Provider Review
New Wave Marine Boat Insurance Review
Specialist marine agency with dual-underwriter product choice
Editorial Rating · reviewed by Best Boat Insurance editorial team
Specialist marine insurance agency that issues boat insurance under two separate binding authorities - Berkshire Hathaway Specialty Insurance (BHSI) and Certain Underwriters at Lloyd's - giving buyers a genuine choice of insurer counterparty for a specialist marine product.
Editorial Rating Breakdown
The 3.9/5 overall rating above is the weighted average of the four editorial dimensions below, each scored against the PDS-verified comparison data. See How We Rate Insurers for the full framework.
Coverage Breadth & Depth
30%Third-party liability, personal effects, racing, offshore, pollution and emergency assistance sub-limits.
Claims Experience
30%Marine-specialist claims team, choice of repairer, network strength and industry recognition.
Financial Strength & Backing
20%Underwriter capital strength, ASIC regulation, years in the Australian market and sector diversification.
Policy Flexibility & Value
20%Valuation options (Agreed vs Market), bundling discounts, cooling-off period length and value-add benefits.
Highlights
- TWO insurer options - BHSI or Certain Underwriters at Lloyd's
- Lloyd's product: 250 nm offshore (specialist-grade)
- Fresh 2025 Lloyd's PDS (effective 1 February 2025)
- Agreed Value with 15% uplift ceiling above purchase price
- Dedicated Yacht Racing Risks + Social & Corporate Yacht Racing sections
Boats Covered
- Yacht
- Sail Boat
- Motor Yacht
- Powerboat
- Jet Ski
- Personal Watercraft
- Trailer Boat
- Tinny
Specialist Marine Agency with Two Insurer Options
New Wave Marine is a trading name of Hiller Marine - an Australian specialist marine insurance agency. Hiller Marine is unusual in the Australian boat-insurance market because it holds binding authority from two separate top-tier insurers and issues boat insurance under each. Customers can choose:
- BHSI product - underwritten by Berkshire Hathaway Specialty Insurance Company (ABN 84 600 643 034, AFSL 466713), the Australian-licensed subsidiary of the Warren Buffett-chaired Berkshire Hathaway group
- Lloyd’s product - underwritten by Certain Underwriters at Lloyd’s (via Lloyd’s Australia), with the January 2025 PDS (preparation date 25 January 2025, effective 1 February 2025)
This dual-underwriter structure is rare. Most Australian boat insurance agencies operate under a single binding authority; Hiller Marine offers genuine insurer choice.
What New Wave Marine Boat Insurance Covers
Both products share a similar policy architecture:
- Section 1: Comprehensive Cover for Your Boat
- Section 2: Cover for Personal Effects and Water Sports Equipment
- Section 3: Cover for Your Legal Liability
- Section 4: Cover for Personal Injury to You
- Section 5: Additional Costs and Expenses / Personal Watercraft conditions
- Yacht Racing Risks (dedicated section)
- Social and Corporate Yacht Racing (dedicated section)
The Lloyd’s product publishes a 250 nautical mile offshore limit - materially broader than the 200 nm mainstream standard and on par with Club Marine and Nautilus Marine. The BHSI product’s specific offshore limit should be confirmed on the Policy Schedule.
Valuation - Agreed Value with 15% uplift cap
Both products use Agreed Value as the valuation mechanism. A key structural detail: unless specifically agreed otherwise in writing, the Agreed Value cannot exceed 15% of the purchase price. This protects against over-insurance drift but means customers with significantly customised or recently refurbished vessels need to negotiate specific higher-value agreements.
Yacht racing
Both products include dedicated racing architecture: a Yacht Racing Risks section and a separate Social and Corporate Yacht Racing section. This is unusual in the Australian mainstream market - most brands treat racing as a single optional endorsement rather than a multi-section architecture. For competitive sailing owners, the Hiller Marine structure is specifically designed for the racing workflow.
PWC / Jet Ski
Personal watercraft are covered under both products with specific additional conditions and exclusions in Section 5.
