9 most common boat insurance claims

Managing Yacht Claims with Expertise
Managing Yacht Claims with Expertise

“Not even God himself could sink this ship”. This is a quote from an employee of the White Start Line, at the launch of the Titanic. Yet she sank…

Accidents do happen, and they come in different shapes and sizes. That’s why we’d like to put our experience in claims handling at your service, by warning you about the 𝗺𝗼𝘀𝘁 𝗰𝗼𝗺𝗺𝗼𝗻 𝗼𝗰𝗰𝘂𝗿𝗿𝗲𝗻𝗰𝗲𝘀 𝗹𝗲𝗮𝗱𝗶𝗻𝗴 𝘁𝗼 𝗯𝗼𝗮𝘁 𝗶𝗻𝘀𝘂𝗿𝗮𝗻𝗰𝗲 𝗰𝗹𝗮𝗶𝗺𝘀.

Let’s count up to 9 👇:
1️⃣ 𝗧𝗵𝗲𝗳𝘁 𝗼𝗳 𝗯𝗼𝗮𝘁: thefts account for a high percentage of claims. We hate to be the bearer of bad news… If your boat is stolen, it’s unlikely to be recovered in usable condition. In other words, you’ll be facing a total loss claim.

2️⃣ 𝗧𝗵𝗲𝗳𝘁 𝗼𝗳 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁: claims for theft of equipment are on the rise. The most common items stolen are outboard motors, electronics and generators.

3️⃣ 𝗖𝗼𝗹𝗹𝗶𝘀𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝘂𝗻𝗱𝗲𝗿𝘄𝗮𝘁𝗲𝗿 𝗼𝗯𝗷𝗲𝗰𝘁: submerged trees, floating debris and the like pose a major risk to your vessel. This type of incident may result in stuffing boxes and underwater gear being demolished. Beware during periods of drought, as water levels drop and create risks that were not apparent before.

4️⃣ 𝗖𝗼𝗹𝗹𝗶𝘀𝗶𝗼𝗻 𝘄𝗶𝘁𝗵 𝗮𝗻𝗼𝘁𝗵𝗲𝗿 𝘃𝗲𝘀𝘀𝗲𝗹: these are the number one cause for claims. Most collisions happen because of lack of attention, excessive speed and blind spots. FYI, jet skis and motorboats are the most common type of boats to collide with another vessel, due to busier waterways in summer.

5️⃣ 𝗦𝗶𝗻𝗸𝗶𝗻𝗴: boats may end up under water due to corrosion, bad weather and slipping the moorings. This would be the most expensive form of boating incident.

6️⃣ 𝗪𝗲𝗮𝘁𝗵𝗲𝗿: high winds, damaging rains and hurricanes can wreak havoc on your boat, which may end up tossed onto shore. If it comes to lightning, things may get uglier. Your board electrics may be disabled or short-circuited, resulting in fire.

7️⃣ 𝗠𝗮𝗹𝗶𝗰𝗶𝗼𝘂𝘀 𝗱𝗮𝗺𝗮𝗴𝗲: physical loss or damage may be caused by someone else on purpose, while you’re away from your boat.

8️⃣ 𝗚𝗿𝗼𝘂𝗻𝗱𝗶𝗻𝗴: a popular saying among sailors is: “There are two kinds of boaters: those who have run aground, and those who will.” It’s easy enough to misjudge the depth of a channel or miscalculate a tide… “little” distractions that end up with you hitting the bottom.

9️⃣ 𝗙𝗶𝗿𝗲𝘀 & 𝗲𝘅𝗽𝗹𝗼𝘀𝗶𝗼𝗻𝘀: the former caused by wiring problems and the latter by issues with fuel. They’re becoming rare, what with all fire detection systems available. However, when they do happen, they often result in a total loss of the vessel.

Wouldn’t you say it’s better to be safe than sorry? Check out the carousel to find out what you can do to prevent boating accidents.

P.S. Most importantly, if an accident does happen, we’re there to handle your claim 🙋♂️🙋♀️.

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