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INSURED:                      Yachting Australia Inc. and Owners of Insured Vessels who have completed a Proposal
                              Form and paid premium for coverage under this Master policy.

INSURED INTEREST:             Hull, machinery, fittings, equipment, mast, sails and rigging of vessels for which a Proposal
                              Form has been completed and a premium paid.

SUM INUSRED:                  Section A
                              As per the Proposal Form completed for each vessel.

                              Section B
                              Limit of liability A$5,000,000

EXCESS:                       2% of sum insured with a minimum excess of $500.

NAVIGATING LIMITS:            Inland and inshore waters anywhere in the world as requested in the Proposal Form.
                              Extended to cover transit by sea from Australia to destination advised in the Proposal Form
                              and return transit, and land transit at destination between arrival and departure ports and
                              locations of regattas.

USE:                          Whilst training and participating in recognised yacht regattas.
                              Excludes Blue Water and Ocean races.

CONDITIONS:                   Institute Yacht Clauses 1/11/85
                              Institute Yacht Clauses Transit Clause 1/2/90
                              Institute Yacht Clauses Racing Risk Extension Clause 1/11/85
                              Institute Radioactive Contamination, chemical, Biological, Bio-Chemical and
                                    Electromagnetic Weapons Exclusion Clause 10/11/2003
                              Policy Amendment – Goods and Services Tax.

                              If the sails, masts, spars standing and running rigging are lost or damaged by a loss Covered
                              while the vessel is racing we shall pay the cost of repairs or the cost of replacement subject
                              to the deductible and depreciation as set forth in the policy.

                              If the loss and damage to the sails, masts, spars, standing and running rigging caused by
                              the vessel being stranded, sunk, burnt, on fire or in collision or contact with any external
                              substance (ice included) other than water, the cost of replacing or repairs shall be
                              recoverable in full, subject to the deductible and depreciation as set forth in the policy.

                              In respect of transit by sea and air, as cargo:
                              Institute Cargo Clauses (A)
                              Institute Cargo Clauses (Air) (excluding sendings by Post)
                              Institute War Clauses (Cargo)
                              Institute War Clauses (Air Cargo)
                              Institute Strikes Clauses (Cargo)
                              Institute Strikes Clauses (Air Cargo)
                              Institute Classification Clause
                              Institute Radioactive Contamination, Chemical, Biological, Bio-Chemical and
                                    Electromagnetic Weapons Exclusion Clause 10/11/2003
                              Cargo ISM Endorsement
                              Policy Amendment – Goods and Services Tax
                              Terrorism Exclusion – Liability

BASIS OF VALUATION:           Market Value
                              In respect of a claim during transit by sea and air – Market Value plus freight costs.

Signed for and on behalf of the Company:
                                     PRODUCT DISCLOSURE STATEMENT

The purpose of the Product Disclosure Statement (PDS)
This PDS is not an insurance policy and does not form part of the Boat Insurance policy.
This PDS contains important information required under the Financial Services Reform Act 2001.
The PDS has been prepared to assist you in understanding the Boat Insurance Policy and making an informed choice about
your insurance requirements.
This PDS refers to some of the significant features of the Boat Insurance including its benefits, risks and information about
how the insurance premium is calculated. You need to read the Policy Wording and the policy schedule for a full
description of the terms, conditions and limitations of Boat Insurance.
The Policy wording is included in the policy booklet provided to you.
This PDS may need to be updated from time to time. The most up to date version is obtainable from your nearest
Associated Marine office.

Who is the Insurer
Zurich Australian Insurance Ltd ABN 13 000 296 640 (Zurich) 5 Blue Street North Sydney 2059 is the insurer of the Boat
Insurance. Zurich’s AFS licence number is 232507.

Who is Associated Marine
Associated Marine Insurers Agents Pty Ltd ABN 41 006 104 007 (Associated Marine) is a managing general insurance
agent for certain Zurich insurance products, including Boat Insurance. Under its arrangement with Zurich, Associated
Marine provides all services in relation to Boat Insurance which includes dealing with and settling claims.

Associated Marine is wholly owned by Zurich. Associated Marine’s AFS licence number Is 235383. In this PDS: “we”,
“us” or “our” are references to Associated Marine on Behalf of Zurich.

