Whenever it comes to water and large vessels, safety is absolutely key. Not only do you want to exercise caution and care, but its also important to purchase and maintain a comprehensive insurance policy. Owning a marina and yacht club is perhaps the most extreme and crucial case of needing the safety and protection insurance provides. When shopping insurance for marinas, there are various components to consider.
More Than Just Boat Insurance
There are several needs for marina insurance that may not immediately come to mind but could very well be necessary. For instance, beyond insuring your tenants boats and the boat owners, your marina may host various events or offer special programs in which non-tenants would be present. Instances of coverage for such situations include sailing school training, regatta liability, and yacht club fleet liability coverage, just to name a few.
The Need for Liability Coverage
Regattas, races, and training sessions are all prime situations in which there could be an accident that would leave your marina and yacht club liable and vulnerable to financial threat. However, its important to host these types of services and events to bring in additional capital for your marina and yacht club. As such, its crucial to choose an insurance that covers those activities.
Insurance for marinas and yacht clubs is a must. Choosing an insurance carrier that covers all situations and potential threats can protect both your finances and your peace of mind.