Compare Against Alternatives
- Against Club Marine: Club Marine is Allianz-backed with in-house marine specialists and the Club Care emergency suite. New Wave offers Berkshire Hathaway or Lloyd’s counterparty with fresh 2025 Lloyd’s PDS.
- Against Pantaenius: Pantaenius is the sailing-yacht specialist benchmark (December 2025 PDSes, All Risk or Prime tier choice). New Wave is positioned one tier below but offers broader boat-type coverage (powerboats, jet skis, tinnies as well as yachts).
- Against mainstream (NRMA, GIO, Suncorp, RAC, RACV, QBE): New Wave is in the specialist tier with deeper racing architecture, 250 nm offshore (Lloyd’s) and specialist-marine claims handling. Mainstream brands offer broader direct-consumer distribution and multi-policy bundling.
Consider Pantaenius if you own a sailing yacht and want specialist depth, Club Marine for the broadest mainstream marine specialist, or stay with a mainstream brand if you want direct online quoting and multi-policy bundling.
Last verified against the New Wave Marine Boat Insurance BHSI PDS (nwmb15324) and Lloyd’s PDS HMNWB_1.0_01_2025 (preparation date 25 January 2025, effective 1 February 2025): 21 April 2026. Rating methodology: How We Rate Insurers.
Coverage Details
- Third-party liability
- $10,000,000 maximum
- Valuation options
- Agreed Value
- Offshore cruising limit
- 250 nautical miles from coast
- Cooling-off period
- 21 days
Coverage details are drawn from published Product Disclosure Statements. Sub-limits and exclusions apply - always read the full PDS before purchase.
Key Differentiators
-
Dual-underwriter choice - BHSI (Berkshire Hathaway) OR Lloyd's. Customers can pick their preferred insurer counterparty.
-
Lloyd's product has a 250 nautical mile geographic limit - among the broadest in the Australian mainstream market
-
Fresh January 2025 Lloyd's PDS - the newest vintage in our mainstream comparison set
-
Dedicated yacht racing architecture - Yacht Racing Risks section + Social/Corporate Yacht Racing section
Pros & Cons
Pros
- DUAL INSURER CHOICE - New Wave Marine is one of very few Australian agencies that lets the customer choose between BHSI (Berkshire Hathaway Specialty Insurance Company, part of the Warren Buffett group) or Certain Underwriters at Lloyd's (the global specialist market). Both are top-tier specialist marine insurers.
- Lloyd's product has a 250 nautical mile geographic limit - materially broader than the 200 nm mainstream standard and on par with Club Marine / Nautilus Marine
- Fresh 2025 PDS on the Lloyd's product (preparation date 25 January 2025, effective 1 February 2025) - one of the newest boat insurance PDSes on the Australian market
- Dedicated Yacht Racing Risks section plus separate Social and Corporate Yacht Racing section - specifically targeted at yacht-racing owners
- Agreed Value with up to 15% uplift above purchase price - protects against purchase-price deflation on recently-purchased vessels
- 21-day cooling-off period, applied on each renewal as well as initial policy
- Personal Injury cover as Section 4 of the policy - a dedicated section rather than an afterthought benefit
- Additional Costs and Expenses section (Section 5) - captures a range of ancillary ownership costs that mainstream brands bundle into 'emergency expenses'
- Hiller Marine (the underlying agency) is a specialist marine operation rather than a generalist - claims interface benefits from marine knowledge
Cons
- Smaller distribution footprint than mainstream insurers - New Wave Marine is a specialist agency, not a national mass-market brand
- Binding authority / agency structure means the customer contracts indirectly - claims are ultimately handled by BHSI or Lloyd's (depending on product chosen) via Hiller Marine
- BHSI product preparation date not confirmed in our audit - verify currency before binding
- Agreed Value uplift capped at 15% above purchase price unless specifically agreed - newer recreational yachts with significant customisation may need specific agreement
- No multi-policy bundling with general insurance brands (home / car) - New Wave is boat-specific
Frequently Asked Questions
Is New Wave Marine boat insurance any good?
