Coverage Lines and Boat Repairer Insurance Brokers
Your clients, many of which are in the boat or yacht building business, have numerous liability exposures and face several exposures associated with their line of work that they must protect themselves against. This requires them to carry multiple lines of insurance in order to be properly covered for any unfortunate event.
Their liability to the public alone is likely the area thats of greatest concern to them, simply because their customers can be injured while on their premises, or traversing their docks, or even while going on rides to demo different craft. One of the first policies they need to procure from boat repairer insurance brokers is builders risk insurance, which covers a vessel from the start of construction through the final delivery to the customer. The boat builder insurance coverage includes launching, and sea trials areas, along with collision liability and protection and indemnity (P&I).
Other important lines of coverage
In addition to builders risk, a builder will need general liability insurance, products liability as well as various property coverages, commercial auto coverage, inland marine coverage, pollution coverage, and employers liability coverage. Another consideration is the fact that their exposures can continue for many years after their customers take charge of their motor craft. For example, if their product, or the work of their service department injures someone, they could be held liable for the injuries and any associated medical bills.
The various aspects of insuring a builder are complex. Boat repairer insurance brokers can help their clients assess the full range of their individual needs and assist them in placing coverage with one of several companies that focuses primarily on insuring builders.
For the most part, their inventory is their biggest asset and therefore they need to take the necessary steps to ensure that it is protected from a major loss. Due to the fact that the inventory values can fluctuate greatly, this should be covered on a monthly reporting form, which also means that they will only pay a premium for the exact value of their inventory, which can result in significant savings.