A Simple Guide for Buying Yacht Insurance
Yacht builders are an integral part the recreational marine industry. From a business perspective, they face complex risks. Yacht builders insurance programs reduce risk exposures that are common within this sector. Below is an overview of three types of coverage available to the yacht building companies.
A liability policy provides protection against accidents, disasters and litigation. Aside from general coverage, the insurance package may also include the following:
- Ship repairers legal liability
- Director and officers
- Marina operations legal liability
Safeguarding business buildings and property is crucial. This policy covers a broad range of property types. It can also protect inventory and income. Here are examples of whats covered:
- Personal property
- Piers and docks
- Tools, lifts and mobile equipment
Employees are the driving force in the marine industry. They play a vital role in the success of yacht building companies. Even under the best circumstances, there are situations that arise which require employee-related risk management solutions. The most common include:
- US Longshore and Harbor Workers Act
- Jones Act/MEL/US & L
- Workers compensation
There is no foolproof way of avoiding possible risks. The best approach is to take preventive measures. Yacht builders insurance programs are tailored to meet the specific needs of the recreational marine industry. In many cases, youll receive competitive pricing and customized policy terms.