Nautilus Marine Insurance takes on jet ski portfolio
Nautilus Marine will now offer its own in-house personal watercraft insuranceMarine insurer Nautilus Marine is poised to add personal watercraft to its portfolio of marine leisure products, with the takeover of the business formerly run by SPT Insurance due to start on August 1.
The deal, inked in July 2022, has given Nautilus a year to work with SPT and absorb its PWC portfolio.
According to Nautilus, the merger has “produced enhancements in cover and competitive premiums and a streamlined market approach for existing and potential clients”.
Nautilus already insures around 45,000 vessels throughout Australia, with its expansion into jet skis now including:
- Dedicated personal watercraft policy wording
- Australia-wide theft coverage
- Water skiers’ liability covered as standard
- $10 million legal liability as standard
- Fleet policies for owners who have more than one jet ski
- Optional lay-up cover for the months the jet ski isn’t used
According to Nautilus Marine Insurance chief executive Lyndon Turner, the new PWC insurance arm resulted from a 20-year association with SPT Insurance.
“We have always respected their (SPT’s) specialised PWC program and have had a positive experience underwriting it,” Turner said.
“To be able to look to the future by completing this full purchase transaction is an exciting move and we look forward to providing first-class insurance to the customers.”
Other jet ski-related benefits listed by Nautilus Marine Insurance include:
- Water inflow cover where appropriate
- Lost key replacement up to $1500
- Australia-wide transit cover
- Replacement of a jet ski in the first two years of registration
- Genuine parts used on repairs where appropriate
- Agreed value on a jet ski where appropriate
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