The recent economic downturn in the U.S. and global economies has significantly impacted the recreational boating industry. Consumers, boat manufacturers, and managers of marinas have all felt the ripples. The recreational boating industry's slump has been the subject of countless articles documenting layoffs or closings of boat manufacturers and retail facilities, dwindling boat sales, and the growing problem of abandoned vessels. This current downturn and attendant financial hardships create a potential moral hazard that could drastically affect the boating community.
The economic crisis has compounded the usual issues facing recreational marine claim departments. Consequently, claim adjusters must fully understand many lines of insurance, including marine hull and machinery and protection and indemnity insurance. In fact, on any given day, an adjuster may review claims involving property damage, theft, grounding, salvage, wreck removal, fire, personal injury (including death), and towage.
A Case Study
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