All About Marine Insurance Claims

Ship owners and marine businesses should have marine insurance policies to cover them against losses, damages, injuries, or death. Many ship owners do not understand or know the intricacies of their marine insurance policies, which is needed when making a claim. Knowing what is involved with marine insurance claims is necessary if your vessel is damaged, or if there is an injury on board. Here’s what you need to know when filing a marine insurance claim in Palm Beach.

Documents for Marine Insurance Claims

Marine insurance policies cover boats, yachts, and vessels against all risks at sea. Most people don’t really bother knowing about this type of insurance, but it’s important to know in the case of an event. When you are going to file a claim, it’s key that you have your insurance documents in order. Here is what your marine insurance agent will ask for when you are getting ready to file a claim.

1. A copy of your marine insurance policy

2. Copies of paperwork related to the vessel and claim such as the Bill of Lading, copy of protest, certificate of survey, and letter of subrogation

3. Photos of damage to the vessel or equipment

4. Photos of damaged or incomplete cargo

5. Copies of communication regarding the incident and losses

6. Photos, evidence, and other relevant documentation

Types of Marine Insurance Policies

Similar to a car, boats and yachts have different types of policies that can either cover your vessel partially if damaged, or if there is a total loss. Knowing what your policy covers helps you understand what the payout will be in the event of damage or loss of your marine equipment. Here are the types of marine insurance policies that you may have for your vessel.

1. Specific Policy – Covers a single consignment

2. Marine Open Policy – Valid for 1 year and covers frequent dispatches within the country

3. Marine Open Cover – Also valid for 1 year and covers frequent dispatches outside of the country, both imports and exports.

4. Marine Sales Turnover Policy – Customizable and covers specifics types of transit

What Damages Do Marine Insurance Claims Cover?

Whether you are keeping your vessel in storage, or docking it at a port, marine insurance policies have you covered. Knowing the details of your policy helps you understand what damages are covered. For example, if you need to file a claim for your yacht in Palm Beach, filing a marine insurance claim can have you covered if one the following events happen:

1. Lighting

2. Theft

3. Injury

4. Grounding

5. Collision

6. Fire/Explosion

7. Striking Submerged Object

8. Weather/Wind

9. Sinking

10. Hurricane

Does Marine Insurance Cover More Than My Boat?

The simple answer is yes, marine insurance policies cover more than just the vessel (dependant on the coverage you select). For example, if your business owns cargo ships, marine insurance covers damages and losses to your cargo. Also, the coverage extends to personnel on the vessel, if they sustain an injury on board.

Reliant Adjusters Group is a licensed, professional public adjuster group in the state of Florida. We provide adjuster service for residential and commercial property owners who have suffered an insured loss. Not only do we represent marine equipment owners who need to file a claim, but we represent those who have damages to their home and other insured property. Contact us today if you have questions about a marine insurance claim in Palm Beach or general insurance claim questions for your property in Palm Beach County.