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Owning a yacht seems to offer an elite status, a life of luxury and world-class way to enjoy the open water. For those who are privileged to construct a dream home for the water, the process is rewarding and unique. For these companies, finding insurance for yacht builders is one way to protect their company and the client during the building process.
There are a lot of people involved in building a yacht. While the client is first and foremost, an entire company of individuals is needed to operate the machinery, equipment and materials that go into the perfect build. This situation brings liability and exposure to a wide array of industry-specific risks. A well-tailored insurance policy can address these concerns. Some of them may include:
- Property such as pier and dock
- Mobile equipment/tools/lifts
- Builder’s Risk
- Protection and Hull Coverage
- Marina Operators Legal Liability
- Pollution and Environmental Liability
In addition to the challenges of equipment and property where construction takes places, there are several concerns with employees assisting the build. Federal law has established compensation and benefits requirements for job injuries sustained on navigable waters or adjoining areas used for building or repairing a vessel. A comprehensive insurance policy can address these.
There are many companies offering insurance for yacht builders. Look for one able to cover your areas of liability affordably and effectively.
Keeping your business protected against internal and external risks cannot be overstated. Regardless of your industry, safeguarding your assets is key to your business’ continued growth. As you get started with your search for business insurance coverage, you should be sure to have your foundation properly set with commercial property and liability insurance. Here’s what you need to know about these two coverage types.
General Liability Insurance
General liability is the most popular of all business insurance. It covers your business against lawsuits resulting from bodily injury or property damage to a non-employee. Even in odd instances where a customer hurts themselves in your office and you don’t feel at fault, general liability will be there to cover any legal and medical fees.
Commercial Property Insurance
In simple terms, commercial property insurance protects your physical (and electronic) assets. Your buildings, furniture, equipment, computers are all covered against damage or loss caused by incidents ranging from fires to theft. Some policies will even cover your electronic data. Depending on the level of coverage you choose, you may be reimbursed for potential revenue that you missed out on due to your loss.
There’s a lot to consider when searching for business insurance but having the right amount of commercial property and liability insurance will serve as the foundation for the rest of your policy. With these in place, you can work with your agent to tailor the rest of your coverage to fit your exact needs.