Operating a marina or yacht club has various risks. Whether you are managing a fleet or providing storage and other services for watercraft, it is critical to have boat insurance. When accidents happen, your business may be liable for damages. Insurance is your safeguard.
Boat Insurance Basics
Boat insurance is similar to auto insurance; if your property sustains damages, you can file an insurance claim to help pay for damages and litigation costs.
Boat insurance policies may include:
- Hull insurance
- Liability coverage
- Pollution liability
- Protection and indemnity
Yacht and marina insurance covers small bass boats, sailboats, and mega yachts. Commercial marine insurance covers the exposures associated with the maritime business.
FAQ for Boat Insurance
Why Do I Need Boat Coverage for My Marina or Yacht Club?
Insurance provides financial protection against various risks, including property damage via storms, vandalism, and accidents. In addition, liability coverage protects you from the liability costs associated with injuries on your boats or at your marina. Choose tailored options to protect your overall reputation and the financial health of your business.
What Types of Coverage Do Marina and Yacht Club Owners Need?
Marina and yacht club owners require coverages unique to their businesses. Property coverage, for example, can include buildings, equipment, and docks. Likewise, the value of your equipment and the number of clients you serve can dictate how much liability coverage you need.
How Does Boat Insurance Protect Against Natural Disasters?
Boat coverage can help mitigate the risk of natural disasters, including hurricanes and floods. Different policies can cover damage to the infrastructure, property, and boats and may also cover expenses related to restoration and cleanup.
Is Boat Insurance Required by Law for Marinas and Yacht Clubs?
Some jurisdictions may not mandate carrying marina or yacht insurance, but most lenders require it. Penalties for not having insurance may include heavy fines and losing your business license.
What Factors Impact Insurance Premiums?
Various factors affect boat coverage premiums, including:
- Vessel value
- Marina location
- Claims history
- Security and safety measures
Insurance companies prefer clients who take extra steps to avoid claims. Doing so can help keep premiums low.
What Steps Should I Take After an Incident or Accident?
Following an accident, you should promptly report the incident to your insurance provider. Gather documentation, including witness statements, police reports, and pictures, to expedite the process. Following the report, the boat insurance company will evaluate your claim before you can focus on repairs or restoration.
Seek Boat Insurance Coverage From a Trusted Insurance Provider
Boat coverage is a vital investment for marina and yacht club owners, protecting a range of liabilities. Before you choose an insurance provider, remember that the most affordable doesn’t always translate into optimal coverage.
Mariners Insurance has over 50 years of experience caring for the marine industry. We offer comprehensive, tailored insurance solutions that meet your unique needs.
Contact us or call Mariners at (888) 402-5018 for more information about insurance for your marine business.
About Mariners Insurance
Mariners General Insurance Group was founded in 1959 to protect boat owners and marine business clients. We are marine insurance experts and insure boats worldwide — in every ocean on the planet. Marine insurance is critical if you own a boat or nautical business. Trust the professionals with all of your Boat Insurance needs — trust Mariners Insurance. Call us at (888) 402-5018 any time you have questions or concerns about insurance for your vessel or marine business.
