The Importance of Good Yacht Insurance Coverage

Yacht dealers and manufacturers have the keys to the waterways. They drive an entire industry with the skills they have honed over the years that allow them to develop quality products for boat enthusiasts from sea to shining sea. These craftsmen truly know and understand the complexities involved in designing, producing and selling yachts and other vessels for an endearing public.

Today the competition is fierce as more companies are popping up and technology has made some advances in many products associated with pleasure boats. Owners and dealers realize they are facing more complex challenges than ever before. There is also the pressure to be more environmentally aware as this is also vital to their existence, not to mention the added concern over fines for not adhering to the ever-changing laws and regulations.

Because there are more dealers vying for the same customers in most marinas, the profit margins are getting tighter and tighter. In this type of business climate one simply can’t afford to go without the valued protection that yacht insurance provides for everyone in the business and any business income loss from a variety of risks and exposures.

Many types of coverage to decide upon are based on individual need

Yacht policies are available for all aspects of the business needs of boat dealers and service providers. Employee coverage for workers compensation, as well as US Longshore and Harbor Workers Act, and the Jones Act are available through most insurance agencies. Not all boat dealers share the same requirements when it comes to insurance coverage. Property coverage, depending on the individual boat dealer, can be purchased for all sorts of needs.

Equally important is liability coverage for the various concerns associated with a business of this type. Liability coverages available through local insurance agencies include:

  • General Liability
  • Products Completed Operations Liability
  • Marina Operators Legal Liability
  • Protection and Indemnity
  • Ship Repairers Legal Liability
  • Commercial Automobile
  • Pollution
  • Bumbershoot

General liability is essential, but automobile, legal liability and pollution policies are all equally necessary because of the rise in claims resulting from many customer complaints for issues regarding the safety and well being of their piers, wharves and docks, where most boats are stored or kept.

Most boat dealers can benefit from the many forms of coverage listed here. Property coverage is also available for real and personal property, equipment, tools and lifts, owned watercraft, and much more can be obtained from reputable yacht insurance providers.

 

photo credit: Nick Kenrick . cc

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