2018 Agent Preparedness: Top Insurance Claims

As a new or experienced insurance agent, you know that your marine clients face a variety of risks each year. The most common claims that they file each year range from damage to theft and inclement weather. Preparing yourself to swiftly address these claims and help to process them smoothly is a great way to start 2018 off on the right foot. In this article, we’ll cover some of the biggest causes for claims that boat owners and marine businesses face each year. Protect their operations today and in the future with an inclusive and custom-tailored Marine Insurance Program.

Theft of equipment.

Marine businesses rely on their materials and equipment to do their jobs effectively. Unfortunately, theft is a common culprit in this field. Materials should be locked up overnight, as well as requiring specific keys and passwords to prevent thieves from getting ahold of their valuable assets.

Theft of a boat.

Surprised to see boat thefts in the top ten? The reason is that when a boat is stolen, the claim is for the entire value of the boat. Even if a boat is recovered, it’s frequently only a shell. When thieves steal boats, they often strip everything of value, right down to steering wheels and cushions. One investigator notes that if they could find a way to steal the gel-coat, they would, says Boat U.S.

For marinas, this could be a huge liability issue. While the owner carries their own liability and property insurance, marinas could be found liable for damages if the boat was stolen off of their premises.

Weather.

As evidenced by both Hurricanes Harvey and Irma, weather takes a huge toll on boat owners and boat businesses. While they don’t occur nationwide, the gulf coast and east coast are more prone to severe weather-related claims. Marine businesses can protect themselves by offering the necessary hurricane out coves, securing their property as much as possible before the storm hits, and storing important documents out of harm’s way.

Explosions.

For ship builders and repairers, this is especially daunting. From handling hazardous materials to working with ground faults and electrical repairs, this is a real risk for the marine industry. Best practices for storing, using and managing these materials is required per OSHA standards. In addition, these marine professionals are required to wear the appropriate protective gear such as gloves, glasses and hard hats where necessary.
 

About Merrimac Marine Insurance

At Merrimac Marine, we are dedicated to providing insurance for the marine industry to protect your clients’ business and assets. For more information about our products and programs, contact our specialists today at (407) 551-0174.