In the marine industry, high-quality craftsmanship is an absolute must. Yacht and boat builders should expect the same quality service from an insurance provider as they provide their clients. The boat and yacht industry has a variety of different risk exposures that other companies worry less about.
No matter if your boats are used for commercial or recreational purposes, all builders should have some form of boat builder insurance.
Protecting Your Property
You have to protect your business property and inventory. Property coverages may include crime coverage, business personal property, wind and flood, construction coverage and business property coverage. This type of insurance can help you pay for repairs or replacements if an accident or vent causes harm to your property.
Protecting Your Business
To protect your business, you need to have adequate liability coverages. Liability insurance protects your business’s financial interests if you face third-party claims. The claims could be for property damage, poorly done repair work or for pollution.
The coverages that you should have include:
- General liability
- Ship repairers legal liability
- Commercial automobile coverage
- Directors and Officers coverage
- Pollution Liability
You can choose liability coverages based on your custom risk profile.
When it comes to your boat or yacht company, you deserve to have the best possible protection. Without the right coverage, your company could have to pay legal costs and settlement amounts.