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Top Ten Costliest Boating Casualties

November 7, 2013   Top Ten Costliest Boating Casualties - per an Insurance Company 
BoatUS Marine Insurance published a list of the 10 costliest casualties in 2005 and recently, based on the amount of money paid out per category between 2008 and 2012.
Note that there have been several large storms including Hurricanes Sandy and Irene, which could skew the results.
The first few made the top of the list because they typically result in total loss.  

Ranking by Total Cost

of Claim Type

Ranking by Cost Per Incident   Ranking in 2005 Tip to Avoid Damage
1) Hurricane 10 1 Haul out before the storm hits if possible
2) Sinking 4 3 Check all fittings below the waterline at least once per season
3)Weather/wind 12 5 Make sure the boat is well secured to the dock and watch for chafing lines
4) Striking submerged object 14 2 Check for bilge leaks after a strike to prevent a much more expensive sinking claim
5)Fire/explosion 2 4 Inspect wires, make sure your fire extinguishers are ready to go, and don’t ignore the smell of raw gasoline
6) Collision 11 6 Pay attention, even when the autopilot is steering, and know the rules of the road
7) Grounding 7 7 Track your location on up-to-date charts and keep a depth sounder on hand
8) Injury 3 Not Ranked Brief your passengers on potential dangerous situations and how to avoid them
9) Theft 1 9 Take the wheels off your trailer during storage, chain & lock
10) Lightning 6 8 Pray to Thor, god of thunder & don't touch anything metal.

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