As a broker who specializes in insuring the boat building industry you are all too aware of the numerous risks and exposures that your clients face on a daily basis. The potential for an accident or injury in and around marinas is one that everyone involved in this dynamic industry must be properly insured against, especially any claims arising from negligent behavior with regards to keeping these areas clean and clear of debris and other obstructions.
Customers, workers, and visitors are often exposed to situations where serious injuries often occur. Potentially, anyone can be injured while on your premises, which includes docks, where your clients can also face liability issues. With so many issues related to the building, maintaining, and use of boats and other marine craft, its no wonder why boat repair liability insurance is an important line of coverage for many boat builders.
Pollution is a constantly growing concern
With the environment at the forefront of concerns globally and nationally, the boating industry must do its part in reducing toxins reaching our oceans and waterways. Many of the chemicals, paints, and other toxic materials used in the construction of motor craft, yachts, and other water vessels can cause irreparable damage to the planet.
Most brokers provide policies that include coverage for marine pollution liability, usually up to the policy’s limit of liability. While this coverage will cover the costs of containment and clean up, they may often exclude civil penalties, criminal fines, defense costs and interest. Your clients deserve coverage that will protect them for any pollution-related concerns, as this will also protect their business interests and the company they have worked so hard to build and maintain.
The primary focus of any insurance program is to look at a specific industry, find each area of concern, and tailor an insurance package designed to meet the particular needs of each business entity separately, as well as the industry as a whole. Certain exposures may be significant only to a portion of companies working under a particular banner. Having boat repair liability insurance to meet those needs is essential to the survival of these entrepreneurs.