No matter how straightforward you believe your marine insurance claim should be, surprise denials and complications can crop up, leaving you wondering why—and if you have to take “no” for an answer. Unfortunately, marine insurance denials are surprisingly common, and there are many reasons why even legitimate claims may be denied. For example, here are four of the most common reasons that marine insurance claims from vessel owners are denied:
- You were negligent in maintaining the vessel. Unfortunately, you can’t rely on your insurance policies to cover damage that is your fault. If you failed to properly maintain a vessel or its equipment, you may be unable recover your losses.
- You don’t have the marine insurance coverage you think you have. Changes to a vessel, changes to your business, changes to policies, and a lack of regular review of coverage could add up to a nasty surprise when you do need to file an insurance claim. Regular review and adjustment of policies is absolutely key to mitigating the effect of potential negative events.
- The insurance company is protecting its own bottom line. It’s sad, but true—some insurance companies will deny claims in hopes of deterring vessel owners from collecting damages.
- You made a mistake in filing the claim. Whether you submitted your claim under the wrong policy, made a mistake in an assessment, or simply made a typo on an important form, all of these small mistakes can result in an unexpected claim denial.
You Can Fight Denied Claims for Marine Losses With Skilled Support From Our Legal Team
The health of your business sometimes depends on the success of a major marine insurance claim, so don’t leave your success up to chance. Whether you are trying to mitigate future losses or struggling to make sense of a marine insurance claim that has been denied, our skilled legal team can provide personalized support from start to finish. To learn more about how we help vessel owners recover losses and limit liability, visit our blog or contact our team directly by phone or email.