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Though not always required by law, purchasing a personal watercraft insurance policy can help keep your hobby from turning into a financial nightmare. Since your PWC isn’t usually covered under an auto or homeowner policy, there are few things to keep in mind when deciding to purchase PWC insurance.
Know the Coverage Areas
A general PWC policy has three coverage areas. These include bodily injury, property damage, and medical payments. There is often a deductible before claims are made, and there will be liability limits.
Insure Each Watercraft
You will need to make sure each PWC you own is insured, but depending on the agent you use, you may not need separate policies. Some boat insurance policies can be written to include PWCs in the coverage.
Get to Know Your Policy
If you decide to loan your PWC to someone else, make sure coverage includes anything that happens if this occurs. Make sure there is coverage for bodily injury, death, property damage, and any negligence on account of the PWC operator at the time.
Buy Supplemental Coverage
Depending on who you choose for an insurer, there may be gaps left in the coverage. Always look to purchase the most comprehensive policy, or secure additional coverage as needed.
An accident involving a PWC can have serious consequences. Make sure you have followed your state laws requiring insurance coverage.
Nightclubs provide a needed escape for their patrons. On the dance floor and at the bar, people can forget their worries and enjoy the time with their friends. For anyone running a club, though, there is a strong awareness of the various liabilities that nightclubs face. These liabilities are even more heightened during the era of COVID-19 when the risk of illness and injury has only increased. In looking at nightclub insurance programs, business owners should secure a package that protects them from numerous threats.
Types of Nightclub Insurance
Obviously, patrons come to the club for drinks, dancing, and fun. While any club goes to lengths to protect its guests, incidents still occur. A comprehensive insurance package should include the following policies:
- General liability – protects against claims filed by injured patrons
- Alcohol liability – covers alcohol-related injuries
- Assault & Battery – covers fights between patrons
- Products and Completed Operations – covers food poisoning and other incidents connected to services
Protecting Against Various Threats
While everyone at the club is there to have a good time, accidents can happen, but with the right insurance, clubs can protect against any type of threat. During a time when businesses are more liable to illness-related incidents, it is important to have the appropriate level of protection and maintain the care-free atmosphere of the club space.
Running a business often requires the foresight and strategy of a seasoned chess player. Managing potential risk can play a fundamental role in a companys ability to maintain performance and assure longevity. Business owners should be aware of the potential liabilities they are exposed to in situations where they may not be directly involved. This risk exposure is known as a contingent liability.
What Is Contingent Liability?
Contingent liability holds a business owner legally responsible for any injury or losses incurred vicariously through a third party that is hired by that company.
For instance, if a company hires an independent contractor to renovate its property, any injuries sustained due to unsafe conditions, such as simply slipping on a wet floor, could leave the company liable to any lawsuits brought against the independent contractor. Source: https://www.usrisk.com/2018/07/the-importance-of-contingent-liability-insurance/
How Does a Company Minimize Risk Exposure?
Occupational insurance policies cover liabilities involving third-party employees, including contractors and agents hired by a company. In many instances, this coverage can be an alternative to workers compensation. In comparison to workers compensation policies, occupational insurance is often more affordable while still covering any injury or loss incurred by an employee.
Obtaining a contingent liability insurance policy will help you rest easy knowing you are protected in those instances that you may not have seen coming.
Most employers are familiar with the term workers compensation and the related insurance policies. Laws to protect workers have been on the books for over 100 years. However, when the workers comp laws were written they did not include activities in the maritime industry. This is where the Jones Act was adopted and applied similar protections to seamen on U.S. vessels.
This left a gap in coverage for some employees that worked on or near the water but were not considered seamen. The USL&H Act was then passed several years later to provide those workers with protections. USL&H stands for the United States Longshore and Harbor Workers’ Compensation Act.
Why Do You Need Insurance?
Your company is likely a candidate for USL&H insurance if it is involved in shipbuilding, ship repair or dock work. You will also need USL&H insurance if you are a contractor bidding on a project that involves work covered under the act. This is typically any work being performed on navigable waters or adjacent to the water. Some examples include the following:
- Marine railway
- Dredging barge
- Dry dock
- Loading terminal
USL&H insurance is necessary when your employees are doing work that meets a certain criteria. If youre not familiar with these laws then a marine insurance professional can help you understand when it is needed.