Who to Contact
For enquiries about Boat Insurance, please contact Associated Marine. See the back page of your policy booklet for details
of your nearest Associated Marine Office.
You can contact Associated Marine in any of the following ways:
     By calling on our freecall number 1800 009 796
     In person at any Associated Marine Office
     By telephone
     By facsimile
     By writing to any Associated Marine office.

General Insurance Code of Practice
The purpose of the General Insurance Code of Practice (Code) is to raise the standards of practice and service in the general
insurance industry. The code aims to improve:
     The quality, comprehension and accuracy of policy documents and other information provided to consumers.
     Employee and agent training and supervision.
     Claims handling and dispute resolution.

Zurich has adopted the Code and as managing general insurance agent for Zurich, Associated Marine supports the Code.
Brochures on the Code are available from your nearest Associated Marine Office.
Significant Features and Benefits
The following is a summary of some of the significant features and benefits of the cover provided in the policy

    Cover                        Description of Cover Provided
    Part A                        We will pay for loss of and/or damage to, your boat if it is:
    LOSS OR DAMAGE                Accidentally damaged or lost, stolen or burnt, and
    TO YOUR BOAT                        your boat is on land anywhere outside Australia, or
                                        Your boat is afloat outside Australian inland waters up to 20 nautical
                                        miles from the shore of any country other than Australia.
                                        Your boat is in transit by trailer, truck, rail or ship outside Australia.
                                  Other features of the cover include:
                                        $1,000 cover for personal property limited to $500 an item.
                                        Replacement of your boat if it is under one year old.
                                        Automatic cover for Yacht Club Social racing.
    PART B                        We will pay the amount you or an authorised user are liable to pay following an accident
    LIAIBILITY                    involving your boat or a substitute boat which causes:
    COVER                               Damage to property
                                        Personal injury to or death of any person
                                  Other features include:
                                        Payment of legal costs
                                        $5 Million automatic cover
                                        Optional cover for water skiers (Standard Exclusion)
                                        Option to increase sum insured to $10 Million
    PART C                        We will pay for death or body injury to the insured and/or spouse only, arising directly out
    PERSONAL                      of the use of the boat for private pleasure purposes or voluntary rescue work.
    ACCIDENT                            Death $10,000 per person.
                                        Loss of Limb(s) or loss of sight $10,000 per person.
                                        Permanent total disablement $10,000 per person.
Note: For a full description of terms, conditions and limitations of Boat Insurance Please read the Policy Wording.

Our insurance is designed to provide protection for you in the event of something happening which has been insured
Under some circumstances, Boat Insurance will not provide any insurance cover to You. For example Boat Insurance will
not pay for:
     Loss or damage to your boat caused by vermin, insects or marine growth.
     Loss or expenses as a result of corrosion or rust.
     Loss or damaged to unsecured sails.
     Loss or expenses where your boat has been used for an unlawful purpose.
     Personal costs you incur because your boat is in an accident or is lost, Stolen or burnt.

Full details of all relevant policy exclusions are contained throughout the Policy Wording. It is important that you are
aware of these exclusions and limitations And you should read the Policy wording.

Significant Risks
Use of Your Boat
Boat Insurance provides cover for your boat being used for private purposes within the area defined in the Policy Wording
or Policy Schedule. It does not provide cover if your boat is used for business or commercial purposes.

Policy Limit
Your boat is insured for market value, as defined in the Policy Wording, but the most that we will pay is the sum insured
stated in the policy schedule. You should ensure that the sum insured represents the market value of your boat.
Costs and Charges
The amount you pay for insurance depends on the type of cover and options you have chosen listed under the heading
“Optional Covers Available”. The type of cover you have (including options selected) will be noted on your policy
Premiums are subject to Commonwealth and State taxes and/or charges including Goods and Services Tax (GST) and
stamp duty). The premium we quote will include all applicable taxes and/or charges. The premium payable by you and the
amount of these taxes and/or charges will be shown on the policy schedule we provide you.

