Tens of thousands of boats of all types and sizes sink every year, most of them at their dock. The exact number is not known because there is no agency that keeps statistics. But just ask any marine insurance company and they will tell you that the number is far too high. In fact, sinking is the number one cause of major marine losses, and one of the primary reasons why marine insurance costs so much. Remember also that if your boat sinks, you are going to encounter some major headaches, whether its insured or not. The loss of personal effects and fuel or oil pollution fines are additional losses which may not be covered by your policy. But as boat owners these are not the only cause of lost sleep while not aboard.
A look at the nationwide statistics on boat theft shows that it is more common than most would believe. Last year, Club Marine alone processed 574 theft claims related to stolen boats, trailers and equipment. This year, the statistics are sadly trending in the same direction. In a six month period in 2010, Club Marine processed 327 theft claims. Other marine insurance providers report similar trends. Add to that the number of uninsured boat owners affected by other types of crime, and a sobering portrait of boat theft in Australia begins to emerge.