Yacht Insurance – Hurricane Claims May Be Rejected

With the hurricane season in full sail and the damage to the US gulf states and the Caribbean from hurricanes Ike and Gustav already running into billions of dollars, Yachtline Insurance of London, one of the major providers of cover for yachts throughout Caribbean region and marine underwriters at Lloyds of London, are warning that in some places, many yacht owners are finding that they are not covered having not complied with the minimum requirements for their policy or taken out or declared the additional hurricane windstorm cover.

“We have insurance loss adjustors working round the clock, particularly on the Islands of Grenada, Jamaica and Cuba which took some of the worst damage from Ike and Gustav. In many places we have found damage to vessels that could have been avoided if the proper hurricane risk management had taken place”

Yachtline are pointing out that no matter who insures you, you should observe the requirements for hurricane yacht and boat insurance which are contained within your policy.

The Caribbean Yacht Insurance cover hurricane affected area is defined as north of 9 degrees North and south of 35 degrees North, west of 55 degrees West and east of 100 degrees West. For cover purposes this encompasses the region west from the Venezuela coast and Trinidad in the South to Cape Hatteras in the north.

The Hurricane season runs from June 1st to November 30th and all laying up conditions and procedures must be observed during this period for the yacht insurance to remain valid.

Monohull boats out of the water, should be protected in a purpose built cradle made of prefabricated steel. Heavy duty webbing should be applied to the cradle to anchor it down at at least four anchor points. All catamarans should be securely laid up ashore and anchored as above. Mast removal and storage on racks attracts cheaper yacht insurance premiums and should be observed if declared. However masts removed and properly attached to the hull is usually sufficient. All sails should be preferably stored safely, and all loose articles properly lashed down. If the boat cannot be removed from the water then stern mooring and guardianage should be arranged with the marina owners.

If boat owners take the simple precautions as laid out in their policy then the number of claims and losses disallowed will reduce. Follow the instructions given when making a yacht hurricane area policy declaration.



Source by Paul Magus