This insurance has certain requirements and exclusions that the policyholders must consider in order to know better their rights and obligations when hiring it.
- The Insured Watercraft must be for private pleasure use only.
- Policyholders must, at all times, comply with the laws and regulations governing the use and operation of watercrafts.
The following restrictions apply to the policy:
- We will not cover damages caused by gradual deterioration including mold, animal and marine life, denting, plagues and inadequate maintenance.
- We will not cover damages caused by electrolysis, osmosis, mechanical failure, corrosion, rust or dampness of atmosphere.
- We will not provide liability coverage to any person intentionally causing damages to property or by fraudulent means.
- We will not cover damages caused while the insured vessel is used in illegal transportation or trade.
- We will not cover damages caused while the insured vessel is being operated in any speed race. This exclusion does not apply to sailboats.
- We will not provide coverage for any loss or damage resulting from the operation of the insured watercraft by any person under the influence of narcotics or alcohol (if the level equals or exceeds the legal limit).
- We will not cover damages caused by radioactive pollution, discharge of any nuclear weapon, war, rebellion or revolution.