Are you a boat builder, boat dealer, renter or shipyard or boat repair service? Of course, the main focus of your business is doing business. To get it right without the worries of all the associated risks, you must have specialized insurance coverage that will protect you from any of the related business liability risks.
Below you will find a brief synopsis of each of the different types of insurance related to the specific industry niche.
Boat builders coverage
The most difficult exposure related to the boat manufacturer is product liability. This insurance is generally written on the basis of claims made and as specialized insurance. In addition, due to the material used in the construction and the bonding of the flammable bonding agents Due to the variety of materials used and the flammable bonding substances and paint used in the construction of ships, insurance companies have considered the risks of property as elevated exposures.
Boats in storage may also need coverage that includes those sold at the dealership.
Boat dealer coverage
The related insurance covers both new boats and second or third hand boats sold by the dealer. Boat coverage includes vessels operated for land and water use. Insurance policies are designed to protect the boat dealer’s stock of boats, as well as associated accessories and supplies that are also sold to the public. Correlated insurance incorporates property and marine coverage and is generally written on an all-risk basis. Boat or watercraft dealer insurance is similar to open car loss insurance and garage owner liability insurance coverage.
Boat rental coverage
Boat rental companies rent boats based on hourly or daily use or as an extended rental throughout the summer season. Due to the risks of water and the inexperience of the novice operator, the related exposure is at a higher level. Many commercial boat rental establishments are located in tourist or hotel areas, limiting the rental business to the summer months. But because boats and boats must be maintained, repaired, and stored when the season ends, exposure to physical damage exists year-round.
Shipyard / boat repair and service operation coverage
Shipyards and commercial boat repair and service centers repair and service the vessels entrusted to them by customers. These operations transport the boats to shore during the fall, store them during the winter, and launch them in the spring as well. The associated general business liability is similar to that of the auto repair shop, plus the risks associated with water activities.
Insurance companies see the dangers of boat mooring and storage as increased exposure.
