Numerous companies and individuals in Florida own boats.  Some are used to transport merchandise and products across international waters while others are used merely for pleasure and recreation.  In either case, accidents occasionally happen and owners must file a claim against their marine insurance policies.  If you’ve been involved in a mishap on the water, you’re not alone.  In fact, numerous boat owners have had bad luck on the water and have had to file insurance claims as well.

Insurance companies constantly witness the filing of claims for a number of reasons, but the following 5 causes (not necessarily in the order listed) of mishaps and losses are the by far the most common of all:

Crashing into submerged objects – striking objects beneath the water’s surface can result in some very costly damage.  You typically see struts and stuffing boxes as well as a broad range of underwater gear demolished when a vessel crashes into an object beneath the surface of the water.

Explosions and fires – just like theft, explosions and fires usually result in a total vessel loss.  While explosions are attributed to fuel and fueling issues (fuel lines, fuel tanks, etc.), fires typically result from wiring issues.

Theft – the majority of all boat theft occurs when vessels are docked and in most cases, there is very little if anything left to salvage.

Weather – damaging rain, high winds, and especially hurricanes can cause a great deal of damage to any boat or yacht.

Lightning – the other marine insurance claims listed here are probably more common than lightning strikes, but a lightning strike tends to destroy the entire electrical system on a vessel as well as its hull.  Damages to the hull are usually the result of what are known as “exit wounds.”

While the above reasons for claims are usually the most common ones of all, there are other causes including:

  • Collisions with other boats as well as docks, pilings, and a range of other stationery objects
  • Grounding of the vessel
  • Injuries to boat passengers
  • Sinking, salvage, and wreck removal

If your marine insurance policy is coming up for renewal, this would be a good time to review your coverage to ensure that you are covered should you become the victim of any of the above issues. Call 1-800-585-1665 today to request a quote.