Insuring Yacht Construction
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.