You own a yacht club that rents boat dock space. But the club also has a restaurant, a store and a repair shop. What kind of yacht insurance do you need? You need insurance that will comprehensively cover all the activities pursued in this development.
Your coverage would most likely include liability insurance. This may comprise several different aspects such as general liability, ship repairers legal liability, marina operators legal liability and commercial automobile insurance. Coverage of property is another aspect of this insurance. This would address tangible materials such as real and personal property, equipment and tools, owned watercraft and docks.
Employee coverage would also be involved. Items to include here are workers compensation and United States Longshore and Harbor Workers Act issues. Boat repair activities that would be covered range from detailing and cleaning to engine repair and service.
Risk management is another area to consider in properly protecting your business. Developing a hurricane disaster plan and an environmental management plan will keep you proactive rather than reactive. Reducing risks now will reduce claims later, saving you money and helping you avoid stress.
Yacht insurance can be complicated and challenging. Choosing the right insurance agent is the first and most important step in procuring the coverage that you need to protect you, your business and your family.