Cyclone Ului: Cost of damage to boats rising quickly

Sydney, 22 March 2010

The number and cost of insurance claims for boats and other watercraft damaged as a result of Cyclone Ului are rising quickly, according to Club Marine Insurance.

Club Marine, a subsidiary of Allianz Australia, is the country’s largest pleasurecraft insurer.

Greg Fisher, CEO of Club Marine, said “we have received 25 claims to a value of about $2 million dollars so far but expect this to increase over coming days.”

Club Marine has already started assessing claims from Cyclone Ului. According to Mr Fisher, “in anticipation of claims being received as a result of the cyclone, we pre-hired some cranes on Friday so that we could move quickly to remove damaged boats from the water after the storm passed. Club Marine has also contracted two of Australia’s leading marine loss adjusters who are already on the ground and our National Claims Manager is currently on route to Airlie Beach.”

Club Marine wishes to ensure its affected policyholders and business partners that it is well prepared for the task ahead of assessing claims which, circumstances permitting, will be done as soon as possible.

Allianz Australia offers a wide range of insurance products and services including car insurance, home insurance and Life insurance.