All Posts tagged marine insurance

3 Important Elements Every Marina Contract Needs

3 Important Elements Every Marina Contract Needs

Marinas are designed to be safe harbors for vessels. However, the marinas themselves need specific protections from potential liability issues. The industry experts at Merrimac Marine say these all marina slip contracts need these three elements.

1. Waiver of Subrogation

This clause prevents boat owners from suing the marina if their vessels are damaged while docked at the property. Such damage might occur if vessels had to be moved during a storm, for example.

2. Required Liability Insurance for Boat Owners and Contractors

Before vessel owners even dock their boats, marinas need to ensure they have at least basic liability coverage for their vessels. If craft owners have someone out to work on their boats, marinas should make sure those people are also adequately insured.

3. Contractual Considerations

Marina contracts need to include several items dealing with situations that might arise during slip rentals.

  • The ability to cancel rental contracts if the marina is damaged
  • Contract termination if boat owners do not pay fees and follow marina rules
  • Contract termination if guests of boat owners do not follow marina rules
  • The ability to terminate rental contracts for unpaid fees

Marinas must look ahead and plan for possible problems when writing rental contracts.

Those operating marinas need to give themselves protection through careful wording. Including specific elements safeguards marinas from possible legal liabilities. Comprehensive marine insurance also offers a valuable level of defense against possible hazards of many kinds.

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Benefits of Commercial Marine Insurance

Benefits of Commercial Marine Insurance

Commercial marine insurance is important for anyone who works in the boating industry. Every industry has its own specialized risks that require their own insurance options. If you work as a marina operator, in a boatyard, as a boat builder or any other commercial boating business, here is why you need boating insurance.

Flexibility

The experts at www.merrimacins.com/ explain the need for insurance solutions that address the complex exposures in the marine industry. It is important for marine insurance to be flexible and when it comes to insurance for commercial marine companies, it generally is. The liability limits are higher than personal insurance coverage.

Affordability

Protecting your company against risks should always be a top priority. An investment in insurance now saves you from having to invest later. There are not only discounts available to those in the marine industry, but you can invest in specialized coverages. You can customize your options. Only choose the coverages that you need for your company.
When it comes to insurance options, you have to think about your industry first and the types of protection that you need. When you work in the marine industry, there are a variety of different risks that you might face. Whether you work as a marina operator, a boat builder or a boat dealer, there are coverages for everyone.

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