A marina or yacht club is a special type of business requiring unique considerations regarding risk protection. By educating yourself on the different types of marina liability coverage available to you, you will be able to steer clear of the common pitfalls endemic to owning a marine business.
1. Member Property Insurance
The elements can often be unpredictable and can occasionally contribute to damage to your patrons’ vessels. While such situations are out of your control, you should strongly consider protecting yourself from any claims filed against you for property damage. This type of insurance can also protect you from any electrical fires that may break out from one vessel to damage another.
2. Regatta and Sailing School Insurance
Offering recreational and educational services is a wonderful part of owning a marina. However, you should make sure you and your employees are protected from any potential injury lawsuits. By investing in coverage for the activities your marina promotes, you can focus on enjoying the events rather than worrying about what can go wrong.
3. Chartering Insurance
As fun as it may be to own a boat, many choose simply to rent. In all likelihood, renting out your equipment will account for a sizable portion of your revenue. Make sure to protect your profits by covering any accidents that may occur to your vessels while they are being leased out.
Running and maintaining a marina is an exciting opportunity. By understanding the kind of marina liability coverage you need, you can ensure your business sails to success.