The Need For Marina Liability Coverage
Marina liability coverage is essential. Insurers sell policies to marine industry segments to help owners avoid paying costly settlements when injuries occur on or around their property. The policy is a form of relief to everyone, from boat dealerships to marine surveyors and yacht clubs. Marinas are exposed to a variety of property and liability risks due to the many commercial activities that take place at their businesses. As an owner, it’s your job to focus on mitigating many of the inherent risks associated with your line of work and look for affordable solutions to help keep your business thriving.
Many in the marina industry provide a slew of amenities and services, including fishing expeditions, charters, regattas, watercraft rentals, and boat shows. Many even take part in providing charter and rental services, and by providing these types of services they can run the risk of incurring serious exposures. Any time that you allow contractors and outside vendors access to your premises (or your customers) you open yourself up to the possibility of a lawsuit.
Look into your options
Like most industries, every business has to deal with their own unique set of risks, and each type of risk requires its own special form of protection. Coverage is often specifically designed for a particular exposure associated with marinas. It’s important to read the policy in order to properly cover those risks, and this may require an expert in marine coverage, someone that regularly deals with issues unique to the marine industry.
You have many potential legal issues to consider when purchasing a policy, so it’s imperative that you ensure that you are properly protected against the types of incidents, such as theft, vandalism, accidents, and injuries, many of which are common exposures.
Have a conversation with an agent about whether you’ll need special additional coverage for things like club activities, fundraising, or other special events that you may host at your marina or yacht club. Marina liability coverage is critical for many in the boating industry, and obtaining proper coverage with a reputable and experienced marine insurance agency is always advised.