How the Right Insurance Makes Your Ship Repair Business Stronger

Merrimac Marine

A ship repairer’s responsibility as a service provider is nothing if not a hefty one. Ship repairers are trusted by their clients to take good care of the boats and other seagoing vessels in their care, as well as get them back up and running again as soon as possible. That comes alongside a certain amount of liability for anything that goes wrong, so having the right insurance coverage is imperative.

What Are Ship Repairers Liable For?

As detailed by Merrimac Marine, ship repairers are responsible for the safety and integrity of the ships they work on while they’re under their care. In addition to the actual condition of the ships, repairers are also potentially liable for any harm or injury that might come to a third party as a result of work done, up to and including death. Ship repairers have to see to it that their own team members are properly protected as well, and the right insurance policy can help with all of that.

The Right Coverage for Your Business

Ship repairer’s liability should be a concern for anyone in that industry, but it’s important to make sure you trust the right professionals with your coverage. Choose a company that specializes in coverage for marine businesses in particular. They’ll best be able to give you advice, help you decide on a policy, and keep you protected moving forward.

Determining the Price of Boat Insurance

average boat insurance costs

Determining the Price of Boat Insurance

With all the variations in insurance policies, it can be difficult to determine a specific price. However, there are certain deciding factors that can help you determine the average boat insurance costs.

Deciding Cost Factors

Just as with any insurance policy, there are certain factors that determine the type, limit and scope of the policy. This is generally referred to as the risk assessment stage, where an agent analyzes certain factors that decide the policy you receive. The same is true for boat insurance. The following is a list of some of those factors:

Previous boat insurance claims

How the boat is used

Who drives the boat

Safety measures including equipment and courses

A valid driver’s license

Horsepower

There are also other factors such as the region your boat is located. This is because hurricane areas may have a higher risk factor than other locations, which can increase the price of your policy. The typical cost for boat insurance is between $300 and $500 per year, but you should be aware that this might fluctuate depending on the above factors.

Pricing Your Boat Insurance

Now that you understand the determining factors of insurance prices and the average boat insurance costs, you can select a policy. An agent can help you review the risks and factors, so you can end up with a policy that reflects your needs, your boat and your region.