Recession blows wind into sails of maritime insurance fraud
Boat owners have submitted more fraudulent insurance claims this year than during the whole of 2008, boat insurance firm Navigators & General revealed this week.
The Zurich-owned company said the total cost of fraudulent maritime claims between January and April 2009 is higher than the total cost for the full year 2008.
Navigators blamed the increase in fraudulent claims on the economic downturn.
“Whilst the vast majority of our customers are honest and opposed to this kind of behaviour, it would appear that increasing financial pressures brought about by the credit crunch is causing a rise in fraudulent claims,” said James Roberts, head of Navigators & General.
Fraudulent claims included fake thefts from the boat, exaggerating the number of items stolen in genuine thefts, and even claiming for the loss of the whole boat due to fire or theft.
One customer claimed £20,000 for repairs, but was caught out when he accidentally sent an invoice to Zurich showing that the boat was not damaged, but being refurbished.
Another boat owner claimed his vessel had been stolen, only to be found overseas enjoying a holiday on the allegedly missing craft.
“We have a very experienced team of claims professionals who work with our fraud investigation team to ensure that these claims are easily separated from those made by honest claimants and to ensure this activity does not add any unnecessary cost to our customers’ premiums,” Roberts said.
Category: Insurance News, Zurich News
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