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Overseas Regatta and Transit Insurance Proposal

      

Aon contact details: Sam Gunn +64 9 362 9071. Email Sam 

Insurer: Vero Marine Insurance, an operating division of Vero Insurance New Zealand Limited (“Vero”)

CONTACT DETAILS

PERIOD OF INSURANCE

Please detail above the NAME / LOCATION / DATE of regattas you intend to participate in.
If you require transit insurance to and from New Zealand, please provide transit details including From and To, and expected Departing and Return dates.

INSURED VESSEL DETAILS

$
$
$

THIRD PARTY LIABILITY 

Please refer to your notice of race for required limit otherwise an automatic limit of NZ $5,000,000 is applied.

POLICY BENEFITS

Excess Schedule & Special Notes

Scope of Cover

Full Cover

  • Accidental physical loss or damage of the vessel in transit.
  • Accidental physical loss or damage of the vessel in use.
  • Legal liability arising from use of the vessel.
  • Cover includes transit by sea and land conveyance, commencing from the time of handover to cartage contractor and / or ships agent, whichever shall be first occurring, and ceasing at the time of delivery, and extends to include return transit to New Zealand.
  • Hull includes Racing Risk Extension, excluding ocean/bluewater racing and terrorism. Covers for both competition and training use.

Refer to policy wording for full terms and conditions.

Third Party Only

  • Legal liability arising from use of the vessel.

Refer to policy wording for full terms and conditions.

Transit Only

  • Accidental physical loss or damage of the vessel in transit.
  • Cover includes transit by sea and land conveyance, commencing from the time of handover to cartage contractor and / or ships agent, whichever shall be first occurring, and ceasing at the time of delivery, and extends to include return transit to New Zealand.

Refer to policy wording for full terms and conditions.

Special Note

Insured property taken on aircraft must be sent as freight with an airway bill and not sent as checked baggage, as checked baggage is not insured under this policy.

Liability

Limit of NZ$5,000,000 is included unless otherwise requested and stated in the Certificate of Insurance.

Excess

Section 1 – Cargo

  • NZ$500 in respect of Section 1 - Cargo i.e. transit by sea and air as cargo.

Section 2 - Hull 

Watercraft Declared Values      

  • NZ$5,000 or less:                               NZ$500 each and every claim
  • NZ$5,001 to NZ$50,000                     NZ$1,000 each and every claim
  • NZ$50,000 plus:                                 2% of declared value, each and every claim
  • Trialling & Racing Risk Excess           NZ$2,000 Each and every claim, each and every vessel, cumulative on any other deductible

Law

  • The insurance, if accepted, will be subject to New Zealand law.
  • Depending on the use of the yacht, the insurance, if accepted, may be subject to the provisions of the Marine Insurance Act 1909 or the provisions of the Insurance Act 1984.
  • If this proposal form is completed in whole or in part by any person other than the Proposer, then such person shall be deemed to be the agent of the Proposer and not the agent of Vero.
  • The Proposer who completed this proposal form has his / her attention drawn to the terms of Section 23 to 27 of the Marine Insurance Act 1909 and in particular is informed that the contract of marine insurance that may be and which may have as its basis the material contained therein, is a contract based upon the utmost good faith and in the absence of such good faith, may be avoided.
  • Further, the Proposer is informed that there is an obligation to disclose to Vero every material circumstance which is known to the proposed insured.  Every circumstance is material if it would influence the judgment of a prudent insurer in fixing the premium or determining whether he will take the risk.  If there is a failure to make such disclosure, Vero may avoid any contact of insurance that may be made.
  • The Proposer who completes this proposal form is advised that Vero will not be liable for any loss or damage attributable to unseaworthiness where the vessel is operated in an unseaworthy condition with the privy of the owner.  The Proposer warrants that the vessel, which is the subject of the proposed contract of marine insurance, will at all times be manned and operated as per all appropriate Government Regulations.

Your Duty of Disclosure

Before you enter into a contract of general insurance with insurers, you have a duty to disclose to insurers every matter that you know, or could reasonably be expected to know, is relevant to the insurer's decision whether to accept the risk of the insurance and, if so, on what terms. You have the same duty to disclose those matters to the insurers before you renew, extend, vary or reinstate a contract of general insurance.

Your duty does not require disclosure of matter:

  • That diminishes the risk to be undertaken by the insurers;
  • That is common knowledge;
  • That the insurers know, or in the ordinary course of their business, ought to know;

If you fail to comply with your duty of disclosure, Vero may be entitled to reduce their liability under the contract in respect of a claim or may cancel the contract.  If your non-disclosure is fraudulent, Vero may also have the option of avoiding the contract from the beginning.

Privacy Act 1993

This proposal collects personal information in order to evaluate your insurance requirements for the purpose of deciding whether to issue insurance cover and if so on what terms. The information collected will be held by Aon and/or Vero at Auckland. Failure to provide any personal information requested may result in your application for insurance being declined. You have a right to request access to and correction of your personal information subject to the Privacy Act 1993.

Declaration by Proposers

I / We hereby declare that to the best of my / our knowledge and belief:

1.      The information provided herein is true and correct in every respect and I / we have not withheld any material information which would influence the decision of the insurers in regard to this proposal.

2.      The sums proposed for insurance represent the full value.

3.      I / we have received the proposal and agree to accept the insurance subject to the terms, conditions exclusions and limitations of the policy.

4.      I / we agree that this proposal will be the basis of the contract of insurance, should the proposal be accepted.