Boat Insurance

We'll cover your boat or watercraft in New Zealand and on New Zealand waters for accidental, sudden loss or damage.

If your boat is accidentally damaged but repairable, we'll pay to have it repaired. And if your boat is a total loss or stolen and not recovered, we'll pay you the Sum Insured on your Policy Schedule.

Cover applies while your boat is in transit by land or any recognised sea or airfreight service and includes any reasonable salvage charges, removal charges, or any other charges related to averting or minimising loss or damage to your boat.

The policy includes cover for:

  • Sails
  • Outboard motors
  • Protective covers
  • Trailers
  • Fishing, diving and water-skiing gear
  • Contents - any fittings and equipment that would be normally sold with the boat
  • Personal effects
  • Social or corporate yacht racing is covered on the basis of Replacement Value less one third, or the excess, whichever is greater
  • Legal liability up to $250,000 if you damage someone else's property or injure somebody
  • Lost/stolen key cover up to $500
  • Repatriation cover of $1,000 per person up to a maximum of $5,000
  • Costs to refill, replace fire extinguishers and safety flares

Pleasurecraft Insurance is arranged by Southsure Assurance Limited and underwritten by Lumley, a business division of IAG New Zealand Limited (Lumley).

This webpage is only a summary of the features and benefits of Pleasurecraft Insurance and is intended to be of a general nature.  Pleasurecraft Insurance is subject to the policy terms and conditions, including exclusions that apply, which are set out in the policy document. 

Neither SBS Bank nor any member of the SBS Bank Group guarantees the obligations of (or any products issued by) Southsure or Lumley.  

For Lumley's financial strength rating, please click here.

Buying tip

Make sure you get the cover you need.  If you're shopping around, compare the policies too and don't be swayed by price alone.

Ways to save

Choose a higher optional excess to save on your premiums.  

Age and package discounts apply.

'Free Look'

There's a 30-day Free Look period so if you're not happy with your policy and you haven't made a claim, you can cancel it and we'll refund any premium you've paid.