Boat Insurance Claims: A Complete Step-by-Step Guide

If you ever need to make a claim on your boat insurance, knowing what to do in advance can save you stress and time. Whether you’re dealing with accidental damage, theft, fire or collision, this easy-to-follow guide should help you navigate the process smoothly and confidently.

Step 1: What to do immediately after an incident?

If you experience an incident on your boat, stay calm and act quickly. Follow these steps to protect everyone on board and make the claims process easier:

• Check everyone’s safety first. Make sure all passengers are safe, unharmed, and accounted for.
• Exchange details if another party is involved. Collect their contact information but avoid admitting fault or responsibility.
• Prevent further damage. Take sensible steps such as pumping out water, covering damaged areas, or moving your vessel to a safer location if possible.
• Report theft, vandalism, or collisions. Contact the police or harbour authority as needed and request an official reference number.
• Document the damage. Take clear photos or videos of any damage to your boat or other property, along with anything else that helps explain what happened.
• Write detailed notes immediately. Record the time, location, and full circumstances while everything is still fresh in your mind—this information will be extremely helpful when submitting your claim.

Step 2: Notify your insurer promptly.

Get in touch with your insurer as soon as possible—even if you’re not yet sure you’ll proceed with a claim. Early reporting is essential and is often a requirement of your policy.

• Provide the basic incident details. When you notify your insurer, they’ll ask for key information such as what happened, when and where it occurred, and who was involved. This helps them make an initial assessment and decide the appropriate next steps.
• Prepare supporting documents. To move your claim forward, your insurer may request documents like your boat registration, maintenance records, previous surveys, and other relevant paperwork. It’s helpful to start gathering these in advance to avoid delays.

Step 3: Submit your claim and cooperate fully.

Providing accurate information and working closely with your claims manager will help your claim progress smoothly and without unnecessary delays.

• Complete all claim forms carefully. Ensure every section is filled out accurately and include all required documents. Missing or incorrect information can slow down the process.
• Be available for inspections. If a marine surveyor or inspector needs to examine your boat, try to be present. Their assessment will confirm the extent of the damage and guide any repair recommendations.
• Avoid admitting fault. If anyone involved in the incident contacts you, do not admit liability or agree to compensation without speaking to your insurer first, as this may affect your rights.

Step 4: Evaluation, Settlement and Repairs.

After you’ve lodged your claim, your insurer or claims manager will review all the details to confirm that the incident is covered by your policy.

• Check the proposed settlement carefully. Make sure the settlement offer aligns with your expectations and your policy coverage. If anything is unclear, don’t hesitate to ask your claims manager for an explanation.
• Proceed with repairs or payment once approved. After the settlement is agreed, repairs or pay-outs can begin. Keep all receipts and invoices for repairs, towing, storage, or temporary fixes, as these may be required for reimbursement.
• If your boat is declared a total loss. Should the damage be beyond repair, your claims manager will guide you through the final steps, including discussions about any salvage value.

Step 5: After your claim is settled.

Even after your claim is finalised, there are still a few important steps to take.

• Check your cover still meets your needs. If your boat has been repaired it is worth checking that you still have the right level of cover in force, especially if you made any upgrades to your vessel or its equipment while repairs were being conducted.
• Learn from the incident to prevent future issues. Use the experience to improve safety and reduce the chance of a recurrence. This might include updating your maintenance schedule, enhancing storage security, providing additional training for users, or taking other measures to ensure the safe operation of your vessel.
• Be transparent with future insurers. Whether you stay with your current insurer or switch providers, make sure you disclose the incident if asked. Failing to do so could invalidate your future cover.

Quick-Checklist: Essential Steps Before You Need Them.

• Ensure everyone is safe and, if possible, that the boat is secure.
• Report incidents quickly.
• Photograph damage and the scene and note details of the incident.
• Don’t admit fault or settle with others before insurer consent.
• Submit forms and documentation promptly.
• Cooperate with surveyors and adjusters.
• Retain all receipts and invoices for repairs.

By following these simple steps, you’ll be better prepared to deal with a boat insurance claim, with less stress and fewer surprises. Safe boating!