Most brokers specializing in insuring this industry know the many risks and exposures being undertaken by clients performing these types of services. A boat that has been improperly repaired increases the risk of injury or potential accidents while at sea. This type of exposure is not only a concern for his or her customers, but can affect everyone involved in this dynamic industry.
This is why boat repairers liability insurance is so necessary, as it can immediately handle any claims arising from negligence, accidents, or simple mistakes with regards to cleaning, fiberglass repair, marine carpentry, rigging, painting, welding, engine repair, and a host of other marine-related trades.
During the high season, thousands upon thousands are often exposed to conditions where serious injuries can result. The fact is that if anyone becomes injured while on their premises your clients will likely face costly liability issues. With a multitude of concerns related to the marine industry it is any wonder why being properly insured is the most important consideration for boat builders and repairers?
Many potential risks to consider
The average motorized boat has many moving parts and many functions, so any number of things can go wrong. From engine repair, to lighting, HVAC, mechanical systems, sails, and woodwork and carpentry, problems may arise for which your client ought to consider when getting the proper coverage to fit their needs.
Most brokers provide policies that include coverage for other concerns as well, such as marine pollution liability, usually up to the policy’s limit of liability. This coverage is especially important in the marine industry, as it will cover the costs of containment and clean up. Without this particular coverage your client faces civil penalties, criminal fines, and defense costs, along with interest, if found to be at fault.
The primary focus of any boat repairers liability insurance program is to determine where concerns lie, and produce an insurance package designed to meet their specific needs, with the goal being to serve the industry as a whole.
Boat repair liability insurance is not only designed to meet those needs but is essential to have in order to protect their business interests and the company they’ve worked so hard to build and maintain.