Irrespective of whether you plan to shop for a new marine insurance policy or contemplating to change your insurer, you need to ask certain important questions to the insurance agent. The responses can inform you whether your future or new insurance policy is worth it or worthless.
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1. When can you claim and to what extent you will get help?
Here are 2 different ways an insurer can handle a claim. These are known as hands-on an hands-off. Typically, a hands-off insurer opines that you as a policyholder should be doing all the work. Thus, you may have to look for a barge, a trucking service, salvor, and crane company before seeking for reimbursement. On the other hand, a hands-on insurer is ideally a specialty marine insurance provider. It has round the clock access to such services. Such an insurer can sensibly negotiate pricing and recruit and pay the relevant contractors on behalf of you. They can also coordinate to handle the repairs on your behalf.
2. Can you be certain to stay out of harm?
You should try to find out a marine insurance policy, which provides round the clock teams to handle emergency claims. Such teams should be immediately able to offer the necessary resources to prevent further damage. Plus, if you stay in a hurricane zone, there are policies that pay a captain so that it can be moved to a hurricane hole. Alternatively, they share the haul-out costs so that your vessel can be shifted to a higher ground.
3. Will the policy take care of consequential damage coverage?
As far as the field of marine insurance and boat insurance are concerned, catastrophic losses include incidents of fire, explosion, sinking, demasting, collision or stranding. These are known as consequences. A good marine insurance policy will provide coverage for the above-mentioned catastrophes. On the other hand, when you do not have coverage for consequential damage in your insurance policy, the insurer can say that almost all incidents of sinking or fire are disqualified for coverage as they occurred due to wear and tear.
4. Will you get any type of discounts or rewards during the policy?
Any smart policy ideally credits you when you have not filed for claims. It rewards you with certain benefits like diminishing deductibles. Such a reward reduces your deductible amount for all those years you did not file any claim. You could be also declared eligible for certain savings or discount for attending certain training or education programs.