New Wave Marine is a specialist-grade marine insurance agency product. We rate it 3.9 / 5 - in the upper tier of our comparison set, above mainstream brands like NRMA, GIO, Suncorp, RAC, RACV and QBE but below specialist yacht insurer Pantaenius. The standouts are the dual-underwriter choice (BHSI or Lloyd's), the 250 nautical mile geographic limit on the Lloyd's product, the fresh January 2025 PDS on the Lloyd's product, and the dedicated Yacht Racing + Social/Corporate Yacht Racing sections. The main limitations are the agency-layered product structure and the smaller distribution footprint vs mainstream brands.
Who underwrites New Wave Marine boat insurance?
New Wave Marine is a trading name of Hiller Marine - an Australian specialist marine insurance agency. Hiller Marine holds binding authority from two separate insurers and issues boat insurance under each. The BHSI product is underwritten by Berkshire Hathaway Specialty Insurance Company (ABN 84 600 643 034, AFSL 466713 - an Australian-licensed subsidiary of the Warren Buffett-chaired Berkshire Hathaway group). The Lloyd's product is underwritten by Certain Underwriters at Lloyd's (with Lloyd's Australia based at Suite 1603 Level 16, 1 Macquarie Place, Sydney NSW 2000). Customers contract with Hiller Marine, but the actual claim payer is whichever insurer backs the chosen product.
What is the difference between the BHSI and Lloyd's New Wave products?
Both products share a similar overall structure (Comprehensive Cover, Personal Effects, Legal Liability, Personal Injury, Additional Costs and Expenses, Yacht Racing Risks, Social and Corporate Yacht Racing, Personal Watercraft). They differ on wording nuance, preparation date, and insurer risk profile. The Lloyd's product has a 250 nautical mile geographic limit and a January 2025 preparation date. The BHSI product offers the Berkshire Hathaway balance-sheet counterparty. For most recreational owners the difference is small; for institutional or high-net-worth buyers who have a preferred insurer counterparty, the choice is meaningful.
What is New Wave Marine's geographic limit?
The Lloyd's product explicitly states 250 nautical miles offshore of mainland Australia or Tasmania - among the broadest in the Australian boat insurance market and on par with Club Marine and Nautilus Marine Boat/Premium PDSes. The BHSI product's specific offshore limit should be confirmed at quote stage - it is likely similar but not surfaced in our audit extract.
Does New Wave Marine cover yacht racing?
Yes - both products include a dedicated Yacht Racing Risks section plus a separate Social and Corporate Yacht Racing section in the policy wording. This is architectural depth that mainstream brands often lack. Specific nautical-mile race course limits are set out in each product's Section 5 - confirm with New Wave Marine or Hiller Marine at quote stage for competitive racers.
What is New Wave Marine's cooling-off period?
Both products publish a 21-day cooling-off period - applied from the date the policy is first issued AND on each renewal. This is on par with NRMA, Nautilus Marine, GIO, Suncorp, RACV, CGU and QBE, and a week longer than Club Marine's 14 days. During the cooling-off period you can cancel for a full refund provided no claim has been lodged.
Does New Wave Marine cover jet skis and personal watercraft?
Yes - both product wordings address Personal Watercraft with specific additional conditions and exclusions in Section 5 of each PDS. PWC damage, theft and PWC-specific liability scenarios are covered, subject to defined conditions (storage, anti-theft, operator restrictions). For specific operator age limits and PWC speed caps, check the relevant PDS Section 5 at quote stage.
Corporate Backing
- Risk Carrier (Underwriter)
- Berkshire Hathaway Specialty Insurance Company (ABN 84 600 643 034, AFSL 466713) OR Certain Underwriters at Lloyd's — binding authority held by Hiller Marine (trading as New Wave Marine)
- Parent / Group
- BHSI: Berkshire Hathaway group (US-listed); Lloyd's: independent mutual Lloyd's market
- Headquarters
- Australia (specialist marine agency)
Financial strength and corporate backing matter when you need to claim. Providers underwritten by established insurers typically offer more certainty of settlement in the event of a major loss. Where an underwriting agency is involved, the agency handles policy issuance and claims on the underwriter's behalf - but the underwriter remains the entity with the legal obligation to pay.
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Contact Information
- Website
- newwavemarine.com.au
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