If you manage or own a yacht club, you know that you have very specific risks. In order to remain protected, you have to acknowledge these risks and plan your insurance coverage accordingly. Otherwise, you may find yourself in legal trouble if you are liable for someone’s property damage or injury.
Yacht Club Risks
Marinas and yacht clubs have unique insurance needs, according to the experts at https://www.marinersins.com/. At yacht clubs, you may rent or lend yachts out to your members. What happens if a boat is damaged while being borrowed? What do you do if a boat breaks away from its mooring? You are liable for the boats in your club and if a member of your club claims that you did not maintain the boats or the docking properly, then you could be liable for damages.
During normal events or operations, accidents may happen. Injuries may occur on a yacht and people may damage boats or property. Whatever the case, you have to prepare for any accident that might occur. Without the right yacht club insurance coverages, you may have to pay for damages out of pocket. Most yacht clubs do not have the finances to cover legal costs and settlement awards. When you have insurance, however, you can take advantage of a variety of coverage options.