The never-ending risks involved in the marine and boat manufacturing industry may comprise your business or private vendors if you experience losses. Many pleasure boat insurance brokers understand the types of risks involved and want to help you protect your boatyard to its fullest. Some insurance companies claim to cover some of the most incidental of risks, but do they live up to the expectations?
What Exactly Is Covered?
Choosing a reputable company can make all the difference if your pleasure boat crafting or manufacturing business experiences damage. There’s no telling what could go wrong, especially when you have several tests to conduct or employees to manage before your product leaves the door. Here are a few damages that most pleasure boat insurance brokers offer protection for.
- Business buildings/property (docks and piers included)
- Miscellaneous business/personal property (vehicles, equipment and tools)
- Boats under construction (launches and tests included)
- Stock or inventory-Criminal theft or damages
- Weather-related damages (wind, hail and floods)
- Income losses
- Workers Compensation (for hired workers)
Which Risks Are Considered Liabilities?
In many ways, liabilities can change or impact the total quote for your insurance. Here are some liabilities that are legally considered by insurance companies to pose risks for pleasure boat crafting businesses.
- General liabilities (business related or past claims made on insurance)
- Commercial vehicles used for business
- Hull coverage-Pollution (environmental or noise)
- Protection and Indemnity Coverage
- Umbrella and Bumbershoot
- Marina Operators Legal Liability
- Ship Repairers Legal Liability