Claims Frequent Questions

Marine Insurance Claims

Damages and Repairs


Other Marine Claims Related Topics

Damages and Repairs

What if my boat 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 to and/or caused by the loss. Typically, the normal “wear and tear” of an insured item will not be covered.

How will the damage to my boat be calculated?

If you have a yacht policy, damage is calculated on a replacement cost​ basis, with the exception of certain items specified in your policy. For a boat policy, damage is calculated on an actual cash value basis, with appropriate depreciation applied to the items being repaired.

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

Yes. A representative will work with you and the boatyard you choose to estimate and/or repair covered damages.

What happens if my boat can’t be repaired?

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

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

After we settle a covered loss, we’ll salvage​ parts of the boat to recover costs. Salvage can also occur if your boat was moved due to a legal liability and damaged in the process.


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

Waterway towing is covered if your boat breaks down or suffers damage. For example, if your boat 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 boat out of the water as a precautionary measure.

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

Your boat 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 boat 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.