It’s vitally important to have a plan in place to protect your yacht in the event that you face any liability issues on land or at sea. An accident involving a watercraft is often a serious matter, one that certainly isn’t immune from litigation. If someone gets injured while aboard one of your vessels, or another boat is involved, and all signs point to your company being responsible for the incident, then you’re going to need yacht club insurance.
Yacht clubs do their best to provide myriad services to their members making liability concerns extremely unique and varied, and having the proper yacht club insurance is critical to their success. For example, an injury to a leg requiring surgery could become quite costly over time. Almost all claims of this sort results in a lengthy and expensive legal situation while navigating through the legal system. Plus, there’s the added damage to your reputation and the whole affair becomes rather costly without coverage in place.
The difference between yacht and marine insurance
Yacht and marine insurance are similar, but marine, or yacht club insurance strictly deals with commercial vessels while yacht insurance is for recreational boaters. Yacht insurance helps you cover your losses if there’s an accident and property is damaged or people are injured, depending on the type of policy you purchase.
While a homeowner’s insurance policy might cover a small vessel in certain instances, owning several types of boats requires much more extensive coverage in order to be properly covered. Like other types of insurance, you have options regarding the amounts of your deductible and the liability limits as stated in the policy.
Yacht clubs, like many other private clubs, have many potential exposures to consider when purchasing insurance through a marine insurance agency. It’s imperative to the success of the business that your yacht club be properly protected against theft, vandalism, accidents, injuries and many more inherent risks.
Marine protection is important for anyone who owns or operates boats, and exponentially so for a yacht club. Obtaining yacht club insurance with a reputable and experienced marine insurance agency is your best bet. Your agent should know the answer to any questions you have pertaining to this coverage.