Understanding our insurance claim process
Who chooses the repair facility?
The choice where you repair your boat is entirely yours. However, your policy will only pay based on the most reasonable estimate. (Any additional costs incurred because the boat owner has selected to repair at a higher shop are the responsibility of the boat owner.)
Who authorizes the cost?
All repair costs and estimates must be first reviewed/approved by Oceanic before a repair is begun.
Who authorizes the repair?
The shop must receive authority from the boat owner to begin work. The contract of repair is between the shop and the boat owner.
How much will my policy pay?
The underwriters will indemnify you for the costs incurred based on the policy in place. All policies have a deductible that is paid by the boat owner and often times an insurance policy may contain an actual cash value or depreciation clause. Please inquire for details on your case.
Where cause of loss is unknown, the Policyholder may need to authorize tear down / disassembly so Underwriters can investigate. The tear down costs / disassemby costs (including hauling, storage, etc.) are only recoverable if it is determined that the loss is covered under the policy. Where cost for any expert report (engineers or surveyors) will be borne by insurers, regardless of coverage, provided Oceanic Underwriters Ltd. has ordered such an investigative report.
Questions / Problems?
If you have any questions or concerns you should contact the following parties (in order) until you have achieved a comfortable understanding of the issue:
- Adjuster, Surveyor, or Appraiser
- Oceanic Underwriters Directly
- Broker or Agent