Marina Insurance 101: A Guide to Marina Insurance
Insurance coverage might seem like it’s the same from company to company. In some businesses, there are many similarities. However, if you’re looking into marina and yacht club coverage, you’re going to find that there are very specific risks.
Risks to Be Aware Of
Marinas and yacht clubs are prone to different risks. In a marina, you are not only dealing with your own property, but vessels owned by other people. What happens if one of your boats or one of your member’s boats suffers damage? What happens if one of your members damages the water or property? Without marina insurance, you may be personally liable for all damages.
Types of Marina Insurance Programs
Now that you know some of the risks involved, you need to understand a little more about the programs themselves. Marina insurance comes in a lot of different forms, depending on what you need. Here are some of the most common coverages:
- Protection and security
- Third party marina liability
- All risk coverage for equipment
- Liquor liability
- General liability
- Physical damage coverage
When you own a marina, you have to keep risk in mind. Without the proper marina insurance programs, you may be liable for damages. As with most businesses, not having insurance can break your company.