Yacht Dealers and a Marine Manufacturing Insurance Program
October 21, 2016
Yacht dealers and manufacturers possess the keys to the waterways, mainly because they have provided for an entire industry, over the years, by developing quality products for boating companies from coast to coast. As true craftsmen, they both know and understand the many complexities involved in the design, production and selling of yachts and other water vessels for business people involved in ocean and sea travel.
Today, with the competition ramping up as more companies are competing for a slice of the pie, along with many technological advances, all of which has made for some amazing advances in loads of products associated with this industry. Owners and dealers, facing more complex challenges and concerns, must rely on brokers directing them to a marine manufacturing insurance program designed to meet their needs.
There is also the matter of dealing with the pressures to be more environmentally aware, as well as the added concern over being fined for not adhering to the ever-changing laws and regulations constantly entering into the books.
Coverage options to consider based on needs
Policies are available for all aspects of every type of marine business for boat dealers and service providers. Clients need to consider employee coverage for workers compensation, as well as US Long shore and Harbor Workers Act, and the Jones Act, and a policy each is available through most insurance brokers. Property coverage is usually at the forefront, depending on the individual boat dealer, and can cover all types of needs.
You cannot stress the importance of liability coverage for the various concerns associated with this type of business. Liability coverages available through local insurance agencies include general liability, products completed operations liability, marina operators legal liability, protection and indemnity, and ship repairers legal liability for starters. Your customers may benefit from having a commercial automobile policy, as well as pollution and bumbershoot coverage.
General liability is essential to most businesses, but automobile, legal liability and pollution policies are all equally necessary because of the rise in claims resulting from complaints for issues regarding the safety and well being of piers, wharves and docks in constant use.
Most boat dealers can benefit from the many forms of coverage listed here, all available through a marine manufacturing insurance program. Property coverage is also available for real and personal property, equipment, tools and lifts, owned watercraft, and much more.