Building boats is your business, and you do it well. Whether large or small, your company’s reputation floats on hard work and fine craftsmanship. If profit margins are meager, nothing can be as devastating to your bottom line as dollars down the drain due to accidents, crime, natural disasters and litigation. Insurance for yacht builders is essential to keeping your company’s reputation intact and your bank account in the black.
Whether you’ve just launched your first yacht or you’ve been in the business for decades, insurance coverage is crucial. For example, damage to property such as your facility, equipment and boats under construction need to be covered. Liability insurance can protect your company against claims filed by clients or anyone outside of your company. Your employees are essential to your business, so make sure they are covered if they are involved in an accident. Catastrophic weather events often take place in the water or on the coast, so it would also be wise to insure against floods, hailstorms and wind damage as well.
For your insurance needs, choose a company that specializes in the marine industry. Nobody understands boats and boat lovers better than seasoned mariners who have seen it all, so select insurance for yacht builders carefully, and keep your business floating at the top.
Recreational marine insurance programs are just as important as car insurance. Vehicle insurance is a mandatory part of driving a car. While it’s generally regulated by legal mandates, most of us would still carry insurance for peace of mind, even if we didn’t have to. The cost to repair the vessels involved as well as the expense of medical bills can exceed the cash on hand for most individuals. While boating accidents occur with less frequency than car accidents, marine vehicles are still susceptible to expensive damage from wear and tear as well as catastrophic destruction from fortuitous events.
Additionally, a boat’s wake can cause damage to structures on the shore and environmental harm can result from leaking oil or spills. Boat owners are open to lawsuits from related damage. Also, if there is an accident, owners may get a nasty bill for any recovery or environmental damage associated with the wreckage. Coverage provided by recreational marine insurance programs varies. Some coverage is specific to particular parts of the boat or specific equipment. Marine insurance programs can cover damage caused to your vessel by an uninsured boat. Naturally, there are policy exclusions that policyholders should be aware of, prior to signing on the dotted line. Boat owners should make sure they are aware of them prior to purchase.