Two Factors that Determine Marina Coverage
Operating a marina can be a fun and unique opportunity that offers the enjoyment of boating, the entertaining of elite clubs and the beauty of the water and sun. However, without the right insurance coverage, you can find yourself waist deep in financial chaos and liability claims should your customers get injured or their property damaged. There are many insurance programs for marinas that can protect from these liabilities, but you need to know just what coverage is recommended.
Before you consider what you want for insurance, check out any federal, state or local regulations concerning coverage. For starters, you will have to account for Federal Maritime Laws, OSHA, Coast Guard Security, EPA regulations and Homeland Security requirements. This will necessitate a carrier with expertise in navigating these waters.
Your marina operations or amenities will be unique to your location, your employees, your experience and your clients. A comprehensive policy takes into account the specific risks and exposures of your business and is underwritten according to these liabilities. Coverage amounts will also vary, and a bundled policy may be necessary to make sure all risks will be covered.
Insurance programs for marinas will have unique items and limits that can only be explained by those with experience in the field. Make sure your carrier and agent are qualified to underwrite a policy that covers your exposures.