Want to get your yacht insurance claim filed fast?
Avoid these common mistakes
Here’s what you need to do to get your yacht insurance claim settled quickly:
Guard against the most common kinds of claims: Stats from recent years show that many yacht insurance or other boat insurance claims are related to hurricanes or other natural disasters like lightning strikes, theft, fire, object strikes or grounding, collision, and personal injury. Take safety precautions to mitigate your risk and ensure that your yacht insurance coverage is adequate. Improper coverage wastes your time and money.
If a disaster or mishap strikes, report the claim: Don’t hesitate to contact your yacht insurance company to make the first report of loss. Some people delay, trying to figure out if repairs will cost more or less than their insurance deductible (or worry a claim will raise their rates). You can report what happened – as well as how and when and where. Reporting immediately, gives a claims adjuster time to determine the cause and extent of the damage. You can always withdraw a claim later. (As long as there is no loss of payment, your premiums should not be affected.)
Report immediately: Not only will it cause delays in receiving compensation, if broken or damaged parts are replaced and discarded before you make a claim, the yacht insurance company cannot verify the cause and extent of the damage, ultimately jeopardizing your request. If the claim is related to an injury of a person on board, it’s also best that your insurance agency begins investigating prior to any possible lawsuits.
Take the necessary steps to protect the vessel: As soon as you’ve reported a claim, make sure that your yacht or boat is not going to suffer from further or compounded damage. Action to protect the vessel is typically a policy requirement. For example, if bad weather exposes your steering to rain, you’ll want to tarp the area well. If your vessel has sunk, initiate salvage and have the engines flushed.
Take an active role: The yacht insurance claims adjuster is there to investigate, but you can also get estimates for repairs and be present during the inspection of your vessel. Don’t hesitate to ask questions. It can also be helpful to locate any maintenance records or receipts for damaged equipment (this could help with the estimate). Never sign off on work without speaking to your yacht insurance claims adjuster first.