3 Top Reasons Marine Vessel Claims are Denied by Insurance Carriers

1. The boat is not adequately maintained. Losses resulting from wear and tear of equipment are not covered by insurance. Insurance is meant to cover accidental events.
   
   
2. Not providing accurate information. All information needed to provide coverage and policy premium must be accurate. This includes condition of the vessel, vessel maintenance, equipment on board, use of vessel, location of operations, number of crew on board, and any other requested information. Any changes during your policy period should be disclosed so an endorsement (changing, adding or deleting coverage) can be made where needed. Coverage can be denied for inaccurate information on the application and/or violating any of the Policy Warranties.
   
   
3. Outstanding Survey Compliance Warranties – Survey recommendations are for the seaworthinuess of the vessel. The recommendations need to be complied with prior to operations. The vessel can be deemed unseaworthy if they are not completed, and the claim could be denied.

Policy coverage terms vary by company. Standard exclusions vary by policy. Read the quote and the Terms and Conditions thoroughly. Make sure you know exactly which costs are covered by your policy and that the coverage is correct for your vessel.

Let us know if we can assist or guide you in understanding your policy coverage.