Collisions Most Common Cause Of Boating Claims

Business Wire

HARTFORD, Conn.--(BUSINESS WIRE)-- The Travelers Companies, Inc. (NYSE: TRV) is helping boaters understand ways to avoid damage to their vessel by sharing the most common and costly boating incidents. Based on boat insurance claims the company received from 2014 through 2017, collisions are the most common cause of loss, making up a third of all claims. Wind and mechanical breakdown are the second and third most common causes of loss, respectively. The costliest types of claims are due to fires, boats sinking and lightning strikes.

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“Perhaps the most reassuring takeaway from this data is that many of the top causes of damage are largely preventable,” said Todd Shasha, Managing Director of Personal Insurance, Boat and Yacht, at Travelers. “The National Marine Manufacturers Association indicates consumer spending on boats is up for the sixth straight year, which means there will likely be more traffic on the water. No matter how many years of experience you have, it’s always good to brush up on the latest boating rules and technology to help you stay safe.”

As the 2018 boat-buying season kicks into gear, Travelers recommends taking these steps to protect yourself and your investment:

Familiarize yourself with your boat’s navigation and safety equipment.
Always navigate within marked channels to avoid running aground or hitting submerged objects near the shoreline.
Stay alert when approaching objects such as mooring fields, navigational buoys and marine traps set in the water. Be aware that after a storm, high tides may have carried debris into the water.
If a storm is approaching, if at all possible, haul out your vessel and remove objects that could become airborne.

Before boating season unofficially begins over Memorial Day weekend, boaters may benefit from reviewing their insurance coverage and talking to their agent to ensure they are properly covered. For more information on boating safety, visit https://www.travelers.com/resources/boating.

About Travelers
The Travelers Companies, Inc. (NYSE: TRV) is a leading provider of property casualty insurance for auto, home and business. A component of the Dow Jones Industrial Average, Travelers has approximately 30,000 employees and generated revenues of approximately $29 billion in 2017. For more information, visit www.travelers.com.