Seven tips for a smooth insurance claim process

1. Knowing what’s covered (and what’s not)

The type of insurance policy you hold matters. An All Risk policy will insure you against any accident or accidental damage subject to a list of exclusions. Since an All Risk policy is generally more inclusive in the scope of cover, it covers all risks but the ones indicated as exclusions in the conditions and policies. Whereas an Insured Perils policy will give you a list of specific events that you are insured for subject, again, to a list of exclusions. Familiarising yourself with the policy terms, exclusions, warranties and conditions is therefore crucial.Understanding these aspects is paramount for making informed decisions. Remember that the Pantaenius team is at your disposal to help you understand the insurance conditions and policies, as well as to clarify any inquiries you may have regarding your insurance.

2. Understanding the purpose of the claims process

Let’s begin with a fundamental concept: the primary objective of an insurance policy. It is to, as reasonably as possible, restore your boat to its pre-incident condition and cover the reasonable repair costs. While achieving an exact pre-incident condition may not always be feasible, it's an ideal to aim for. It's important to keep this goal in mind throughout the process.

3. Understanding the repair process

Who takes charge of the repair process? This is a pivotal question. While some insurers prefer to manage every aspect, this approach may not be optimal for more unique and high-value boats. Owners who actively participate in the repair process can ensure that repairs align with their preferences, schedules and coinciding maintenance needs. Don't hesitate to oversee the repair process; along the way you'll receive guidance from our claims department.

4. The role of the surveyor

The surveyor plays a crucial role in impartially assessing the nature, cause and extent of the damage. Their expertise guides the determination of the repair methodology and the reasonableness of repair costs. However, it’s important to remember that the surveyor should refrain from making judgements about whether the damage falls under the policy cover; this decision lies with the insurers.

5. Keeping realistic expectations

Insurance policies aim to facilitate reasonable repairs at reasonable prices, with the goal of bringing your boat as close as possible to its pre-incident condition. What constitutes as "reasonable" can vary, but having an understanding of what to expect in common damage scenarios can help manage expectations and prevent disappointment later on.

6. Knowing your contribution

In most cases, boat owners are expected to contribute to repair costs, often in the form of an excess payment made before the insurance cover takes effect. It is also important to understand the clauses applied to your policies,  such as the 'New for Old Deduction' clause, which may also require contributions particularly when repairs or replacements result in an improved condition compared to before the loss.  Awareness of such contributions is essential to understanding the financial impact of any claim.

7. Understanding your responsibilities

As a boat owner, you carry certain responsibilities. You should act prudently, akin to an uninsured person, to minimize the risk and costs associated with a loss. In the event of damage, take necessary measures to prevent further deterioration and be prepared to incur reasonable expenses to mitigate or minimize further loss. Fulfilling these responsibilities ensures that your insurer can benefit from your diligence in safeguarding your property.

Finally, remember that our claims team strives to ensure that owners can have their vessel back in the same condition it was in before the incident as quickly as possible. However, your collaboration is essential to ensure a smooth claims process. By following these tips, you can ensure an efficient and speedy claims processing.