What is the first thing I should I do if I experience a loss with my boat or yacht?

• Do what is necessary to prevent further loss and ensure you and those around you are safe.
• If a third party is involved, exchange name, address, and phone numbers.  Contact the authorities in cases of bodily injury, cases of significant property damage, and in cases where you might question any one the parties ability to operate a watercraft (intoxication, etc.).
• Contact your insurance agent or broker to file a Marine Notice of Loss Form with Premier.
• Any occurrence or circumstances that could give rise to a claim must be reported immediately.

Once the marine loss report is filed, what happens next?

• An adjuster or marine surveyor will be assigned to you claim. This individual will contact you directly.
• Investigation of causation of loss to determine what coverage is available will be conducted.
• The adjuster or surveyor will evaluate the damage to your vessel and send a report to Premier.
• The damage report and a repair estimate will be reviewed by our claims department.
• If a claim is filed against you, refer to the  Liability / Injury Claims FAQs

Who chooses the repair facility?

• The choice is entirely up to you, however the insurer will seek competitive bids and your policy will pay only the most reasonable estimate.
• Any additional costs because the boat owner has selected repair at a higher cost shop are the responsibility of the boat owner

Who authorizes the repairs?

• The shop must receive authority from the boat owner to begin repairs.
• The contract of repair is between the shop and the vessel owner.

How much will my policy pay?

• You will be indemnified for the costs incurred based on the policy in place.
• All policies have a deductible that is paid by the vessel owner.
• Some policies may contain an actual cash value or depreciation clause. Please inquire for details on your specific claim and policy wording.
• Where cause of loss is unknown, the Policyholder may need to authorize tear down / disassembly so Underwriters can investigate. The tear down costs / disassembly costs (including hauling, storage, etc.) are only recoverable if it is determined that the loss is covered under the policy.
• A check for repairs will be issued directly to the vessel owner and, if applicable, the check may be made jointly payable to insured and either the repair shop or the lien holder.

Questions / Problems

If you have any questions or concerns, you should contact

• Adjuster / Surveyor or Appraiser
• Broker or Agent
• Premier

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