Important Considerations for Managing a Marina
Operating a marina requires a lot of know-how, but it can be an extremely profitable opportunity. Here are some important considerations about running a marina that managers need to prioritize.
One of the single most important marina management tips is keeping the physical premises in excellent condition. When a marina is well-maintained, you can take good care of it with more regular maintenance efforts instead of having to invest in costly capital improvements. When you address problems as soon as possible, you’ll improve safety and lessen the risk of someone experiencing an accident or a vessel being damaged.
Lease or Membership Agreements
Many marinas let out slips on a monthly or yearly basis. Managers need to evaluate what type of rental or membership agreements will work best for them. No matter what type of payment and terms you decide on, agreements must outline key responsibilities for your lessors or members.
- Use restrictions
- Insurance requirements
- Emergency preparedness responsibilities
In addition to thorough maintenance plans and thoughtfully drafted rental or membership agreements, marina managers need to obtain insurance coverage that will address both damage and liability concerns. It’s advisable to work with an insurance company that is experienced in serving marinas and can help managers build a comprehensive package policy.