our contact page. We’re here to help.  Stay protected as you sail the seas with Baileys Insurance.

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Disclosure Statement - New Zealand Based Vessels

Please take the time to read this Disclosure Statement as it’s an important document. Once you have done that, please click on the “Read and Accepted” button to begin your quote.

Licence status and conditions

Baileys Insurance Ltd holds a financial advice provider licence, issued by the Financial Markets Authority (FMA) to provide financial advice.  
Our Financial Markets Authority Reference Number is: CAS-75396-Y7R8M1 / NTF220538567.

Nature and scope of financial advice service

This website is an on line facility to purchase pleasure craft insurance for your recreational vessel. This does not provide quotations or advice on any other insurance product. The insurance policy here is underwritten by the marine division of Vero Insurance NZ Ltd. This facility does not provide any comparisons or quotations on any pleasure craft policies from other Insurers. The policy available here has been arranged based on our extensive experience in the marine insurance market. Key features and benefits unique to Baileys Insurance are highlighted in the full quotation provided. Once the policy is purchased, we provide expert assistance with any claims you may need to make. This on line system is set up for boat owners to obtain boat insurance. All of the policy information is available before you make your decision to purchase. If you have any questions or would like to discuss any aspect of the policy or coverage please call us on 0800 89 85 85. The on line facility is only used for new business. Your policy will be reviewed each year and a renewal offer will be sent to you prior to the policy expiring. You are free to turn down this offer. The on line facility can be cancelled at any time without any notice being given.

Fees, expenses or other amounts payable

We charge a policy fee to help cover administration costs.  The fee for trailer craft is NIL.  The fee for moored vessels is:
Up to $100,000 sum insured: $50.
Over $100,000 sum insured:  $75.
Any fee charged will be clearly shown on your invoice and is part of the total amount due.

Premium funding

Premium funding products enable you to pay the insurance premium over the term of your policy by instalments rather than as one amount. Premium funders charge interest and they take a power of attorney over your insurance policy, which means they have the ability to cancel your insurance policy if you fail to pay an instalment.  We own Baileys Premium Funding Ltd, a premium funding company.  Under certain circumstances this company may allow you to fund your premium allowing you to spread the payments over the term of your policy.  Additional charges apply, which will be clearly advised to you if we agree to you using this facility.

Commissions and incentives

Our remuneration is paid by Vero Insurance Ltd, by way of commission. The commission rate is 20% of the Company Premium shown on your invoice. We are also a member of Steadfast NZ Limited (Steadfast). Steadfast supplies technology platforms, management, marketing, professional, technical, and buying benefits and services to support us in providing our financial advice. Steadfast has arrangements with insurance companies under which Steadfast receives a professional services fee of up to 1.5% of the premium paid for each policy arranged by us with those insurers. These payments are used to operate Steadfast. We will receive a proportion of the professional services fee paid to Steadfast, being 35% of that fee. This will be paid to us by Steadfast at the end of each financial year.

We receive no other incentives or inducements.


If you are unhappy with this financial advice service, please contact us immediately so we can put things right.

If you wish to make a complaint, you can contact us as follows: 

  • Call us on 0800 89 85 85 between the hours of 8.30 am – 5.00 pm week days 
  • Email us at:
  • Write to us at:  P O Box 101-101 North Shore, Auckland 0745, addressing your letter to the attention of Peter McEvoy

How your Complaint will be handled

We will attempt to resolve any issue of dissatisfaction with you immediately.  We will send you an acknowledgement of your complaint within five working days of your complaint being notified to us.  This letter or email will provide you with our timeline to respond to you and the name of the person who will be managing our response.  We will investigate the circumstances and contact you to try to resolve the complaint to your satisfaction.  It is important that you provide us with all relevant information.

We will provide you with a written update within 20 working days of receiving your complaint.  If we are unable to provide a full response to you at that point, our letter will explain why we are not yet in a position to do so, and tell you when we will next contact you.  40 working days (maximum) after the receipt of your complaint we will issue a final resolution.  If we need to continue our review past this point, we will explain to you the reason for the delay and the required timeframe to provide a full response. At this point, if you feel that the delay is unsatisfactory, you can redirect your complaint to our external dispute resolution service provider detailed below. 

If we are unable to resolve your complaint

We expect that our response to you will have addressed the concerns you have raised. If you feel that your concerns have not been appropriately considered, we invite you to submit any further information for consideration.  If we are unable to resolve your complaint despite our best efforts, you can contact our external dispute resolution scheme, who provides a free and independent dispute resolution service.  The contact details for our external dispute resolution service provider are: 

Financial Services Complaints Limited

Contact details

Baileys Insurance Limited (FSP721031) is the Financial Advice Provider.  We can be contacted as follows:
Postal: P O Box 101 101 North Shore, Auckland 0745
Telephone: 09 4448860 or freephone 0800898585

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