Below is a picture of something every boat owner dreads to see. Just outside our offices this past summer, we noticed a sailboat that, well, had seen better days. Half submerged in the waters of Grand Traverse Bay, this sailboat was in need of a rescue.
But do not despair Global Marine readers! The sailboat was eventually saved and reunited with its owner :).
Unfortunately, this is a scene we see all too often in the Boat Insurance business. But in most cases, if boat owners take precautions, mishaps like this can largely be avoided.
So to help you avoid trouble on the water, we’ve listed the Top 5 Covered Boat Insurance Claims* below. This should give you a clear idea of what to look out for when boating:
Number 5 Theft, partial theft
Number 4 Rain/flooding/sinking
Number 3 Lightning
Number 2 Towing/emergency service
And the number 1 reported claim is…
Number 1 Striking submerged objects/grounding
The claims that remain largely uncovered are the ones to look out for. So over the next few blog articles we will be sharing our years of experience to help you—the boat owner—stay covered.
Later this month: “Top Insurance Claims That Go Uncovered”. Don’t miss this upcoming blog post!
*Please note that there are outside events that may preclude these claims from being covered. If you have questions, please feel free to contact Global Marine Insurance.