Fire and explosion make up a relatively small percentage of all claims, but the average payout per claim ranks high. That's because, like theft, fire or explosion all too often results in the total loss of the boat.
Faulty wiring causes most fires; most explosions result from fueling issues. Inspect your boat regularly for chafing wires that aren't properly supported, and for corrosion of AC shore-power inlets. If you can smell gas, something's really wrong. Get everyone off the boat and have it checked immediately.
Finally, make sure you have the proper number and type of working fire extinguishers aboard.
Ninety percent of stolen boats are taken while on their trailers.
The most commonly stolen boat type was a runabout, less than 26 feet, on a trailer, with one or more outboards.
Surprisingly, only about 15 percent of owners whose boats were stolen said their boat had any kind of lock installed. Many said they didn't think they needed locks because where they kept their boats seemed safe, but that thinking is often misguided.
Your best tool for foiling the bad guys is frustration.
Thieves are lazy, and anything you can do to increase the time or difficulty it takes to steal your boat will discourage theft.
The first rule of boating: Keep the water out!
When that simple rule gets violated, the boat often ends up a total loss. In many cases, the dollars paid out for sinking claims exceeded the payouts from hurricane claims, even though they generate several times more claims.
Water most often finds its way in through those pesky holes below the waterline. Many underwater holes have a way to keep them closed when they're not needed — seacocks. But seacocks must often remain open, so it falls to lesser fittings like hoses and clamps to keep the water out. Check, squeeze, and tug on all fittings below the waterline at least once a season.
Other causes for sinking include leaking stuffing boxes and clogged scuppers.