Being prepared when things go south can avoid things getting out of control. Something we see frequently in insurance claims is avoidable stress that is created by unpreparedness.
Here we look at a few things that can help you to avoid that feeling of uncertainty.
‘Proper prior planning prevents poor performance.’
Daniel Garner of PIC Insurance Brokers says insurance should just be one piece of the puzzle when it comes to your risk management plan, and prior planning is absolutely key.
"PIC Insurance Brokers works with you to put this together. A claim can be an horrific experience if you are not 100% certain on the cover you have. Knowing what is covered and what your entitlements are minimises this uncertainty."
He has previously written for us about the differences in cover and how to understand your policy.
Planning starts before you even get to the dock
As skipper/owner, have all of the information you require collated and to hand. Remember in a crisis that you may not be available and may need to delegate this to a crew member. Having the information in an easy to read and understandable format is vital. Depending on the type of vessel and crew you have, this can be a comprehensive plan or something as simple as having basic procedures the skipper and crew will follow should an event arise.
Know your limits
Knowing at a high level how your insurance coverage responds, along with what steps to follow to make the claim as smooth as possible is essential in minimising your stress.
Asking questions and having those responses is a good place to start in your preparations for racing, especially longer coastal racing.
"Before things go wrong, talk to your broker and don’t be afraid to ask them to supply information which will help you in your planning - things like knowing your limit under the policy for prevention of loss, over and above your sum insured (perhaps even understanding what these terms mean!), will provide you with certainty and help guide your preparations."
Daniel Garner, PIC Insurance Brokers
Ask your current broker or provider what steps you need to take during a claim, what your obligations are and what steps the insurer takes once notified of a claim or potential claim. Forging this information into a clear action plan and working with your broker will help you when an event occurs, helping to reduce your stress levels.
If you need any help with any of this contact PIC Insurance Brokers - they can assist:
p: 0508 742 742