You can’t buy happiness but you can buy a boat! It’s relaxing, a great way to bond with family and friends, and a rewarding activity. Predominantly, it’s fun, but what happens when it isn’t smooth sailing?
We’ve put together these handy tips to assist if you are faced with making a claim against your policy.
HELP I’M SINKING All insurers will have a 24/7 emergency number. Keep this number in your phone and printed out on your vessel.
VESSEL DAMAGED Grounding? Lightning strike? Collision? Whatever the scenario, stay calm, and:
• Take photographs of all damage.
• Exchange details, if another vessel is involved.
• Report the incident to your insurer.
CRIME Vessel stolen? Vandalised? Involved in a serious accident? Contact the Police as soon as possible to report the incident. Important: Retain a copy of the Police Report to submit with your claim.
REVIEW It’s worthwhile to check your product disclosure statement to see if the incident is covered and is not listed under one of the exclusions.The policy will detail the amount you will have to pay, if any, as a result of the claim.
INSURER Contact your insurance provider as soon as possible to get the claims process underway. The way the claim form is submitted will be dependent on the insurer.
EVIDENCE You will be required to provide evidence to validate your claim. Photographs of all damage will be required and a written account of the incident. Medical incident – Retain receipts and obtain medical reports. Help your insurer to help you. They all have underwriters to report to and processes to follow. Submit as much information as you can to substantiate your claim.
ASSIST THE INSURER You may be required to gather quotes and other information pertinent to the claim. You should work with you insurer during this assessment stage.
SETTLEMENT Once the claim has been assessed and the insurers are satisfied that it is covered by your policy, then payment will be made.
REMINDER You can’t rely on your insurance policy to cover damage that is your fault. If you failed to properly maintain a vessel or its equipment, you may be unable to recover your losses. Regular review and adjustment of policies is key to mitigating the effect of potential negative events.
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