Building a vessel from the ground up involves meticulous craftsmanship and heavy machinery, along with significant risks. Especially when it comes to building the hull — the outer body of a boat or ship — you should understand the complexities and potential risk exposures. The right boat builders insurance policy can help you protect yourself and your investments.
The Risks in Hull Construction
Weather-related perils are among the most significant threats. While the open sea is inherently unpredictable, shipyards are not immune to extreme weather conditions. Storms, high winds, and torrential rain can cause extensive damage to construction sites, leading to costly delays and repairs.
Additionally, accidents are an inherent risk in any manufacturing process, and boat construction is no exception. The use of heavy machinery, sharp tools, and large structures increases the likelihood of workplace accidents.
What Is Boat Builders Insurance for Hull Construction?
Boat builders coverage protects those involved in the construction of boats, particularly during the critical phase of hull construction. This insurance provides coverage for a variety of risks.
Anyone involved in boat building, from small, independent builders to large-scale shipyards, can benefit from this insurance. Its primary purpose is to mitigate risks throughout the hull construction process.
In the event of an unforeseen incident, this coverage minimizes financial burdens. Whether it’s damage to the hull during construction or accidents that result in injury, boat builders coverage is the safety net that keeps the project afloat.
Types of Insurance for Hull Builders
Boat builders policies offer a comprehensive range of coverage options tailored to the specific needs of hull construction.
Liability Coverage
This coverage includes general liability, pollution liability, and any other additional liability endorsements available through your preferred boat insurance agency. Liability coverage protects boat builders from lawsuits and claims related to accidents and environmental incidents.
Property Insurance
Business property coverage is essential for protecting assets such as buildings, piers, docks, business personal property, and inventory. It ensures you can recover the value of these assets in the event of damage or loss.
Boat Builders Insurance for Hulls & Machinery
This type of insurance specifically protects the hulls and machinery under construction. It covers any damage, theft, or loss during the construction process.
Builders Risk/Boats Under Construction
This coverage targets boats under construction, providing financial protection in case of accidents or damage during the building process.
Business Interruption
When unforeseen events force a project to come to a halt, business interruption insurance can compensate for lost income and help the builder stay afloat.
Commercial Auto Liability
If you need to transport boats or materials, this coverage safeguards against accidents and liabilities on the road.
Crime Insurance
This coverage protects against theft, fraud, and other criminal activities within the business.
Wind, Hail, and Flood
Given the waterfront locations of many boat-building sites, insurance covering these specific perils is vital.
With a range of insurance types tailored to the needs of hull builders, boat builders insurance offers protection against various hazards. If you are in the marine construction industry, make sure you have adequate insurance coverage for your boats.
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.
