Featured Insurers
1
Vero Marine Insurance
- Parent / underwriter:
- Suncorp Group (Vero Insurance NZ Limited)
- Policy types:
- Pleasure craft, yachts, racing yachts, commercial marine
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters; offshore extensions available
- Notable features:
- Dedicated marine product line; racing/regatta cover available on request
- Product disclosure / website:
- https://www.vero.co.nz
2
AA Insurance
- Parent / underwriter:
- AA Insurance Limited (Suncorp / Vero joint venture)
- Policy types:
- Pleasure craft, trailerable boats, jet skis
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Multi-policy discount for AA members; bundled with car and home
- Product disclosure / website:
- https://www.aainsurance.co.nz
3
NZI Marine
- Parent / underwriter:
- IAG New Zealand
- Policy types:
- Pleasure craft, commercial marine via brokers
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Distributed via insurance brokers; commercial marine offering
- Product disclosure / website:
- https://www.nzi.co.nz
Other Marine Insurers Operating in NZ
4
State Insurance
- Parent / underwriter:
- IAG New Zealand
- Policy types:
- Pleasure craft, trailerable boats, jet skis
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Online quoting and policy management
- Product disclosure / website:
- https://www.state.co.nz
5
Tower Insurance
- Parent / underwriter:
- Tower Limited
- Policy types:
- Pleasure craft, trailerable boats
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- NZ-listed insurer (NZX:TWR)
- Product disclosure / website:
- https://www.tower.co.nz
6
AMI Insurance
- Parent / underwriter:
- IAG New Zealand
- Policy types:
- Pleasure craft, trailerable boats, jet skis
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Branch network across NZ
- Product disclosure / website:
- https://www.ami.co.nz
7
FMG Insurance
- Parent / underwriter:
- Farmers Mutual Group (mutual)
- Policy types:
- Pleasure craft, commercial marine; rural focus
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Member-owned mutual; rural and farming customer base
- Product disclosure / website:
- https://www.fmg.co.nz
8
Youi NZ
- Parent / underwriter:
- Youi NZ Limited
- Policy types:
- Pleasure craft, trailerable boats
- Valuation basis:
- Agreed value or market value (policy-dependent)
- Default navigation:
- New Zealand coastal waters
- Notable features:
- Telephone-based quoting model
- Product disclosure / website:
- https://www.youi.co.nz
What to compare when choosing a boat insurer
Factual differences worth checking
- Whether the policy is written on an agreed value or market value basis
- The default navigation area and any extensions available
- Whether trailer cover is included or sold separately
- Excess levels and any optional reduced-excess buy-down
- Treatment of older hulls and survey requirements
- Claims notification timeframes and 24/7 contact options
- Underwriter's most recent financial strength rating
Sources
- Each insurer's publicly available product disclosure statement
- Each insurer's public website (links above)
- The Financial Markets Authority public register (fma.govt.nz)
- The Financial Services Providers Register (fsp.companiesoffice.govt.nz)
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