Chris Coupland
Senior Vice President, Marine Leader, Singapore
Filing a yacht insurance claim is a process that every owner hopes they would not have to go through, but should nonetheless be familiar with. Should an incident occur, knowing the steps and important points is essential to minimise delay and limit any unnecessary financial consequence.
This article will provide you with a clear understanding of the following:
Owners who purchase yacht insurance should keep the following key points in mind:
For Marsh YachtCover, policyholders are required to report immediately to their broker every occurrence that may become a claim and file proof of loss within 90 days from the date of loss.
Now here’s a really important point to note: Where a third party may be involved, policyholders are also obliged to refrain from admitting liability or waiving any rights without the prior approval from insurers, and the policyholders must also preserve any potential right of recourse against third parties to protect themselves.
In the event of an incident that may give rise to a claim under your yacht insurance policy, the prompt notification given to the relevant parties must be accompanied by all of the material information available at the time, including but not limited to the following:
Notifications should also be submitted together with the Certificate of Insurance Numbers with other references such as the name of the yacht and other official number/numbers, along with the phone number of an immediate contact.
Marsh YachtCover requires insurers to make payment within 90 days after satisfactory proof of loss and proof of interest in the yacht.
To ease the stress and burden on yacht owners, we aim to have claims settled as soon as possible with payment made within 14 days following the agreement of the final adjustment. (In normal circumstances, it takes a few weeks to complete the adjustment for a typical claim.)
Finally, the deductible amount shall be deducted from the claims payment, except in the event of a Total Loss or Constructive Total Loss of the yacht, where no deduction shall apply.
Filing a claim as a Marsh YachtCover policyholder is a smooth and seamless process, click this link to file your claim.
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Senior Vice President, Marine Leader, Singapore