While policyholders are often focused on what they can do right when submitting marine insurance claims, it’s worth talking about the things that can go wrong. In an effort to speed up the process or maximize a claim for marine losses, many policyholders make these four common mistakes:
- Giving a recording statement or interview. Although it seems like a simple part of the claims process, giving a statement without the input of an experienced policyholder attorney could give the insurance company ammunition to minimize your legitimate claims for marine losses.
- Relying on insurance company experts. The insurance company does not necessarily have your best interests in mind, so it’s important to take steps to arrange independent evaluations.
- Signing away their rights. Too many marine business owners sign documents—and even checks—without checking to make sure the information is correct or in line with expectations. Unfortunately, signing anything without a thorough examination can spell disaster for your claim.
- Exaggerating losses or misreporting other details. It’s tempting to exaggerate some losses, especially in the aftermath of a very damaging storm or a very large loss. Take steps to ensure that everything you report to the insurance company is accurate, appropriate, and in order.
You can avoid serious mistakes, delays, denials, and traps by arming yourself with the resources you need. For more information about preparing and negotiating marine claims, request your free copy of our book, Your Basic Guide to Marine Insurance, or contact our policyholder attorneys directly for one-on-one help with your questions.