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1 Marine Survey Anacortes, Washington, USA Serving Washington, Oregon, California, Idaho, and Montana Worldwide Service Available Darrell R. Boyes, SAMSŪ AMSŪ Principal Marine Surveyor |
(Oh No!!!!!) |
Most of the people who own boats, regardless of the size, carry some form of insurance to cover their asset from any type of loss. The loss may be theft, fire, water intrusion, accident or some other form of damage to their personal property.Marine insurance comes in many forms. It may be a liability only policy that covers damage other than to your own vessel. An example would be a vessel in a marina breaking loose from its mooring and damaging a vessel moored next to or in the vicinity. The damage to the other vessel may be covered while any damage to your vessel would not. The insurance may be a hull & machinery policy that provides coverage to the insured vessel for many types of boating related events. Many policies of this type carry limits usually in line with a vessel value established at the time of the coverage. It is extremely important for the vessel owner to understand how his or her policy is written and to clearly comprehend any limits of operation that may apply. For example, your policy may prohibit or limit other persons from operating your vessel. This having been said, I would like to look at the insurance claim or vessel loss as it relates to you, the vessel owner, and what may occur as you begin to access your coverage benefits. Getting this right is extremely important in establishing the validity of a claim or loss and to receiving any benefits that may be assigned. When you are least expecting it you get a phone call or hear the sickening sound of your vessel against the bottom. What should you do next? When any loss is experienced you, as the vessel owner, are expected to communicate this loss to the insurance company in a timely manner. This may be extremely beneficial to both parties in both minimizing and stabilizing the loss and to ensure timely and reasonable actions are taken. If at all possible you should write down any information about witnesses to the event and the exact time, date, and place where the event occurred. If you have a camera be sure to take pictures, lots of them. Things that do not seem significant at the time may be very important later. The insurance carriers that I often do business with have a strong desire to provide all coverage possible with regards to the loss. They base most of their decisions on what a surveyor or third party investigator reports. When a surveyor is assigned to investigate your loss their role is not as the insurance company "hatchet man" to find a reason to not pay any losses but rather an objective third party that provides the insurer with critical information that will assist them in settling the claim in a timely manner. It is critical that, as the vessel owner, you give all of the information that is asked of you to the third party investigator. In all cases be truthful. The surveyors that I know of are extremely experienced and have the ability to know when the truth is not being given. Many questions may be asked by the third party that you may have the tendency to think: "Why am I being asked that?" or "What that has to do with anything?" I assure you that the questions are or might be relevant. Remember that third party investigator probably does not know you or your vessel. They are only trying to provide objective information to the insurance carrier. You may be given a statement of loss form to complete on your own that would allow you to sit in the quiet of your home and reflect on all of the things that may have contributed to this loss. Take the time to answer all questions accurately and with as much detail as is possible. If you have pictures or additional information be sure to ask the third party if they would like to see it. Your loss may be sudden and catastrophic and very little information about the events leading up to the event may be available. Do the best you can. If necessary the third party may request assistance from an expert in metallurgy or design such as naval architecture. Remember we, as third party investigators, are looking for the cause not the blame. Enjoy your investment and be safe. Darrell R. Boyes AMSŪ Member: Society of Accredited Marine SurveyorsŪ |
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