Different Types of Commercial Marine Insurance
April 30, 2016 Francine Jones 0 Comments
Whether you are a marina operator, boat builder, boat dealer, boat broker, marine artisan, or you operate a boat yard – you will require an insurance policy that is tailored to the specific needs of your business. With commercial marine insurance there are a lot of different types of coverage available and things that you may want to consider before getting a policy.
- Boat Dealer/ Boat Broker Insurance – Boat dealers or broker generally need four special types of coverage in addition to general and property liability insurance. Truth in lending –is the type of coverage that will provide protection for a boat dealer that does not comply with the Truth in Lending Act whether it is due to error, negligence, or omission. Title Errors and Omissions – this is the type of coverage that protects for when the insured makes an error in the title paperwork which then effects the identification of the property. Engine Hours and Omissions – this is coverage that protects any legal claims in regards to a boat’s engine. False Pretenses – this is coverage that protects the insured against being tricked due to false information, and helps recover any lost property due to this. There is also optional insurance coverage that you can purchase such as flood insurance.
- Yacht Club Insurance – Yacht clubs have many different needs. Such as general liability, as well as protection and indemnity for boats owned, borrowed by, loaned to, or rented by the club. A limited pollution liability and physical damage coverage for boats owned by the club is a good idea as well. If the yacht club serves liquor, liquor liability is a must.
- Boat Manufacturer Insurance – With any business there is risk and you need to protect your investment. Whether you are building boats for commercial or private clients, it is important to protect your investment with the right insurance. You can insure your inventory, boats that are currently under construction, machinery, buildings, etc. with coverage including crime, pollution, protection and indemnity, flood, general liability, and more.
- Marina Insurance – A marina can be a relaxing place, but there are a number of accidents that are waiting to happen – so it is better to be prepared. Having the proper insurance is key. Some types of insurance that Marina operators may want to consider to protect their business is commercial general liability, sudden and accidental pollution, harbor insurance, protection and indemnity, and marina operators legal liability.
Each business is different, and you will want to speak with your insurance agent to make sure that you have everything that you need to be fully covered. There are many different options and your agent can tailor your policy to best meet your needs.