With a Secured Loans the lender uses the watercraft as security against the loan. With this type of finance, most lenders will require the borrower take out a comprehensive insurance policy. The level of coverage required may vary from lender to lender.
Your Jade consultant will advise you of the scope of the insurance policy required when assisting with your credit application. Comprehensive insurance policies are available from a number of insurers including Club Marine that specialises in marine insurance.
With an Unsecured Personal Financing for a watercarft, the vessel is not offered/taken as security against the loan. Therefore, insurance would not be mandatory for an unsecured finance.