At Velos we appreciate that making a claim is usually done in stressful and upsetting circumstances. And so, we will make sure that it is done promptly and sympathetically, giving you the best service possible.
We’ve put together a rough guide of what you need to do to make a claim and the procedure that follows. If you have any questions about this, or about your claim or policy then please don’t hesitate to call us on +44 (0)20 7929 4058, office hours are Monday to Friday 9am-5.30pm. A member of our friendly team of experts will be on hand to help.
What to do after an accident:
- In the event of loss or damage to your vessel, you must contact us immediately. Call us on +44 (0)20 7929 4058 or email us at email@example.com.
- If theft or malicious damage is involved you must contact your local police first and obtain a Crime Reference Number. You will need to quote this and the contact details of the police station when you make your claim with us afterwards.
- Make sure you safeguard your property, including the replacement of damaged locks and security devices.
- As soon as you can, complete and return our claim form with an estimate for the cost of repairs and/or replacements. Make sure it’s fully completed (if you’re unsure of anything feel free to give us a call), signed and dated.
Once we have received the claim form and estimate we will either instruct you to proceed with the works, or we will appoint a Marine Surveyor to attend. If a surveyor is needed (to inspect and report upon the damage and/or incident) we will get them to contact you to make arrangements.
The surveyor will also be able to advise on the salvage and towage of your vessel, but only if you’ve reported the loss to us in sufficient time so that the surveyor is able to attend. They will also list the damages and recommend what needs to be done to get the vessel repaired to its pre-accident condition.
You are responsible for making the arrangements for the recovery and repair of your vessel, monitoring that this is done satisfactory, and for paying the repair contractors.
After we’ve received the surveyor’s report and everything has been reviewed, we will explain what the Underwriters’ advise is to you.
When you have received your approval of an estimate, you can advise your contractor to proceed.
When the repairs have been completed and you have paid for it, submit the receipted invoices to us or the surveyor if applicable. We will then (subject to the Underwriters agreement) arrange to reimburse you in accordance with the policy’s terms and conditions, which may involve you completing a form of discharge.
If you find further damage during the course of repairs, contact us immediately so that we can assess whether this forms part of the loss.
You are responsible for paying contractors directly, but direct payments to repairers or suppliers may be considered on a without prejudice basis in certain circumstances.
Betterment: Your insurance policy is only required to return your vessel to a similar financial position to that which you were in before the accident. Occasionally, when replacement or new parts are used in the repair, it results in the overall value of the vessel increasing. In these circumstances it is deemed that you have benefited from the claim, and so, in accordance with the terms and conditions of your policy, the Underwriters are allowed to deduct up to one third of the cost of these replacement items in order to compensate for this increase in value. This is known as betterment.
Third parties: If any third party makes or intimates that a claim will be made against you, you must not make any verbal or written admission of liability, also, you must not offer to compensate any third party. Any correspondence received must immediately be forwarded to us, unanswered, and we will deal with it on your behalf.
Salvage: If you get into difficulty and salvage services are offered by another vessel, where practicable you should contact us for guidance before accepting any terms. Obviously this is not always possible so guidance on this is difficult, but if you’re offered a reasonable fixed price contract you should accept it. However, be wary of accepting terms from salvors that give you their own written salvage agreement form, do not sign this type of agreement unless you’re certain that you understand what it means. If in doubt try and leave the remuneration to be settled at a later date preferably by mediation. Only sign a Lloyd’s Open Form Salvage Agreement if necessary.