When you consider the luxurious vacations of celebrities on private yachts, you might wonder what it’s like to be a part of the inner circle of yacht ownership. For some, the ticket into the world of luxury is through ownership or operation of the marina where these magnificent boats are stored or docked. However, not everyone that needs to moor their craft owns a yacht. There are all types of activities and clients at a marina, requiring a multi-coverage policy that only marina insurance brokers will know best.
Your priority with insurance should be affordability and comprehensive coverage. Keeping your clients’ needs in mind will give you an idea of what coverage you need, but typically a marina will need the following inclusions:
- General Liability
- Ship Repairers Legal Liability
- Marina Operators Legal Liability
- Protection and Indemnity
- Products-Completed Operations Liability
- Piers, Wharves and Docks
- Yacht Dealer
- Real and Personal Property
- Boat Show/Exhibition
- Owned Watercraft
Marinas also employ a number of individuals that may require benefit packages to be in compliance with federal laws. The United States Longshore and Harbor Workers Act and Jones Act are two laws that need to be consulted when establishing a policy. Marina insurance brokers will know the particulars and will assist with drafting a coverage plan that keeps your company compliant and your clients happy.