Boat Builders Insurance: Is it Necessary?
If you are in the business of building recreational boats, you may know that there can be many risks associated with this business. To mitigate the potentially devastating costs that can be associated with those risks you may need a pleasure boat insurance program designed with the builder of recreational boats in mind.
Boat Builders Risk
A boat builder can face risks from the time construction starts on the boat to the time that it is delivered to the customer. The boat could be damaged during construction or while being tested on the water. There can also be a risk to third parties while the boat is being tested if a collision occurs. It can also become damaged during delivery.
The boat builders liability may not end with the safe delivery of the completed boat to the customer. If there is a problem with the boat after the sale and delivery and someone is injured or killed, the boat builder could be held liable.
A good pleasure boat insurance program can help boat builders cover the risks associated with their profession. Coverage can be customized based on the specific risks associated with the operation of each individual business. The cost from one settlement of a lawsuit could significantly outweigh the cost of an insurance premium to protect the boat builder.