Claims Frequent Questions

Marine Insurance Claims

Damages and Repairs

What if my vessel is being repaired and additional damage is found?

Additional items identified during the repair of a covered loss will only be considered if determined to be directly related and/or caused by the loss. Typically, wear and tear items found during the repair process will not be covered by your vessel policy.

How will the damage to my vessel be calculated?

Claims​ for damage to your vessel under a yacht policy will be adjusted on a replacement cost​ basis, with the exception of certain items specified in your policy. Claims for damage to your vessel under a boat policy will be adjusted on an actual cash value​ basis, with appropriate depreciation​ applied to the items being repaired.

If my vessel is damaged, can I choose where to take it for an estimate and/or repairs?

Yes. We will work with the boatyard you choose to estimate and/or repair covered damages to your vessel. We will send out a representative to work with you and your chosen boatyard. Our representative will also be available to assist if any additional questions need to be answered.

What happens if my vessel can’t be repaired?

If your vessel can't be repaired, it is considered to be a total loss​. Under a yacht policy​, you will receive the replacement cost​ for your vessel, up to the policy limit. Under a boat policy, you will receive the actual cash value if your boat is a total loss.

What happens to my vessel if part or all of it is declared to be a total loss?

If part of your vessel or your entire vessel is declared a total loss, we will salvage​ parts of it to recover costs after we settle a covered loss with you. Salvage can also occur if your vessel was moved due to a legal liability and damaged in the process.


If my vessel needs to be towed, is it covered by my policy?

A disablement or loss needs to occur in order for waterway towing to be covered for your vessel. For example, if your vessel runs out of fuel or is involved in a collision, coverage will apply for towing. However, if a storm is approaching, your policy​ does not cover the cost of hauling the vessel out of the water as a precautionary measure.

Why did I receive a towing bill for my vessel if I didn't file a claim?

Your vessel may have been towed for safety reasons during a storm, or because it was in a location deemed unsafe for surrounding waters and other boaters. In these instances, licensed salvors may be called by the Coast Guard or a local harbormaster to enforce boating laws. Your vessel may be towed by one or more of these entities to ensure safety. Reimbursement for these claims depends on the terms and conditions of your policy.