Welcome to Caribbean Marine Surveyors Ltd
located in the beautiful British Virgin Islands
located in the beautiful British Virgin Islands
Tel (1)284 494 2091 Fax (1) 284 494 2092 Cell (1) 284 499 1576 email info@caribsurveyors.com
Box 281 Road Town, Tortola, British Virgin Islands VG1110
Box 281 Road Town, Tortola, British Virgin Islands VG1110
YOUR RESPONSIBILITY AFTER THE INITIAL INCIDENT
1. It is your responsibility to select the repair contractors and obtain estimates.
2. It is your responsibility to instruct the repairers to commence work. If there are delays in commencing repairs, and the delays result in further damages, these damages will not be covered by your policy.
3. It is your responsibility to pay for the repairs.
4. It is your responsibility to monitor that the repairs are satisfactory.
UNDERWRITERS RESPONSIBILITY
Most marine insurance policies are of the indemnity type. This basically means that Underwriters are responsible for compensating you for the legitimate costs of your loss. The only way actually to establish those costs is for you to pay the costs in the first instance. Underwriters have no obligation to make advance payments to you and have no obligation to pay contractors.
Underwriters will study the Surveyors report and then advise you whether this loss is, or is not covered under the policy. Assuming the loss is covered under the policy, the Underwriters will compensate you for the legitimate costs of the loss which have been reviewed and agreed by the Surveyor, less the policy deductions, when the repairs have been completed.
Occasionally Underwriters do make advance payments on large claims, if requested by the assured and the amount requested has been agreed by the Surveyor.
1. It is your responsibility to select the repair contractors and obtain estimates.
2. It is your responsibility to instruct the repairers to commence work. If there are delays in commencing repairs, and the delays result in further damages, these damages will not be covered by your policy.
3. It is your responsibility to pay for the repairs.
4. It is your responsibility to monitor that the repairs are satisfactory.
UNDERWRITERS RESPONSIBILITY
Most marine insurance policies are of the indemnity type. This basically means that Underwriters are responsible for compensating you for the legitimate costs of your loss. The only way actually to establish those costs is for you to pay the costs in the first instance. Underwriters have no obligation to make advance payments to you and have no obligation to pay contractors.
Underwriters will study the Surveyors report and then advise you whether this loss is, or is not covered under the policy. Assuming the loss is covered under the policy, the Underwriters will compensate you for the legitimate costs of the loss which have been reviewed and agreed by the Surveyor, less the policy deductions, when the repairs have been completed.
Occasionally Underwriters do make advance payments on large claims, if requested by the assured and the amount requested has been agreed by the Surveyor.
Guide to making an Insurance Claim part two Click HERE to go back to Page 1 or press "Back" in your browser
RESPONSIBILITIES OF YOUR INSURANCE COMPANY
1. Appoint a Surveyor on behalf of Underwriters
2. Assist you with the presentation of the claim to Underwriters
3. Assist with the requests for advance payment if required.
4. Act as an mediator in the event of a dispute with the Surveyor
5. Some Insurance Companies are able to settle claims which total less than US$25,000.00 if the Surveyor recommends that the figures are "fair and reasonable"
ABSENTEE OWNERS
If you are not able to be present at the initial stages of the claim, it is helpful if you can appoint a representative to work with the Surveyor and repair contractors, getting estimates etc. Your representative should have the authority to instruct repair contractors etc. The cost of this representative will not be covered by your insurance, as it is not Underwriters responsibility that you are not able to be present at the initial stage of the claim.
IMPROVEMENTS
Many owners decide to have alterations and improvements carried out during major damage repairs. Provided that this is discussed during the "estimate" phase of the claim and the additional cost of the improvements (to be borne by you) can be agreed with the surveyor and repair contractor, improvements may be agreed. For example if the plywood cabinet work was damaged and you wanted to replace it with varnished teak, the Surveyor would recommend to Underwriters that the reasonable cost of the plywood should be included in the loss but the additional cost of the teak should be to your account.
FINALLY
Communication between you and the Surveyor is essential for the smooth processing of a claim.
The above guidelines represent the opinions of Caribbean Marine Surveyors Limited and are based on previous experiences with a number of different Insurance Companies and Underwriters.
Click HERE to go back to Page 1 or press "Back" in your browser
1. Appoint a Surveyor on behalf of Underwriters
2. Assist you with the presentation of the claim to Underwriters
3. Assist with the requests for advance payment if required.
4. Act as an mediator in the event of a dispute with the Surveyor
5. Some Insurance Companies are able to settle claims which total less than US$25,000.00 if the Surveyor recommends that the figures are "fair and reasonable"
ABSENTEE OWNERS
If you are not able to be present at the initial stages of the claim, it is helpful if you can appoint a representative to work with the Surveyor and repair contractors, getting estimates etc. Your representative should have the authority to instruct repair contractors etc. The cost of this representative will not be covered by your insurance, as it is not Underwriters responsibility that you are not able to be present at the initial stage of the claim.
IMPROVEMENTS
Many owners decide to have alterations and improvements carried out during major damage repairs. Provided that this is discussed during the "estimate" phase of the claim and the additional cost of the improvements (to be borne by you) can be agreed with the surveyor and repair contractor, improvements may be agreed. For example if the plywood cabinet work was damaged and you wanted to replace it with varnished teak, the Surveyor would recommend to Underwriters that the reasonable cost of the plywood should be included in the loss but the additional cost of the teak should be to your account.
FINALLY
Communication between you and the Surveyor is essential for the smooth processing of a claim.
The above guidelines represent the opinions of Caribbean Marine Surveyors Limited and are based on previous experiences with a number of different Insurance Companies and Underwriters.
Click HERE to go back to Page 1 or press "Back" in your browser
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