Damage to your boat, yacht, or other marine vessels can set you back immensely if your insurance coverage does not come through for you. Claiming for marine damage is one of the more difficult claims to navigate and clients can sometimes suffer substantial financial losses throughout this process. This financial loss extends further than physical damage and can include damage to valuable contents on the vessel. And, if your vessel is used for business purposes such as charters, are staff and business affected? Navigating these avenues can be overwhelming especially in the face of a disaster.
Types Of Marine Damage
Marine damage includes but is not limited to severe physical damage and you have room to claim for other occurrences such as:
- Accidents or crash collisions
- Theft or vandalism
- Grounding of the vessel
- Storm, wind and lightning damage
- Fire damage
- Fuel spills
- Interior/upholstery damage
- Electrical damage
- Engine/machinery failure
Physical Damage And Liability
There are two main sections of your insurance policy when it comes to a marine damage claim.
- Physical Damage: This will pay for repairs that are needed as a result of damage. General wear and tear are often not included in this. What is included is damage to the hull or engines and sails, personal property and other equipment used to operate the vessel. “Agreed Value” policies and “Actual Cash Value” policies are a bit complicated when it comes down to the finer details and this can present trouble for the insured during the claiming process.
- Liability: Liability cover concerns legal obligations such as injury, loss of life or damage to the third party’s property through the operation of your boat. Legal defense is usually included should it be necessary.
- Further Marine Damage Coverage: Personal property and emergency towing assistance can be included in your policy. Exclusions can crop up here too.
What You Need For Your Marine Damage Claim
Marine damage policy cover can come with many exclusions that you may not have been aware of initially. In order to proceed with your claim, you will need:
- Date, time and location where the loss occurred
- A description of the loss
- Photographs of damage
You’ll need to be precise about the way you file a claim. You’ll need to supply proof of loss and damage and do so in a manner that fully indicates the extent of the damage. This will require being able to identify all areas of damage. Insurance companies have their own marine surveyors that will evaluate the extent of damage and in some cases, this isn’t always done to the benefit of the insured.
How Can We Help Your Claims Process?
After fully reviewing your insurance coverage, we’ll work with you to develop a claim strategy. This is important to ensure you get the most beneficial claim settlement. We’ll carry out detailed valuations of losses and package this information in order to present it to the insurance company. We’ll include supporting documents that benefit your claim and accurately depict the financial loss you have incurred. Upon presenting this to the insurer, we’ll work through negotiations on your behalf. Throughout this process, we’ll keep in communication with you, so you know the status of your claim. Following this, we’ll reach a settlement with the insurer, which will ultimately benefit you, without the stress of dealing with insurers and valuators.
It’s no secret that insurers will equally aim to get the best result for their company. After all the costs you’ve dedicated towards insurance, we believe that you deserve to get what you’ve paid for. Contact Atlantic Coast Public Adjusters today if you’ve suffered from boat or marine damage. We’ll guide through the initial steps and carry out the claims process for you.