Boat Claims

The following provides general claim information, but please keep in mind that every claim is different and must be considered in the context of the particular policy and any endorsements that you may have in place.  Each policy has specific terms and conditions that detail your coverages.  The following information is not intended to modify any of the terms or conditions in your individual policy.

If your boat has been damaged in an accident, stolen or vandalized, it's a good idea to call the police and have a police report filed. If there are any witnesses to the incident, get their name(s) and telephone numbers.

The following information explains the claims process and answers a number of common questions associated with boat claims. If you have additional questions or need to talk with an insurance professional about your situation, please call your local Kentucky Farm Bureau Insurance agent.

Will filing a claim increase my premium?

Every policyholder's situation is unique. Depending on your circumstances, your policy may be affected. When evaluating your claim, we take many factors into account, including driving record, number of past claims and payout amounts of past claims. If you are concerned, please contact your agent.

Will my policy be cancelled if I file a claim?

To help keep rates affordable for all KFB members, we must occasionally cancel a policy if a policyholder becomes a high risk. For example, by filing multiple claims within a brief period of time, causing an accident while under the influence of alcohol or drugs, or taking unnecessary risks. Contact your agent for additional information.

What if the accident happened outside of Kentucky? Who handles the claim?

If your accident happened outside of Kentucky, your claim will be assigned to an adjuster who is trained to help you. Kentucky Farm Bureau Insurance will determine if your boat needs to be inspected by an adjuster. KFB works with professional adjusters located across the country who are available to help when needed.

My boat was being stored at a lake in another state. Am I covered?

The policy territory applies within the limits of the 48 contiguous states of the continental United States, Alaska and Canada. 

What's a deductible?

A deductible is the dollar amount of the claim you are responsible to pay. For example, if you have a $500 deductible, you will be responsible for the first $500 of certain first party claims that you file and then Kentucky Farm Bureau Insurance will pay the remainder. You choose the deductible on your policy when you purchase insurance. A higher deductible lowers the price of your premium.

To whom do I pay the deductible?

We will typically reduce the amount paid to you by the amount of your deductible. You will pay the deductible to the repair facility after completion of repairs.

The accident wasn't my fault. Do I still have to pay a deductible?

Regardless of fault, you'll pay a deductible for certain coverages. However, during the claim investigation, if the facts indicate there's a chance to recover the damages from the person responsible for the accident, we'll attempt to recover them, including your deductible. If we aren't successful, you have the option of trying to recover the costs on your own. See our subrogation section for more information.

What if my repairs cost more than my estimate?

If your repairs cost more than the provided estimate, the repair shop should contact the appropriate KFB claims representative to discuss any additional loss related damages.

What if my boat is totaled?

A watercraft is considered a total loss if the estimated cost to repair exceeds 75% of its actual cash value (ACV). The decision whether to repair or declare a watercraft a total loss is based on the type and extent of damage, age of the boat, state law and other factors. In order to make the determination, we will have to inspect the vehicle.

If your watercraft has been determined to be a total loss, you will be paid the actual cash value of the watercraft as established by conducting a local market survey, less any applicable deductible.

What if I disagree with the total loss value?

You will be asked to provide documentation to back up the reason for disagreement. We will review the documentation for accuracy and applicability to the total loss vehicle. If the documentation is credible and it affects our assessment of the ACV, we will adjust our offer accordingly. If we remain in disagreement, our policy contract describes how an appraisal can be arranged to resolve the differences. 

Will I still have to pay my loan or lease after a total loss?

After your watercraft is declared a total loss, you may still owe money on your loan or lease if the actual cash value is less than what you owe.

What happens to a vehicle after a total loss?

Typically, totaled watercraft are sold at salvage auctions or to a licensed salvage dealer. KFB complies with the appropriate laws and regulations that require obtaining salvage titles or branding/marking the title. We obtain salvage at the conclusion of a total loss settlement and sell it through licensed salvage vendors. We do not directly sell watercraft determined to be a total loss to private individuals. 

Can I keep my boat after a total loss?

In some instances, you may be able to purchase your boat from Kentucky Farm Bureau Insurance after a total loss. Your adjuster can provide information if you are interested. 

When will I get paid a settlement?

Once your claim has been processed (including repairs, if applicable) and you have agreed on a settlement amount, your claims representative will work to pay your settlement as quickly as possible. 

If property is stolen from my insured boat, is the loss covered by my boat policy?

Equipment permanently attached to the boat is generally covered under your boat policy. Items stored in your boat or used in connection with the operation and upkeep of the boat may be covered under your homeowners policy. Please contact your Claim Representative for additional information. 

What if the other party involved in the accident files a lawsuit against me?

Should any party allege that you or any insured under your policy is responsible for bodily injury or property damage, Kentucky Farm Bureau will conduct an investigation to assess allegations. If you receive notice of a lawsuit filed against you, please notify your KFB agent and Claim Representative immediately, and forward any documents received to them as soon as possible.