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
Duty of Disclosure
Subject to the rights set out in the Criminal Records (Clean Slate) Act 2004 (“Clean Slate Act”), you are under a duty to disclose all material information to Aon New Zealand (“Aon“) whether the information is asked for or not. Material information is information that might influence our decision to insure you and if so on what terms and/or premium. All information given must be complete and correct. If you have any doubt as to whether a fact is material then it should be disclosed. The duty to disclose all material information occurs prior to the commencement of cover, if the contract is varied and prior to each renewal. Failure to disclose all material information may result in Aon voiding your insurance policy. This means your policy would be deemed never to have existed and any claims would not be payable.
Privacy Act 2020
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 at Auckland. Failure to provide any personal information requested may result in your application for insurance being declined. Personal information may need to be disclosed to entities located outside of New Zealand such as insurers and reinsurers who may not be subject to data protection laws that are comparable to those in New Zealand. Individuals have a right to request access to and correction of their personal information subject to the Privacy Act 2020.
Declaration
I/We declare that:
1. Subject to any rights I/We have under the Clean Slate Act, the information given is in every respect correct and complete and all material information has been disclosed to Aon.
2. This Proposal shall be the basis of the contract between me/us and Aon, and I am/we are willing to accept cover subject to Aon’s policy terms, conditions, exclusions and any special terms they may require.
I/We authorise:
1. Aon to give and obtain from other Insurance Companies, Insurance Brokers, the Insurance Claims Register Ltd or any other party, any information relating to this or any other insurance held or previously held by me/us and any claim(s) made by me/us.
2. Aon to use my/our personal information to advise me/us of Aon’s products and/or services.
I/We agree:
To Aon disclosing personal information to third parties such as insurers who may be located outside of New Zealand and who may not be subject to data protection laws that are comparable to those in New Zealand.
I/We confirm:
That I/We have obtained the consent of any other person whose personal information I/we provide to Aon as part of this application or under any resulting policy or claim, to disclose their personal information to third parties such as insurers who may be located outside of New Zealand, having advised them that those third parties may not be subject to comparable data protection laws to those in New Zealand.
I/We undertake:
To inform Aon immediately of any material events or changes in circumstances which occur after the commencement of this policy or after any renewal.
