How we pay claims
Accidents happen. If you have to file a claim, you can count on Markel to help get you back on the water. If you purchase Markel's watercraft and equipment coverage, it is important to determine which settlement type you prefer. The settlement type states how the value of the watercraft is determined, should you need to file a claim. Typically, your options for settlement type are dictated by the age and other factors related to your boat.
Markel offers these three different settlement types*:Actual Cash Value (ACV) – This is the most common settlement type, as it takes the current market value of the watercraft and equipment into consideration, along with the age and overall condition of the boat at the time of the loss. Please note, certain boat types are limited to ACV coverage, such as: hovercraft, airboats, and personal watercraft.
(An appraisal and photographs may be required before this coverage is be added to a new or existing policy.)
Replacement Cost – This settlement type is available for newer boats, up to three years of age. If you should suffer a total loss, we will pay out for a new watercraft with the same make, class, size, and type as the original insured watercraft - with no deduction for depreciation.How to speed up the marine insurance claims process.
You can report your boat insurance claim by calling our office at 800-236-2453 or completing the online boat insurance claim form.
*Not all settlement options are available for all types of watercraft.