We take into consideration a number of factors in setting our premiums. These include, but are not limited to the insurance
claims record, the age of the boat, construction, type, motors and where the boat is located.
If you make a claim under Boat Insurance you may be required to pay an excess. The description of the excess and the
circumstances in which an Excess is payable are shown in the Policy Wording under “Words that have a special meaning –
Excess”. Circumstances when you do not have to pay
an excess are described in the Policy Wording under the heading “When you do NOT need to pay your excess”. The
amount of your excess will be shown on your policy schedule.

Your Obligations
You have certain obligations that you need to comply with. Failure to comply with these obligations may have
consequences in terms of both your insurance cover or in the event that you make a claim. Your obligations and
consequences of not complying with them are contained in a number of places throughout the Policy Wording under the
heading “What you are required to do for us”.

Your Duty of Disclosure
We rely on the information you provide to us when you apply for Insurance or change your policy. You must tell us
anything that you know, or should know that could affect our decision to insure you (or continue to insure you) and/or the
terms on which we insure you.

What you Do Need to Tell Us
When answering our questions, you must be honest and you have a Duty under law to tell us anything known to you, and
which a reasonable person in the circumstances, would include in answer to the question. We will use the answers in
deciding whether to insure you and on what terms. These requirements are part of the Insurance Contracts Acts 1984.

What you Don’t Need to Tell Us
You do not need to tell us anything that:
    Reduces our risk
    Is of common knowledge
    We know, or as an insurer should know
    We indicate that we do not want to know

What will Happen if you do not Tell Us
If you do not answer our questions in this way, we may reduce or refuse to pay a claim, or cancel your policy. If you
answer our questions fraudulently, we may refuse to pay claim and treat the policy as never having existed.

Your cooling off Period
We will refund all premium paid for cover under Boat Insurance if you request cancellation of the Boat Insurance within 21
days of its commencement. To do this, you must advise Associated Marine in writing and return the policy schedule to
your nearest Associated Marine office. You will not receive a refund if you have made a claim under the insurance policy.

How to Make a Claim
To make a claim, please contact your nearest Associated Marine office when something happens that you believe you can
claim for. Details about making a claim shown in the Policy Wording under the headings “What you must Do when you
make a claim”. “What you must not do when you make a claim” and “Recovery Rights”.

Taxation Information
We show all taxes and charges as separate items on all policy Schedules (for example, GST and Stamp Duty). Details
about GST are shown in the Policy Wording under the heading “Additional Benefit – (GST)”.
Your Privacy
We collect personal information from you for the purpose of providing you with insurance products and services and for
processing and adjusting claims. You can choose not to provide this information, however, we may not be able to process
your requests We may disclose information we hold about you to other insurers, to an insurance reference service or as
required by law. In the event of a claim, we may disclose information to and/or about you from investigators
or legal advisors. If you wish to update the information we hold about you, contact Associated Marine.

What to do if you have a Complaint
If you have a concern about Boat Insurance, a decision on your Claim, the service provided by Associated Marine or its
agents, Loss adjusters or investigators, please contact your nearest
Associated Marine office where one of our staff will help you in any way they can. If they or their manager are unable to
resolve the matter, please ask to be referred to a Dispute Resolution Officer.
The Dispute Resolution Officer will investigate and try to reach a satisfactory outcome. Our Dispute Resolution Process is
free to you.
Associated Marine is a member of Insurance Enquiries and Complaints Limited (IEC). If you are not satisfied with the
steps taken by Associated Marine to resolve your complaint, you have the right to refer the complaint to the IEC. This is a
free service. The IEC can be contacted by calling 1300 780 808.

     Settlement of Claims

1.    If the insured is liable for Goods and Services Tax (GST) iIn respect of any goods, services
     or other supply which are the subject to a claim under this policy the insurers will pay the
     insured for that GST liability. However:

     1.1     where the insurers make a payment under this policy for the acquisition of goods,
             services or other supply the insurers will reduce the amount of payment by the
             amount of any input tax credit the insured is, or will be, or would have been entitled
             to under A New Tax System (Goods and Services Tax) Act 1999 in relation to that
             acquisition whether or not the acquisition is actually made.

     1.2     Where the insurers make a payment under this Policy as compensation for the
             acquisition of goods, services or other supply the insurers will reduce the amount of
             the payment by the amount of any input tax credit the insured would have been
             entitled to under A New Tax System (Goods and Services Tax) Act 1999 had the
             payment been applied to acquire such goods, services or supply.

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