Operating marinas and yacht clubs can be rewarding, but also costly. Most marinas never do the majority of their business during spring and summer months, when the weather is particularly pleasant. With large crowds of people come additional safety concerns requiring marina liability insurance in the event that damages or an injury occurs and the club is faced with a liability claim.
Understanding how the policy responds to certain events is crucial, and it’s important to purchase insurance that addresses your particular exposures and risks since not all marinas provide the same services. There are quite a few marina insurance programs to choose from that can provide adequate insurance at a reasonable price. Do not ever rush into securing a policy; instead, take the time to research policies from different providers to find the best policy for you.
Determining the amount of your annual premium
Since the cost of coverage can be a large expense, especially for smaller operations, you probably are looking for ways to reduce insurance costs. Since each marina has its own unique characteristics, each individual owner needs to be looked at the type of operation he or she is running and what makes the most sense. If you’re operating a large resort with a marina, golf course, even restaurants and a hotel, you’re going to need a lot of insurance.
While looking for insurance you should be concerned with the details of how your claim will be covered in the case of a loss. As a boat owner, you should select an agent and an insurance policy that meets your specific needs. Differences in premium will often be made up quickly by selecting a policy that is inadequate or working with an agent unfamiliar with your industry.
As a marina operator and owner of yachts and other vessels, you should take time to get to know your agent. You should feel comfortable discussing your policy options and be able to express any concerns you may have with the agent. Selecting a reputable marina liability insurance specialist is the first step in what should be a rewarding process.