Owning a yacht club can be a lucrative investment, particularly if you decide to operate a boat charter business. Charter businesses are similar to boat rentals, offering a unique marketplace for boat owners and renters. If you own a yacht club, expanding your offerings can help you meet client demand while generating more revenue. However, owning a successful business requires yacht club insurance to safeguard your assets and operations.
Explore the Chartering Landscape Before Expanding Your Yacht Insurance
Before you embark on the charter business, you should explore the market demand. Determine the demographics most interested in your service, and investigate the market.
When you settle on a demographic, you can tailor the services to meet your ideal client’s needs. For instance, consider family-friendly packages around holidays or summer vacations if you want more family bookings.
To appeal to your local community, consider loyalty programs for repeat bookings or membership to your club.
Establish Legal and Operational Foundations
Before establishing a charter service, you must consider legal factors, including licensing, permits, and maritime compliance requirements.
You also need to design operational protocols outlining safety standards and crew training requirements.
Remember that your clients can hold you liable for injuries and other damages while utilizing your services. While safety procedures are vital for reducing the risk of accidents, marina and yacht club insurance is equally crucial for protecting your company in case of a claim or lawsuit.
Develop a Comprehensive Business Plan
A business plan is the cornerstone of most successful companies. To start your plan, you should outline your objectives and financial projections. The business plan is your blueprint and needs to explain how you plan to make a profit. In addition to projections, include your service offerings and how you plan to market those services to your community.
You can also perform and detail your risk assessment within the business plan. Create risk mitigation strategies once you have determined your unique risks.
Secure Marina & Yacht Club Insurance
When you have yacht insurance, you have protection. Insurance allows you to file claims for damages, injuries, and losses up to specified limitations.
For example, hull insurance covers damages to a vessel, such as to the sails, engines, or other vital components. Some policies may also allow you to cover damages to property on the yacht. Other forms of insurance include:
- Liability coverage: Coverage for accidents that cause damage or injury to third parties and legal liabilities
- Uninsured boater: Coverage for incidents involving underinsured or uninsured vessels
- Emergency and medical coverage: Accidents that require emergency towing or medical assistance
You can tailor your coverages to meet specific needs.
Secure Yacht Club Insurance
You must carry yacht insurance to protect your assets, liabilities, and all operations for your newly formed yacht charter business. While a yacht charter business can expand on your services, it also requires its own liability protections. Call Mariners to find out more about our extensive coverage options!
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.
