How do boat insurance claims work?

The summer season in Coppell, TX can be fun, especially when it involves getting in the water. However, things can quickly turn ugly and leave you stranded for hours waiting for help, and the situation can either worsen or get better depending on whether you have boat insurance or not. At The Select Insurance Agency, we recommend buying boat insurance before getting into the water, whether it is a fishing boat, speed boat, or sailing boat.

Making a boat insurance claim

Whether your boat is sitting at home or spends most of its time in the water, it is at risk of getting involved in accidents, theft, or damages. If you have boat insurance, filing a claim when the unexpected happens is the first step into recovering from damage or loss. You can file claims for the following perils:

  • Boat theft while in storage
  • Collision with another boat
  • Hitting an underwater object
  • Storm damage
  • Boat theft while anchored

How to make a claim

The first and probably an essential thing to do is to notify your insurance company. If it is an accident that happened on your watch, make sure to narrate the whole incident while it’s still fresh in your mind. Be sure you have your name, address, phone number, and other personal details with you as your insurance agent will enquire and collect all this information before reviewing your coverage.

Your insurance company will then initiate the compensation based on your limits and make the necessary replacement or repairs based on the damage. Minor claims can be handled over the phone and reimbursement made via online transfer depending on the agreement and terms of service. In this case, your insurer does not need to come to you physically.

Visit our Coppell, TX offices if you still have further questions on how to make a boat insurance claim or call and speak to our agents at The Select Insurance Agency.

What Does Umbrella Insurance NOT Cover?

Umbrella insurance is mainly there to help you cover liability concerns in Coppell, TX. That is, you’re not going to be calling your umbrella insurance provider to cover your own damages in the event of an injury or a house fire, that will most likely be covered by your other policies, medical, home, auto, etc. Umbrella insurance is primarily there to provide protection in the event that other people’s injuries or damages exceed the limits of your other policies.

That is, umbrella insurance isn’t quite a safety net to catch everything, but a safety net to catch the most expensive costs involved with insurance.

Your home is going to be insured for what it’s worth, plus rebuilding costs if you have that covered. Your own injuries are unlikely to exceed a certain amount. But when it comes to other people’s damages and losses, that’s something that is very difficult to plan for. If you are found at fault in an incident costing hundreds of thousands of dollars in damages, that’s when umbrella insurance kicks in.

In other words, umbrella insurance is there for when your primary policies run out due to large liability claims. It’s unlikely that you’re going to exceed your limits when making a claim on your own damages, but when other people’s person and property are involved, there’s no telling what it might cost.

Exclusions on your umbrella policy may vary from provider to provider, so you’ll want to read the fine print, check your policy, and call your insurer with any questions you have.

If you’re shopping around for umbrella insurance in Coppell, TX, get in touch with The Select Insurance Agency. The Select Insurance Agency will be able to connect you with the protection that you need for peace of mind.