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.
“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.
The Travelers Companies, Inc. (NYSE: TRV)
is a leading provider of property casualty insurance for auto,
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.